Lost deposit monies paid on off-plan Spanish property can be recovered

UNFINISHED DEVELOPMENT: Typical following the crash. - LOST PAYMENT VICTIM: Mrs Stephanie Davis.

A LANDMARK judgement by Spain’s Supreme Court could finally offer closure to the estimated 100,000 Britons whose dreams of owning a place in the sun ended in a nightmare.

The ruling paves the way for anyone who paid a deposit to secure an off-plan property or made stage payments – but lost them in Spain’s financial crisis – to claim back the money.

Would-be buyers who had paid deposits averaging £40,000 never saw their money again as building firms went bankrupt or simply disappeared.

But now a decision by Spain’s highest court to hold banks responsible for the missing money deposited in their accounts could allow British victims to claim back up to £4 billion in lost deposits, according to research by the law firm Spanish Legal Reclaims.

Despite the lack of official data, Spanish Legal Reclaims estimates that Spanish banks could be forced to refund up to £15 billion to off-plan buyers from across Europe who lost their deposits in the crash.

They include Stephanie Davis and her late husband who lost around €75,000 on a house they tried to buy on the Costa del Sol. They bought it off-plan, and had paid a deposit and several additional payments, totalling half of the €150,000 asking price. 

With more Britons owning a holiday home in Spain than any other nationality, UK citizens were hit disproportionately hard by Spain’s catastrophic property crash.

Spanish Legal Reclaims has unparalleled expertise in this area of law, and has formed a dedicated legal team to help non-Spaniards who lost out to lodge a successful claim and win their money back on a no win, no fee basis and they speak English. 

Spanish Legal Reclaims can be contacted by telephone in Spain on 936 804 563 or in the UK on 0845 680 3849. Alternatively by email to: [email protected] Also visit: www.spanishlegalreclaims.com

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