If you put down a deposit on a Spanish property that was never built, we can get your money back
The crash of 2008/09 unfortunately resulted in the collapse of the building industry in Spain.
Hundreds of developments were not completed, and many purchasers believed that their money was lost forever. However, during 2015, a landmark legal judgement in Spain opened an opportunity for investors wishing to recover lost money from the banks where it was held.
Our team have helped recover millions of Euros and continue to represent many more.
Recovering money can be complex, but we are here to take away the stress and help guide you through the process.
Just fill in the short form below or, if you have any questions or would simply like to fill in the form over the phone, please give us a call on 01903 931 035 and we’d be happy to help you.
We strongly encourage anyone who is unsure, to call us today. We will take you through the process in detail, discussing the potential claim and assist with filling out your application form over the phone.
On completion of your documentation, we will handle everything for you, ensuring regular updates on progress made.
You will not be required to go to Spain to meet our solicitor, who will represent you.
In fact, you will not need to travel to Spain at all.
By signing a Power of Attorney, which we can arrange for you, our solicitor will act on your behalf.
About Lost Deposits
We specialise in recovering money from Spanish banks that they held on behalf of clients who had deposited funds with them for stage payments on off-plan properties that were never built.
A law introduced in 1968 decreed that the banks should protect this money until the property was built, and guarantee its return should the developer go out of business before completing the build.
This Spanish law was largely ignored until our Solicitor along with a small number of legal professionals successfully won a series of cases against the banks.
This has opened the way for tens of thousands of UK residents, who thought their money was lost, to claim their money back.
The Spanish Supreme court has confirmed the 2015 judgements, so if you transferred money to a Spanish bank for an off-plan property that was never built, then you have a very good chance of getting it back, with interest.
There are a small number of instances where individual circumstances will invalidate a claim, but these are uncommon. We will be able to assess this once we have received your initial paperwork. However, we do not charge any fees to anyone if their claim is ineligible or unsuccessful.
-
Why is this suddenly happening now?The law that allows you to claim back deposits following the Spanish property crash was originally introduced in 1968. Law 57/68 states that banks holding deposit payments must protect them in case the property developer involved, ceases trading. However, it was not until after the global financial crash that it was properly tested. Initially, many of the banks refused to pay out on claims and it wasn’t until 2012 that the law was truly established. During this year, our solicitor and a small number of others, submitted many cases to the courts. Some were successful, but others were complex and passed up to the Spanish Supreme Court, which took three years to resolve. The outcome on all cases were in favour of the claimants, so early in 2016 The Supreme Court published clarification and created legal precedent that cannot be challenged by the banks. It ruled that banks must pay out on claims made against them, for the return of money deposited for failed off-plan, or severely delayed Spanish property developments. This has opened the opportunity for tens of thousands of possible claims.
-
How much will it cost?Reclaim in Spain Fee: We will only deduct our fee if, and when you are awarded a cash settlement. The total amount you will be charged is 35% of the award plus IVA (VAT) payable in Spain. The fee agreement with you will remain the same regardless of whether we are able to settle directly with the bank, obtain a judgement from the first instance court, or win at appeal stage at the higher court. We do not charge any up-front fees, or for the investigation of claims that do not progress. The two external payments that you will incur are: 1. The Notary payment. This usually costs between £50-£150 and is paid directly to the Notary. In order for our Spanish solicitor to be permitted to act on your behalf in Spain, you will need to sign a Power of Attorney, witnessed by a Notary. We prepare the documentation and make the arrangements for you to do this. You are then only required to provide ID, pay the fee and sign the documents. 2. The Spanish court payment. This 500 Euro fee is payable at the point that we apply for a court date. It is refundable if your case is successful. We do not apply to the court until, or unless our solicitor believes that your case is strong enough to win.
-
Are there time limits?Yes. There are two main time limits. The first is that claims can only go back as far as fifteen years. The clock begins ticking from the date the property was due to complete. By way of example, if in 2002, you paid a deposit for a Spanish property that was due for completion in 2006, but was never built, you can still make a claim. However, if your property was due for completion in 2002, your claim is already time barred. The second time limit is important to every claimant: Please note that ALL claims which depend on this law, (Law 57/68), MUST be submitted by October 2020. Unfortunately, after this date, no further claims will be accepted.
-
I've lost everything. Can I still claim?In a perfect world, you would have the documents and information we request at your fingertips, making it easier for us to process your claim. However, we realise that you may not have everything, in fact you may have very little – after all it was ten years ago – but don’t worry. We can usually help. It may take a little longer, but we have other routes to obtain missing documents. In many cases we are already acting on behalf of clients who bought in the same development, or through the same sales agent as you did, so we have the weight of evidence we need. In other instances, we can apply to banks, the bankruptcy court in Spain or other agencies to confirm your proof of payments. Of course, it will be much quicker if you can provide the proof we need. If you are concerned that you don’t have any documents or can’t remember the details please call us on 01903 931035 and explain your situation to Sarah or Amy. You’ll be surprised at how much we can help.
-
How can Reclaim in Spain help me?We can now offer you the chance to reclaim your money, with full knowledge that the Spanish legal system will support genuine claims. That doesn’t mean that the banks will simply pay up. Their potential losses are huge, and they will attempt to stall and reduce damages in each case. Therefore, it is essential that your claim is impeccably prepared, and you have the best legal representation. Even without the recent judgements, our solicitors have achieved a 100% success rate on these cases and currently represent more than six-hundred more UK residents.
-
How long will it take?Claims take on average 18 – 24 months from when we receive the completed paperwork. We cannot reduce the time that the courts take, which is currently 12-15 months from when a case is lodged, to a final binding decision. However, the time to get a claim into court can be significantly reduced, if you are able to supply us with your contract and full proof of payments. If documentation is missing, we can also apply to the courts to get the banks to release these, on your behalf. However, on average, this will add roughly six months onto the timescale. The Spanish courts now have a clear interpretation of Law 57/68 and as the number of successful claims increase, they will be dealt with faster. We have already seen evidence that the banks will settle some claims out of court.
-
Who is eligible?Any person, regardless of nationality, who can evidence that they deposited money with a developer as part or full payment for an off-plan property in Spain that was not built, is eligible to claim. There are some exceptions, but the law (law 57/68) protects the large majority of those who lost money in Spain.
-
How much could I get back?If you transferred money to Spain before 2009, the historically favourable exchange rates and amount of interest we can claim for you means you should receive back more than you put down. This is even after the deduction of our Reclaim in Spain fee. This is of course, only a guide and several other factors may influence the amount awarded, including a reduced offer from a bank prior to court proceedings. If any such offer is made, you will be asked whether you wish to accept it.
-
Can I do this myself or with a group who purchased in the same development?Each claim is individual and must be lodged and heard on its own merits in the Spanish courts, even if the details are identical. It is important to note that a case can only be heard once. If any mistakes or misrepresentations are made, the claim cannot be presented again by anybody. We handle the process for you and have excellent knowledge, experience and success in this area, giving you peace of mind.
As seen on...
