Posts Tagged ‘holiday home’
9 Tips to Improve Your Foreign Mortgage Issues
1) Acknowledge your problem.
2) Quantify your problem.
3) Be realistic in terms of time and money.
4) Look at the emotional toll.
5) Don’t try to deal with your situation in isolation.
6) Appoint the right advisors.
7) Presentation is everything!
8) Taking the problem to the lender.
9) Last, you need stamina and patience.
If you or anyone you know is looking to improve their foreign mortgage issue, get in touch with our team at [email protected] or call us on 0044 330 124 1230!
Don’t forget to check out our YouTube page for the most up-to-date information & advice from our team. Click HERE to watch.
Mis-selling Spain (2004-2008)
EU PROPERTY SOLUTIONS- EXPERTS IN ALL SPANISH PROPERTY ISSUES!
This blog will be focusing on the mis-selling that went on in Spain between 2004-2008. Do you think that you or one of your clients have been mis-sold a Spanish Property?
If there was a mortgage obtained in Spain between 2004 and 2008, you were undoubtedly mis-sold the mortgage by today’s standards – for sure.
A lot of people in this situation were interested in buying a property at that time but were subjected to unscrupulous methods undertaken by:
- The developers.
- Their agents.
- Notaries.
- Mortgage Brokers.
- The Banks.
Can you get compensation, write-offs, or any other Court award? Unfortunately not!
Yes what happened was 100% wrong, and yes it was unfair, but in 99.99% of the cases, the Courts will find that there is no case to answer. People who have attempted to get what they see as justice, have spent tens of thousands of Euros and years of their life, fighting the Spanish Courts.
A lot of these Spanish property cases are ‘not fit for purpose’.
This representation of the Court system may seem rude or harsh, but on the ‘flip side,’ it applies to Banks and their actions. Typically, a repossession case takes four years to complete. In various meetings with high-level Bank officials in Spain, they echo our ‘not fit for purpose’ claim, in terms of the Courts.
That said there are other routes, plans, and solutions to deal with the disposal of holiday homes in Spain and getting rid of a troublesome mortgage.
If you or anyone you know is struggling with a problematic Spanish mortgage, get in touch with our team at [email protected] or call us on 0044 330 124 1230!
Don’t forget to check out our YouTube page for the most up-to-date information & advice from our team. Click HERE to watch.
Spanish Property Values & Net Sale Proceeds
At the time of writing this blog on Spanish Property Values & Net Sale Proceeds, we find the Spanish property market in a state of flux. There are different sectors, but we only deal with essentially holiday homeowners struggling with:
- Their mortgage and lender,
- Negative Equity,
- Repossessions, and
- Keys that were ‘returned’ to the Bank.
Putting a valuation on a property for sale is difficult at the moment, but we have developed a quick ‘ready reckoner’ to give us here at EU Property Solutions a basis to work on. This will give our clients the best chance with unwanted holiday homes.
Our approach is:
- Find a property on the development/urbanisation. It must be comparable in terms of size/type and number of bedrooms,
- Apply a ‘Covid/Brexit’ discount. This is not an exact science, but we know the massive effect on travel and peoples’ opinions on buying now. Also, the attached ‘Daily Express’ headline doesn’t help: https://www.express.co.uk/news/politics/1508995/brexit-news-boris-johnson-uk-expats-spain-british-selling-homes-residency-permits
- Both factors bring nervousness to the marketplace. If you are looking to dispose of/sell then you will attract those looking for a bargain, these purchasers can ‘smell’ desperation, and
- Finally, selling costs in Spain are extortionate and on average are 13% in total.
So as an example, a client approached us in September with a property value (in their opinion) roughly equating to the mortgage outstanding ie €150,000 and €150,000.
Our findings however were:
- There were any number of properties for sale on this golf resort,
- A comparable had been reduced to sell to €120,000, and was still on the market,
- We applied our ‘Brexit and Covid’ discount of 20%, and
- There would be selling costs if sold as advised, at 13% thereon.
In this instance, the clients would have ended up with net proceeds of c€83,500, creating a €66,500 issue due to the lender.
We work with dedicated legal teams and are known to all Spanish lenders. Our team will negotiate the best possible outcome.
In this instance, we will deliver a position whereby we will resolve the issue of the unwanted holiday home for c£17,500 in full, including costs.
If you are looking to dispose of a property close to, or in Negative Equity. EU Property Solutions can help, and we have genuine testimonials from happy clients waiting to talk to you if you wish.
Contact us today: https://eupropertysolutions.com/contact/
Squatters in Spain
There is currently a huge problem in Spain with ‘Squatters’ unlawfully occupying unused holiday homes.
With Covid-19 travel restrictions ongoing, many holiday homes across Europe have been sitting empty for over a year. This has made the likelihood of Squatters in Spain invading properties x10 times more likely than before the pandemic.
