Settlement Achieved In Guadalupe Hills, Malaga

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, and 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 that 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.

The Result

• 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