Do you know someone who bought a home in Spain, never got their bank guarantee and now is having problems with the Spanish Banks?
Spanish Solutions are dealing with an increasing number of people who bought property off plan back in the Spanish Property boom times and are having difficulties- one client even had their property repossessed back in 2012 and now finally, there is help available for these people.
In accordance with a law of 1968 (57/1968), the builders should have put the funds being paid for the property on an account separate to their working capital and provided their customers with bank guarantees. This meant client’s money was protected and the bank funded the actual construction of the property. The guarantor (bank) would then be responsible for the return of the stage payments or deposits if the builder failed to finish the property. It was a fantastic safety net for inexperienced buyers who were not using a firm like Spanish Solutions to represent them.
Whether by accident or design this requirement appears to have often been overlooked years ago (it certainly should not be now). Good news for buyers, however – the Spanish Supreme Court Judgment declares that banks, where the property developers paid their customers money, are liable for the deposits to be repaid, as the Banks should have ensured that funds were segregated on a special account and that a guarantee was in place. The banks messed up in Spain meaning in a case where a builder disappeared or went into liquidation, the poor home buyers can get back their funds.
Claims are very straightforward, can only be made once, and we are seeing great success rates. Certain clients are still sceptical that they will ever see a euro refunded and they worry about spiralling costs.
Spanish Solutions are willing in some special cases to do the whole process on a No Win No Fee basis, by putting up all Courts costs, Barrister, Clerk of Courts, Court taxes etc and accepting a % of the winnings. If you win, you pay nothing in advance and get a large sum back. If you lose we suffer the costs. These cases are subject to our study of the paperwork and our terms and conditions.
Regardless of how you wish to go after the banks and builders, we are willing and able to help you.
Our legal team can analyse your case for free – we require proof of payments, contracts and any emails and letters corresponding to the aborted purchase. Please note that all of the payments must have gone to the Builder’s bank, not the Real Estate company or lawyer’s bank to take advantage of this particular ruling.
Please contact Amanda or us to review your case for no cost.
Call into our office (please by appointment only) or arrange a call on 0034 966761741. We are excited to help our clients to achieve a satisfactory result! We should advise that we are not able to take on all cases on a No Win No fee basis but we will give our opinion and advice in most cases for free. Sometimes further documentation is required to evaluate a case (such as an expert medical report).