The Spanish property market for holiday homes is obviously in a difficult place. Many properties still suffer from negative equity or have negative mortgages. Now the onset of Covid-19 means the market is at a halt and will in all likelihood be like this for a couple of years.
Without labouring on the terrible effects of Covid-19 is obvious it has had a huge effect on any sales opportunities. It’s becoming more difficult for ex-pats to sell their property in Spain. That applies to negative equity situations, but also all sales including those roughly level in equity terms ie the mortgage roughly equals the value.
At EU Property Solutions we along with our legal teams have developed tactics, solutions and approaches to these problems.
The issues in terms of trying to sell property in Spain in the current market, especially for holiday homes are:
Additionally, on the points above, there is the ongoing property maintenance, urbanisation costs, IBI taxes, and ongoing mortgage payments – with no return.
Obviously, every case is different and is dependent on individual circumstances, but at EU Property Solutions we have created solutions to all Spanish mortgage situations, especially if you wish to dispose of your holiday home now.
So, if you need to sell but feel you cannot because of negative equity situations, or lack of purchasers, give us a call.
It is free to talk to us, so please contact us now.
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We are a UK based firm with legal teams in Spain and Cyprus who understand the market and Bank practices as they stand. We remove the language barrier and utilise law, Bank lending flaws and current client circumstances to negotiate the best feasible outcome for all our clients.
EU Property Solutions was formed following the success of our associate firm Bell & Company. An FCA registered firm of Debt Strategists, Bell & Company assist individuals in difficulty in the UK and Republic of Ireland with Personal and Business-related debt issues.
We have an excellent track record of success. Our success stories and testimonials come straight from our clients & highlight the high quality of our works and outcomes. We have individuals willing to speak to prospective clients on the telephone to offer their story and experience.
Our obligation is always to our client and that is where our strength lies. Debt is highly stressful and emotional. We deal with debt day in day out and employing an intermediary removes emotion from the situation allowing clear strategy to be implemented to get the best outcome for our clients. Understanding a firm of professionals is acting on your behalf can remove stress and focus the mind to a positive end goal.