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An individual approached EU Property Solutions with a troublesome property in the Alicante region. The property itself had an outstanding mortgage of c€120,000 and the client advised 2 similar properties in the development were on the market for €60,000, but with little interest. To further aggravate situation the mortgage repayment was to increase to just over €1,000 – a significant increase from €300 previously paid.
Although a nice development rental incomes where low and could never reach the level to cover the monthly mortgage increase following the expiry of the interest only term. Accordingly, our client opted to dispose of the property.
Our client did have UK assets and was concerned about the security of these through this process but through excellent due diligence by our Spanish Legal Team, all UK assets have been protected.
This case was recently finalised. The lender agreed to take the property into possession and write off the outstanding €60,000 mortgage shortfall. A brilliant result.
EU Property Solutions also seem to be increasing the speed of which cases are finished. Our timeframe for a typical Spanish settlement is 3-12 months. Speak to us today if you have a similar issue and we may be able to resolve it for you.