Was your Spanish “Off-Plan” Property Never Built?
Were you burnt by the Spanish property crash?
Spanish Property Investment
Up until 2008, it was claimed that Spain had been selling more homes than the UK, France and Germany combined. Many developments were sold off-plan, however, many of these have never been completed. Did you place a deposit for a Spanish property investment that was never built ? Have you been told that this money has been lost ? Time is running out but we may be able to recover this lost deposit money for you.
During December 2015, there was a ruling in Spain’s supreme court, which opened the door for around 100,000 UK residents to make a claim against the Spanish Bank which held their deposits. It was decided that the banks should have in place procedures to safeguard consumer’s money rather than the bank normal practice of simply transferring the money to the developers. Many of the developers subsequently ceased trading long before the properties were ever completed and the deposits disappeared.
Many investors would have believed that there was little probability of recovering their monies, as the developers had gone bust, however, the supreme court ruling, places the liability with the developers bank , whom are very likely to have the funds to pay consumers. This means that more than £1b could be recovered from the banks for these Spanish Property Investors.
Time to take action
We understand that claims to recover the deposit on Spanish property investments must be made within 15 years of the predicted completion date, that buyers were given, and that the deadline for claims is the 7th October 2020.
In order to make a claim, buyers whose Spanish properties were never built, will need to provide a signed copy of the contract between them and the developer, along with proofs of payment being made to the developers account. If the deposit was paid to the buyer’s solicitors and then transferred to the seller’s solicitors, then the onus will be on your solicitor to liaise with their Spanish counterpart to establish they received the monies on behalf of the developer.
If you have paid money in advance on a property in Spain which was never completed, then it is important that you contact us to see how we can help you recover your money. For more information or to start your claim today, please contact us on 03003 033 819.
Deal with someone you can trust
We are a regulated business which is governed by the Solicitors Regulation Authority (SRA). When you chose to work with us we will be able to look after your entire claim with our Spanish counterparts.
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How can we help?
The information on our website is intended to provide an overview of the services that we provide and does not constitute legal advice. If you wish to discuss your particular circumstances please contact us.
Authorised and regulated by the Solicitors Regulation Authority SRA No. 650601
Registered office: Artemis House, 4 Bramley Rd, Bletchley, Milton Keynes MK1 1PT