I’ve Tried Reclaiming Before; What Has Changed?

By on February 14th, 2017

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Spanish Deposit Reclaims

I’ve Tried Reclaiming Before; What Has Changed? A Lot…Until late 2015 those who went after their lost deposits were meet with an iron door stopping them and in some cases where the possibility of getting a refund on their lost monies was deemed impossible. In most cases those ‘professionals’ who acted on behalf of the victims of this scandal went after the developers, in most cases the developers had made off with most of the money and were nowhere to be found to be held accountable for their actions.

Although in theory yes this seemed the right way to proceed, claiming against the developer or builder, but most developers and builders had already gone bankrupt with no means of finishing properties, refunding deposits or paying out in relation to any claims made.

What Has Changed?

In December 2015, the Supreme court in Madrid ruled that in fact it is the Banks who are liable to any monies transferred in retrospect of a deposit. These banks were meant to have guarantees in place. This landmark judgement from the Spanish Supreme Court on 21 December 2015, ruled that banks can be held responsible, together with the Spanish property developers, for the loss of the deposits paid by Spanish property purchasers.

Banks in Spain will therefore now be liable to refund money which was paid and lost by home buyers where the developer or builder failed to complete the properties. The refund can be claimed regardless of whether or not a bank guarantee was in place and regardless of the solvency status of the developer.

What Should You do?

If you have lost any money at all when buying an off-plan property in Spain, we can help. Contact us on 0330 124 1230 or [email protected]/dev where we can arrange a free initial consultation. From this our specialist team of Spanish lawyers will assess each claim on a case by case basis and go forward with the best way of proceeding your refund.

Those affected will only have the opportunity to attempt the claim once.

Your right to claim may be subject to a deadline so you are strongly advised to contact us as soon as possible. If you have been affected and lost money in relation to an unfinished property in Spain, get in touch with EU Property Solutions as soon as possible on 0330 124 1230 or at [email protected]/dev

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