How much could I claim for my lost Spanish property deposit?
Nobody could have foreseen how the financial crisis of late 2007 would have affected us, even holiday homes in places as far-flung from Wall Street as Spain. Back in the day, the dream of owning a holiday home and retiring early had enticed many to invest in properties abroad. Since 2007 though, this has become a nightmare, with many people put down thousands in deposits for initial construction work to begin on their ‘of-plan’ developments.
However, when it became clear that the problems within Banks and other financial institutions were spreading overseas and into different industries, work halted on the majority of these developments.
The majority of those who put deposits down lived in the UK so were unaware of what was happening to their ‘dream’ home abroad. Contact from estate agents and the management companies ceased, and solicitors and lawyers who were contracted to oversee financials likewise either ignored or abandoned those seeking answers.
As Spanish property developers went bankrupt, thousands of sites and their deposits seemed to disappear into thin air. With the legal process of reclaiming money complicated further by a foreign legal system and language barriers, those who lost money simply had to come to terms that they may never see their money again, or if they did, it would be a fraction of what was lost.
Some unlucky Britons even found they had unwittingly bought illegally built developments, meaning that they could not seek compensation for what was lost. For years it seemed like there was no way out of this trouble and people had their dreams of a life in the sun dashed.
However, in December of 2015, the Spanish supreme court ruled that Spanish banks and developers are responsible for paying back missing deposits to those who signed up to an ‘off-plan’ development which was later abandoned and unfinished. This money due will also include any interest accrued, so the fight for getting back the money you invested can begin again with new hope.
Anyone who has paid a deposit on an ‘off-plan’ development is now entitled to reclaim their lost money. But it is essential to understand that there now is only one chance to reclaim. Seeking the right advice with the specialist legal team to fight your case is key. If you have been a victim of losing thousands on an ‘off-plan’ development check out our tool to work out what you could be entitled to.
EU Property Solutions have an expert team, combining legal and property specialist right across Spain and Europe. We are accustomed to the Spanish courts and Spanish legal system, and to date have a 100% success rate in all cases we have fought on behalf of our clients.
To avail of a Free consultation, contact us today by chatting to us live on our web chat or calling us on 0330 124 1230 quoting this article.