Category: Mortgage

  • Returning the keys to the bank after the death of a relative

    Returning the keys to the bank after the death of a relative

    One of the first phrases that I learnt when I moved to the UK to work as a Spanish lawyer was “catch 22”. At the beginning I did not have a clue as to what it meant (‘a paradoxical situation from which an individual cannot escape because of contradictory rules or limitations’ says Wikipedia) but…

  • Spanish mortgages – Latest news.

      Following our previous article about mortgages in Spain. The CJEU resolution (21th of December 2016) allows consumers to claim their money back retrospectively from Spanish Banks   As we explained in our previous article, The Court of Justice of the European Union (CJEU) was recently asked to decide about an important case for Spanish…

  • Do´s and don´t when buying property in Spain

                  Do’s & don’ts when buying in Spain. DO’S. Make your budget. Apart from the price of the property you should consider other costs related to the transaction such as follows: Taxes, Notary and Land Registry: You should consider 10%-12%. Spanish Lawyer fees* Surveyor** although it is not mandatory…

  • CHANGES TO THE SPANISH LEGISLATION REGARDING FORECLOSURE

                        Given the increase of evictions and the drama that this carries to the Spanish society, a new Law (1-2013 14th May) has been launched in order to protect those who cannot pay the mortgage. The new law aims at helping those who, if provided with…

  • Dacion en pago for non-residents. Do we have a deal?

    If you have read the Spanish press this week you will probably have seen plenty of articles on the Government’s new proposal to solve the current problems with those who cannot pay the mortgage.  Luis de Guindos, Minister of Economy, will announce this week some new measures to enable consumers to surrender their properties back…

  • Here we go again

          I am a usual reader of the news bulletin from Idealista.com. I like it because it comes every Friday with a summary of the most relevants news in respect of the property market. The interesting thing about this news bulletin is that it does not have any alliances and you can easily…

  • No way out?

    Recently and as a result of the sum of several factors such as the unstoppable fall of the sales of properties and an increase in mortgage defaults, Spanish banks have accumulated more than 150,000 million euros in property assets. Assets which, incidentally, the banks do not want but the truth is that since October 2008,…

  • Some hope for Spanish home owners in mortgages arrears

    The Court of Appeal in Navarra issued on the 17th December of 2010 a Judgment that is raising hopes and expectations for home owners of Spanish properties that are today in mortgage arrears.  Any person entering into a Spanish mortgage responds with all his personal assets for the payment of that debt. This means that,…

  • About the Spanish “swaps” in the banking practice

       Photograph by www.freefoto.com “Swaps”. Perhaps not a word that would mean much to the people who live outside Spain but the truth is that this is a hot topic right now in the Iberian Peninsula. The reason, as always, has something to do with the banks. In this case, the word “swaps” refers to…

  • Struggling Britons seek ways to offload Spanish holiday homes

      Higher mortgage interest rates in the Eurozone, a fall in the value of the pound and the effects of the recession mean that many Britons who have bought holiday homes in Spain are now struggling to meet their monthly repayments. Our firm has seen a rise in the number of people seeking help to renegotiate…