Settlement Achieved In Guadalupe Hills, Malaga
5 January 2023 • 2 min read • by Tom Miskelly
Two gentlemen approached EU Property Solutions with a problem property in the Guadalupe Hills development near La Duquesa.
The property had a mortgage outstanding of €120,000 and a value of just €50,000. The main issue was that their long-term tenant was leaving the property. Given its value, the was becoming a significant headache.
Without rental income, they would have been paying a significant amount out of their own pockets every month.
One gentleman resided in New York with an excellent high-profile job that required him to keep a good credit score.
Both clients also had multiple UK assets. This would have been at risk if the bank had secured a judgement in the UK
The other party had significant assets in the United Kingdom. It was very important to the clients that these were protected.
What we did
We immediately advised the pair to stop paying the mortgage on their property under managed conditions. This immediately reduced the financial burden on them
After this, we entered a negotiation with their lender to get the desired outcome. Using various pieces of evidence, legal arguments and the experience of Spanish lenders, we secured a voluntary surrender of the property.
This meant the remaining balance on their mortgage was wiped, and they could move on without the burden of this property.
- EU Property Solutions successfully negotiated the voluntary surrender of the property.
- After payment of all fees, savings achieved in this case were around €67,000.
- Protected both clients’ asset positions in the UK.
- Due to the urgent nature, we pushed for a speedy resolution and had this case settled within a matter of months
Did you buy in Guadalupe Hills?
If you bought a property in Guadalupe Hills we would love to hear from you. We can assist you if your property is becoming a financial burden. Please contact us today to discuss your case with our legal team.
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