Squatters are moving into these empty properties, making it their home and fitting new locks. They also avail of the properties water, electricity, and bins; leaving property owners left with increased bills and bins which cannot be used.
In a recent interview with Ena Cummings, founder of GoldenKeys Property; squatters were described as “vile, evil beasts” who should be thrown out immediately. Unfortunately, due to Spain’s insufficient legal system, Community Presidents not taking action, Banks being irresponsible and the countries water and electric board turning a blind eye, therefore, this means that property owners are left to deal with these squatters themselves.
In Ena’s community, there are 8 squatters who not only have moved into the development but have displayed public indecency. They have thrown bleach and wine at homes on top of stealing water, electricity, and their bin facilities. Ena expressed that the community wanted an AGM with the community presidents.
“It was arranged in 2019 to get the removal mafia in from Madrid. This was to remove the squatters, to get a loan, and pay it through our community fees (which was agreed.) But our two so-called presidents won’t sign the forms as they don’t want to throw people out on the street.”
The only guaranteed way to get squatters removed from a property is to hire a removal mafia from Madrid. This comes at a fee of €5,000. The other option to protect an empty home is to pay €35 a month for a photographic alarm system. The alarm system will notify the Guardia Civil who can throw them out within 48hrs. Nonetheless, both options add further expense to unused holiday homes in Spain.
Ena is adamant that “Spain needs to change their law, but it’s going to get worse before it gets better.”
If you have an unused property in Europe that you no longer can maintain, this is your time to act before squatters make your home theirs!
If you would like to dispose of your foreign property, there are options available for you to do so. Get in touch with EU Property Solutions today and speak with our specialist team for your FREE consultation.
You can find Ena over on her website:
www.goldenkeysproperty.com
[email protected]
Spanish Banks chasing debt in the UK
Spanish Banks chasing debt in the UK
Since the financial crisis in 2008, Spain has seen well over a quarter of a million properties repossessed. A staggering figure! Spanish Banks chasing debt in the UK has increased.
A large proportion of these repossessions are foreign-owned properties.
EU Property Solutions find it incredible so many British and Irish borrowers feel they can merely “hand back the keys” and walk away from the property thinking they are somehow immune to any consequences once back home.
Many borrowers post their keys through a Bank or representing solicitors’ letterbox not fully aware of the consequences.
These debtors have the impression that Spanish creditors cannot pursue their home country assets. They also think that the Banks haven’t got the time or resources to pursue overseas.
Anyone who signs a mortgage deed in Spain, including guarantors, is personally liable for the loan.
Any legal action will likely be notified to the Spanish Address on which the mortgage has been placed.
Many overseas borrowers in Ireland and the UK will be unaware of any proceedings against them until the process is gathering apace.
In terms of debt perusal in the UK or Ireland, lenders can look to recover your home assets. Many lenders will appoint UK Debt Collection agents leading to an effect on your credit report.
The Spanish lender can look to put a charge on your property even if it already has an existing mortgage and can enforce an Attachment of Earnings Order.
Spanish lenders seem to be developing a greater appetite for overseas debt perusal.
EU Property Solutions can assist anyone in this situation so please contact the team today on 0330 1241230 to arrange a free initial consultation.
Spanish Holiday Home Values to Decline
Spanish Holiday Home Values to Decline
Uncertainty and the markets do not go well together, the Spanish Property market & Spanish holiday homes are no different.
NOBODY, BUT NO ONE KNOWS what is going to happen in the coming months because of Coronavirus.
For sure Spanish Property prices will decline – the extent of this drop is unknown. Spanish Property Expert, Mark Stucklin, completed a survey recently for his website which you can find on www.spanishpropertyinsight.com to get feedback as to how Covid-19 would affect Spanish Property Prices. because and or so how together and are there
Key points relating to Spanish holiday homes:
- 57% of respondents think house prices will reduce a lot (greater than 10%),
- 37% of respondents think house prices will reduce a little (up to 10%), and
- 6% of respondents think there will be no impact on house prices.
Yet another potential house price collapse, this will be alarming to borrowers as many are already self-declared “Mortgage Prisoners” in other words, with mortgage balances greater than their property value.
There are ways through this, and EU Property Solutions’ legal process can help avoid a protracted sale and the associated sales costs. It is key to respond.
So, if you have:
1. Negative equity,
2. Falling rentals,
3. Lender issues,
4. Interest-only problems, or
5. Anything that relates to your property in terms of its problematic disposal….
CALL EU PROPERTY SOLUTIONS TODAY!
EU Property Solutions have options and plans for every individual case as we ensure to protect you, your income, your home, pensions, and other assets – from any potential legal threat.
SEE BELOW A TESTIMONIAL FROM A VERY HAPPY & RELIEVED CLIENT.
WE HAVE THE SOLUTIONS TO DEAL WITH SPANISH PROPERTY DEBT ISSUES AND ALLEVIATE YOUR FOREIGN PROPERTY DEBT.