A guide to re-claiming deposits on unfinished properties in Spain

Reclaim lost deposit Spain

Unfinished property developments litter areas like Spain, Portugal, and Greece after the recession hit in 2008 and construction ceased as companies buckled. As idyllic places to purchase a holiday home to enjoy in the sun, thousands of Brits were affected, losing their initial deposit and often their life’s savings. But it is still possible to gain that money back and recoup what’s been lost.

It’s estimated that 100,000 Brits have been impacted by unfinished developments in Spain alone, to the tune for £4 billion. While some of tried, and failed to take claims forward, a new ruling offers some hope for those still trapped in a sea of uncertainty and despair. The deposit money put down on properties in Spain should have been ring fenced but lax standards meant this wasn’t always the case. As a result, it has been ruled that Spanish banks are responsible for the missing cash too.

If you’ve been affected by off-plan unfinished properties, whether in Spain or another country, there is a simple way to start the process to reclaiming what you’re owned.

  1. Find out how much you could be owed

The first step is to figure out exactly how much you’re owed. Many Brits put down deposits in the tens of thousands so it’s likely to be a substantial amount. But did you know you could also claim interest on the money you’ve lost? Our refund calculatorcould give you an idea of how much you could receive.

  1. Get in contact with a specialist

While any lawyer might be able to offer you advice, choosing a specialist means that your claim will be smoother and more efficient. Operating across multiple countries can make the legal steps a challenge but a specialist can eliminate the language barrier by acting as your professional point of contact.

You’ll also know that you have someone on your side that’s got experience in dealing with any problems that might arise throughout the process. With specialist support, you’ll be able to seek advice and guidance whenever you need it.

Be careful however as there is only one chance to make a claim which makes it all the more important to ensure that you have appointed the best and most competent advisors to see your claim through to a successful resolution.

 

  1. Prepare your documentation

Your case will need to be backed up by documents, showing how much and when you paid. Gathering all your files and preparing them is an important step, it’ll form the foundation of your case for reclaiming your deposit. Your team will be able to advise you on exactly what need to get together but it’ll include proof of payments and the contract you initially signed with the construction firm.

  1. Finalise power of attorney

Giving someone power of attorney allows them to legally act on your behalf. To make the process as hassle-free as possible for our clients, we use this method to allow them representation in the country they’ve lost money in.

  1. Wait for your refund

Once you’ve completed those four, simple steps, all you need to do is wait for your refund when you’ve chosen EU Property Solutions – we’ll handle everything else.

 

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