HOW AND WHY WE CAN HELP YOU RECOVER YOUR LOST DEPOSIT PLUS INTEREST?
Can you make a claim?
You have purchased a Spanish property off-plan.
You have paid deposits in stages for your property.
Your property was not completed as the developer went into administration.
You never received ownership as the property was not completed and the title was not granted.
Under Spanish Law 57/68, you are able to claim back your deposits.
In 2015, a case went to the Supreme Court in Spain against a developer and set a precedent. The ruling was in favour of the claimant which held the developer's bank liable for the the claimant's money.
Criteria to claim
The purchase of the property was as a lifestyle investment for your enjoyment and use.
Under the 57/68 law, if the property was purchased purely as a buy to let/business investment, then you are not covered.
You have a purchase/sale contract.
You have proof of payments made to the developer. If payments were made to the lawyers/solicitors, we need to see that the lawyers/solicitors paid it to the developer.
If estate agents were involved and monies paid to them, we need to see proof that they paid the monies to the developer.
You can not have already made a claim for these deposits.
If you have received any money back from the administrators, this would be deducted from the claim.
Evolution of a claim
The client provides the documentation for the claim and the Power of Attorney is granted.
The lawyers prepare the claim and gets filed in Court.
The claim is processed and assigned to a specific Court. They then issue a Decree of Admission.
The claim is served to the appropriate Bank/Defendant (by our Court Clerk).
The Defendant has 20 working days to respond to the Court.
The Court notifies us when the Defendant responds.
The Court issues a date for Audencia Previa (Pre Trial Hearing). This is a formal hearing attended by lawyers in representation of both parties and the Judge presiding, where evidence and documentation are reviewed.
A date is set for the First Instance hearing at Court, after which a judgement is issued.
In some cases, the Bank may seek to reach an agreement and make payment to the claimant, which can considerably reduce the amount of time waiting to recover the deposit.