Did you lose your deposit on an off-plan property?
Off Plan Property in Spain – Did you lose your deposit?
If you made payments buying an ´Off Plan´ property in Spain and lost your money, Sun Lawyers may be able to get your deposit back without an individual bank guarantee.
Recent legislation passed by the Spanish Supreme court in Madrid has ruled in favour of the home buyer and has created an opportunity to reclaim off-plan property deposits. Banks in Spain will now be liable to refund money which was paid and lost by home buyers where the developer or builder failed to complete the properties. The refund can be claimed regardless of whether or not a bank guarantee was in place and regardless of the solvency status of the developer.
Who does this apply to?
Anyone who paid a deposit on off-plan Spanish property and the property was never completed, the building never started or the developer went bankrupt.
What if I already went to court and tried to reclaim my lost deposit?
If you already went to Court to try to recover your deposit, you probably sued the property developer. As most property developers went bankrupt and then went into liquidation, this course of action was useless in most cases. Whether you won or not, you probably received no (or little) money back. The recent ruling by the Spanish Supreme Court allows you to take action against the Property Developer’s Bank (where your money was deposited). This recent ruling changes everything, as you will now be suing the bank who have larger resources to pay you.
There have already been successful cases against Polaris World, Grupo San José, Grupo San Antonio, Corvera Golf and Tres Molinos Resort. At Sun Lawyers we work on a no win no fee basis. We have already dealt with similar cases and deposits, also interest can be refunded.
Contact us today for more information and to arrange a free consultation. Our legal team will let you know what documents are needed to analyse your case and advice you on the best course of action.