If you invested in an off-plan property in Spain and the developers went into liquidation or the property was never fully built, we can assist with reclaiming the deposit you lost.
How am I able to reclaim my deposit if the developer went into liquidation?
By law, developers had to hold deposit funds in a separate account, covered by a bank guarantee, but many banks in Spain failed to ensure that the developers proceeded in that way. This means that when it comes to reclaiming the monies, you can take action directly against the bank, who will have the resources to pay out if your claim is successful.
Do I need to make the claim soon?
Yes – the deadline for making a claim is the 6 October 2020. This is only a few months away, so if you want to make a claim it is best to get started as soon as possible.
What paperwork do I need to in order to proceed?
In the first instance, you will need the purchase contract, proof of any payments made to the developer, and the bank guarantee document, if you were provided with this.
You may need to provide further documentation depending on your case.
How long will it take?
The Spanish court process often takes a long time. A realistic estimate would be 12-24 months from the point of the initial claim.
Why should I instruct a UK law firm to deal with this rather than one in Spain?
The advantage of instructing Nockolds over a law firm in Spain is that you can be assured of the quality of our services and that we are fully regulated. There is also no language barrier and no need for you to travel to Spain.
How much will it cost me?
We work on a no win, no fee basis, though you will need to cover some essential disbursements in order to commence proceedings. In the event that the claim is unsuccessful, you will have to pay for these disbursements, which could include the other party’s costs, but you will not be liable for our legal fees. We will of course assess the strength of your claim before proceeding so as to ensure that it is worth your time to go ahead with it.
For more information about reclaiming your deposit for an off-plan Spanish property, please contact us on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be in touch.