How to Recover Lost Deposits on Spanish Property Investments

How to Recover Lost Deposits on Spanish Property Investments

Roughly 20,000 Irish investors could be able to claim a refund from an unfinished property development following the Spanish Supreme court ruling that banks are liable to repay these missing deposits.

The court chose on December 21, 2015 to uphold an earlier finding that investors who put money in unfinished off-plan developments were entitled to have their money protected through a Spanish bank guarantee. As such it was decided by the judges that it was up to the developers and financial institutions to return the lost investments.

Investors are able to make use of this guarantee even if they didn’t ask for one or the developer didn’t provide one. If they had an agreement in writing that was never finished then they could also be entitled to interest on their reimbursement. Spanish financial institutions attempted to overturn the ruling but failed.

It’s estimated that thousands of people could demand these reimbursements on lost investments so you need to contact Costa Del Sol Property Group today. 

The Supreme Court ruled that banks had a duty of care when the investments were made and that they should have issued guarantees at the time.

The court said that when people put money into an account with a bank they expect the bank to protect the money. The money wasn’t supposed to be accessed unless the developer provided customers with a deed of sale to sign ownership of the property over. Instead banks failed to do both of those things and they failed to ensure people got these.

Buyers in Spain usually pay a deposit of up to 50% of the value of the property. For a buyer to take a case they have to have a legal document that proves the funds were transferred between themselves and the developer. Investments made in the past 15 years are covered by this court ruling and it’s expected that a case could take up to 18 months to end.

If you’re interested in taking on such a case then count on us to provide Spanish legal representation for you. Our Spanish lawyers will accept a splitting arrangement with you where you pay them a percentage of the money you recover rather than paying a fee no matter the outcome of the case on a NO WIN NO FEE basis.

Money Lost Through Off-Plan Spanish Property Deposits Can be Recovered

Money Lost Through Off-Plan Spanish Property Deposits Can be Recovered

We work with the Best Lawyers that return deposits in record time

The Spanish Supreme Court have come to a decision that could give over 100,000 Brits closure after their dreams of owning a Spanish property was crushed. They have ruled that the people who lost their money by depositing it to secure an off-plan property or by making stage payments can have their money returned.

The Off-Plan property deposits in question averaged around £40,000 and were lost after the Spanish financial crisis caused the companies the money was given to to either go bankrupt or disappear entirely. This ruling holds the banks in charge of the missing money responsible for paying back possibly to £4 billion in lost deposits to Brits and other northern European purchases.

While there is no official data on the matter Costa Del Sol Property Group have estimated that up to £15 billion could be refunded to off-plan buyers across Europe as a whole who saw their money disappear after the crash.

The money will be returned to people like John Thompson and his wife Debbie. Together they lost around €75,000 trying to buy property on the Costa del Sol. The property was bought off-plan and they paid several deposits on the property of up to half of the €150,000 asking price on the property.

Costa Del Sol Property Group are one of the most knowledgeable firms when it comes to this area of the law and work with the best lawyers that know the Spanish system and have a 100% record to date on a No Win No Fee. As such they put together their own dedicated legal team to help non-Spaniard reclaim lost off-plan deposits back following a no-win no-fee basis in record time. They also have team members who are fully fluent in English.

If you know anyone who might have lost money, contact them to get in touch with us or if you think you have lost money call us or contact us today. info@costadelsolpropertygroup.com or call us on uk free phone 0800 820 138 or +34 952 493 709 for free guidance.