Notary Fees and Mortgage Set Up Claims

The Clausula Suelo is well underway and after various rulings, denials, appeals, European interjection and the Spanish Government’s involvement, Banks are starting, slowly it must be said, to address the situation and refund money to their clients. It still by no means is a done deal when you find a Clausula Suelo in your mortgage agreement but it’s a lot closer to being able to resolve the situation than ever before.

During the whole Clausula Suelo debacle, another questionable banking practice came to light and was actually ruled against by the Spanish High Court in December 2015 but, like the Clausula Suelo, has taken time and effort to get claims moving.

The subject of this new claim is the setup costs of taking out a mortgage. While the client is liable for all costs regarding the purchase of a property “Compraventa”, the ruling states that the banks should be liable for the costs in relation to the mortgaging of the property “Prestamo Hipotecario”.

What this means to the average client is the taxes on the mortgage (1.5% of the value of the property), the Notary fees relating to the mortgage and the registration of the mortgage can be claimed back by the client.

An example here is a client taking out a € 80,000 mortgage on a property valued at € 128,400 would be looking at a claim value of about € 3,300, a nice amount of money for clients who have struggled to pay inflated mortgage instalments. This is a low-level estimation, this amount can go up with the price of the house.

However, this new claim is not limited to clients who have suffered through the Clausula Suelo issue. This claim affects anyone who has taken out a mortgage by and large. If you are currently paying a mortgage, you could well be entitled to claim back these charges.

In order to do so however, the official invoices from the Notary are a must, as well as the receipt of payment of the taxes on the mortgage (Modelo 600). NO claim can be handled without the documented proof of payment and the client needs to present this in order to proceed.

Here at Pennick Blackwell we can handle your claim, assist you in getting copies of the invoices if you do not have them and calculate what you may be entitled to. An email in exchange for € 3,000? Contact us today to get the information and let us help you reclaim what you should not have paid.

Prepare with Pennick Blackwell and minimise the risks to your money (and health!)

Clausula Suelo, the saga could be coming to an end

As many people, too many in fact, are aware, since 2013 (and before) the clients of many banks in Spain have been fighting to get back money taken from them without right by the banks who had inserted hidden clauses in Mortgage contracts to ensure the banks would not lose out when interest rates dropped.

Thanks to a ruling from the European Court of Justice in December 2016 and a subsequent ruling from the Spanish Government in January 2017, the banks, finally, seem to be treating this matter with the care and attention it deserves.

In the last 2 weeks, we have had offers come in from various banks for our clients which shows a drastic swing in the bank’s attitude to this situation. Where previously they would not enter into discussions about these “Clausula Suelos”, now they are explaining how to proceed to get a refund, albeit quietly!

Some banks still hold out against the justice their client’s deserve but we will pursue them to the courts if need be in order to get the satisfaction are clients, not only expect, but legally deserve.

Good things come to those who wait and the Suelo, after a long, hard slog is starting to peek its head above the horizon and show the light at the end of the tunnel.

If you feel that you could have been affected by this situation, and you have not looked into it yet, contact us on the information below for a free review of your case to see if you can benefit from a refund. It´s time to strike while the iron is hot.

The Property ladder – A great investment, done right

A frequent request we receive here at Pennick Blackwell is “Should I buy an investment property in Spain?”

The question is an easy one to answer if you know what you are looking for! With our Financial and Property experts, we can sit down with you to discuss the pros and cons of buying an investment property and help you look at the reasons you are doing it. Of course, we can then find you that property that you are looking for.

Not only do we have dedicated Estate Agents and Financial Planners, but with our combined experience in the Spanish market we can help you in every aspect of buying a property to rent out for a long term income. We also work closely with various registered Notaries, Architects and Lawyers to ensure all is in order before and after you buy.

Furthermore, we can offer you a property management solution so if you do not live in Spain, we can keep an eye on your investment, handle any issues that arise and keep you posted to any developments. With our strategic partnership with Liberty Seguros, we can make sure that what you buy is secured and protected.

Through our experience in the sector, we can also help you to decide how you want to run an investment property. Do you want to run it with rapid turnover of occupancy or a long term rental? If you are looking for a property that will be desirable for the holiday market and rent it on a weekly basis, have you considered what to do in the non-peak times of the year?

If you are looking at the long term market, are you prepared to meet the added payments that a tenant will not cover? Community fees, rubbish charges, damages and replacements to the fixtures and fittings?

Property rental can be a very, very lucrative venture if you approach it in the right way and you are fully informed from the off. If you know what you are getting into and get the right management team to monitor it for you, then a healthy profit is what you can hope to achieve.

If you are interested in either buying a property to rent, or moving to Spain and want a new home in the sun, contact us for a no obligation, free chat to see how well it can work for you.

Prepare with Pennick Blackwell and minimise the risks to your money (and health!)