I had recently agreed to buy a flat in Spain and have appointed a lawyer with power of attorney as I am non-resident. However finances mean I can no longer afford to go ahead. Of course pulling out at this late stage will mean loss of deposit. Are there any other consequences?

Speak to your lawyer, asap.

There shouldn't be. The sale agreement will have laid out the terms of sale which might include, from what you say, the retention of the deposit by the seller in the event that the prospective buyer withdraws prior to completion. House sales collapse for all manner of reasons and the only usual consequence is the loss of the deposit.

The solicitor will probably want some money..........but otherwise (apart from loss of deposit) no that should be it.