Handing The Keys Back To The Bank


Posted and filed under Case Study, Legal Issues in Spain, Property in Spain.

giving property back

Do you own a property in Spain in negative equity? Maybe Spanish Solutions can help.  We can help surrender your property back to the bank.

This email came from Bob, who we are assisting to get out of the debt he has with his Spanish bank.

From: BobDeane@·······.com
Sent: 27 August 2019 13:59
To: Equiries
Subject: negative equity

We purchased a Polaris World property all the way back in 2008. We had a big mortgage, but even after all these years we are still in negative equity and we do not use the property any more. We tried to sell for 110,000 euro and can not get a buyer. There is property selling for as little as 80,000 on Riquelme.
Can you please give me more details on the handing back to the bank of keys? We deal with Sabadell bank.
How does it work once you get speaking to the banks? How much do clients pay typically in fees to you?
Do you have the ability to negotiate with the banks? If for a client like me who owes 100k on his property which is worth 80k. Can you apply to the banks to get a cash deal done to a third party for 75 k for example?

Kind wishes,



Hi Robert,

Thanks for getting back in touch with Spanish Solutions. In terms of how we can assist clients, the process and banks, I am more than happy to discuss any questions you may have.

So initially, we have a free consultation with you to gather all the key details and documents. I then forward all on to our Spanish Legal team to review. They go through all information and documents and study the situation with  that particular lender.

I rely all information back to you and hopefully I will advise that we can assist with surrendering the property back to the bank and have the outstanding debt/ negative equity written off. If you are happy to proceed, I then explain the next steps….

You are fully aware of our fee structure before appointing our services and the fee will never change, even if it takes longer than expected to achieve a successful outcome. Also we will never take on board a new client unless we know for sure we can achieve a successful outcome.

In terms of fees, there is not a set fee structure. We take on each client/case on its own merit, so it’s hard for me to give you a typical fee. However there are 2 fees involved with our services. The 1st fee is our Retaining Fee. This will have to be paid up front at the beginning of this process. This is a small fee to appoint our services and to cover some of the initial legal costs. The 2nd fee is our Success Fee. This is only due to be paid whenever we have it confirmed by the Bank that they accept the voluntary surrender of the property and agree to write off all debts. This will be the vast majority of our fee.

Cases typically take between 12-18 months, so the success fee will not be due until much later in the process. We also offer a full refund of the Retainer Fee that if we do not achieve a successful outcome, we will pay the full amount back immediately.

Whenever a client appoints our services and gives us Power of Attorney to act on their behalf in Spain, our Spanish Solutions Legal Team approach the bank through the correct channels and present our case to the clients’ Case manager. This can be a long drawn out process which will be past to different departments but ultimately usually the bank will agree to this outcome. They will need certain paperwork from you.

In terms of negotiating with the Spanish banks, we have had success in the past in doing so. However, I have to be completely up front and honest, it does depend on the particular case/property and the lender if we are able to do so but we can always ask our Solicitor to negotiate on specific cases/clients.

Please get in touch if we can assist you in the friendly surrender of your Spanish property back to the banks.

Kind Regards,



  • William Adams

    Can you let me have info on handing keys back to bank I can not afford payments anymore

    • Nicola Ryan

      Good Evening William,

      Yes of course, the relevant department will be in contact with you directly, via email, to discuss this matter further and answer any questions you may have. In the meantime should you have any further queries, please do not hesitate to contact us.

      Kind regards

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