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Sep 03

Reclaim Your Spanish Property Deposit ASAP!

Reading Time: 4 mins

Back in the early noughties dreams of owning a holiday home and wiling away retirement years in the sun, finally seemed like a possibility. It was thought to be a great time to invest, and an opportunity not to be missed out on. Then along came the global credit crunch and the subsequent crash in the Spanish property market. Leaving thousands with dreams in tatters and plenty of empty pockets.

The Spanish Property Crash

Why you could have lost money

In the years preceding the financial crash, property investment was booming along the Spanish coast. Thousands of people were attracted by irresistible real estate projects, putting down deposits to build their dream holiday home in the sun. But unfortunately, these dreams turned to dust when the financial crash of 2008 came. In the first quarter of that year alone, seven of Spain’s biggest property developers reported that the value of properties had plummeted by 75%. Leaving many projects abandoned and empty shells of buildings scattered along the coast.

Over 130,000 people from the UK and Ireland are estimated to have forked out tens of thousands of euros for a deposit. The crash meant most people lost their ability to recover any money as the Spanish developers went bankrupt. Losing all hope of ever seeing that money again.

The Good News!

Eventually, in 2015,  a Supreme Court ruling allowed deposits to now be reclaimed. The ruling states that the banks and insurance companies of the developers are obliged to refund the deposits. No matter whether it was paid in cash or into a bank account.

Hausfeld & Co LLP partner, Lianne Craig, said, “Many people in Spain have already claimed and received thousands of euros back, but most in the UK, Ireland, and other countries outside of Spain have not. If they don’t take action very soon, they will unfortunately lose the opportunity to do so.”

If you put down a deposit for a property that didn’t get built, then there’s a high chance you have a claim. Head over to My Spanish Deposit to start your claim now!

My Spanish Deposit Campaign

My Spanish Deposit has been set up to help those who lost their deposits when developers went bankrupt. People who bring claims through them will be represented by specialist Spanish and UK lawyers who have a collective track record of successfully recovering deposits on Spanish property.

Plus, many of Eskariam’s lawyers were involved in winning the 2015 landmark Spanish Supreme Court case that made these claims possible. Together they’re helping people recover their lost deposits paid out to developers for a Spanish property between 2005 and 2016.

The Claiming Process

Through My Spanish Deposit your claim will be assessed for free with no commitment to further it. You’ll have zero obligations and not face any up-front costs or fees. The lawyers involved work on a no win, no fee basis. That means you have zero risk involved in trying to claim. If, and only if, your claim is successful, then the lawyers will be paid a fixed percentage of the sum awarded. If your claim is unsuccessful, then you don’t owe your lawyers anything and there will be no charge for them trying to win your case. So if you think you’re eligible and may have a claim you really have nothing to lose in trying!

The criteria to be eligible is very simple – if you put down a deposit on a Spanish property between 2005 and 2016 then you could have a claim.

Use their calculator to find out how much you could claim, based on the amount of your deposit and they year you paid it.

Can I claim interest on my deposit money?

In theory, yes. From the Spanish Supreme Court ruling, you have the right to recover deposits. Financial institutions – banks and insurers – are obligated to repay this, plus appropriate interest. However, how much this may include, and whether you can claim it at all will vary on a case-by-case basis.

You Need to Act Fast to reclaim your Spanish Property deposit

With the deadline is fast-approaching you’ll need to get in quick to ensure you don’t miss out. The deadline closes on Wednesday, 7th October, but the cutoff date for new registrations is only a few weeks away on 20th September. If you’re a potential claimant get in touch with My Spanish Deposit as soon as possible!

The closer to the deadline claimants leave registration, the more likely they are to face delays in their refunds. Similarly to the PPI August 2019 deadline – the number of claimants increased by 1000% nearer the deadline than there were earlier on in the year. Leading to a delay for many.

Anyone who has thousands to reclaim on their lost holiday home dreams should register their claim as soon as possible. Allowing the My Spanish Deposit team enough time to assess and process their claim before the October deadline rolls around.

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2 years ago

Very sound advice here.

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