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Category: Financial Legal |
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Iberdrola problems. Any one else here in local Costa Blanca, have problems getting a meter in,done the bulliton, done the upgrade of box & fuses, after 4 months, now say I have to pay to upgrade the pole in our lane.Not done by them, you have to find an electrician, more cost€6000. Is this correct ? Help if you know. Pickles. Mis-Sold Mortgage in Spain I suspect that I have a mortgage with significant errors in it. Can anyone advise a Spanish Solicitor that would take on getting the mortgage cancelled? Chris Advice Center Spain Advice Center Spain Unhelpful, waste of time, especially if you don`t have a lot of money to give them. Mis-sold Mortgages "If you are one of the households who suffered from irresponsible lending or need new loan terms to suit your homes current value and todays economy, a loan modification can help you. (A loan modification will recalculate your mortgage based on the current value of the home, allowing you to receive a new low payment you can now afford.)" I got this via email. Anybody have any experiences of mis-sold mortgages here in Spain? Property Scam Hi, I saw this on another forum and thought it may be of interest - The New Banking Property Speculation Game in Spain With Bank repossessions continuing to cause concern amongst property owners in Spain, a new scenario has been openly admitted to, by one of the Major Spanish Banks. It is quite simple, but whether it is ethical or even lawful is another matter. When a property owner has a mortgage debt with the Bank, after requests for repayment of the debt, the next stage in the process of repossession is to generate paperwork and make a feeble attempt at serving the paperwork on the owner. This paperwork is then lodged (often with no signature) on the Court, and owner never gets to hear of the court case. The case is heard and ‘apparently’ the owners could not be contacted so the case is heard in favour of the Bank. This is the ‘subasta’ or auction stage. When the case reaches court it is assumed that the owners have gone back to the UK. This part of the story has been going on for years, but given the right approach and appeal paperwork, can be stopped. Now here is where the new property scam kicks in. The property never goes to auction, as the BANK then buys the property at the LOWEST price they can get away with (never mind what the mortgage outstanding is as the difference can be off loaded as a debt onto the owner of the property). They buy the property out of their property reserve fund. They then resell the property (probably to an employee or friend) at a profit. The sad owner still having the debt lodged against his/her name. In short this is nothing more than property speculation by banks, an activity that was outlawed in the UK some years ago to prevent Estate Agent cashing in and making a fast buck out of peoples misery. More importantly it was banned because it was directly causing property hyperinflation. Remember impartial advice here in Spain is a rare as Dinosaur Eggs. Any comments are welcome and Good luck Homeowner in Costa Blanca (Just !!) Benidorm Lawyers We are here to help you. Family Law Criminal Law Urbanisation Rights Court Assistance If you are looking for experienced help in 7 languges, we offer our practice every weekday evening from 5-8pm. Fighting for justice for you. 96 573 1811 to speak to our advisor. Offered to readers on this forum. Property repossesion Has anyone out there been through this and did you stop the bank to auction your Villa, as if they do you end up with no home and still get left with a debt. seeking help please DG Rental Contracts If you are thinking or renting your property and want a sound Rental Contract, you can obtain this from Marketing Moments Spain. €49.00. Covers Landlords from later problems. Regards Heather 96 573 1811. rental contract that stands Can your readers tell me where I can obtain a good solid rental contract, that covers me as a landlord. This will be my first time letting my Villa. Want one that covers me from renters that wont leave after 11months. Dont wont to pay a lawyer. Can I buy one online or from an Estate Agent or Town Hall ? Steve. Feedback and Negociation Feedback is very, very important, NEVER pass up the opportunity to find out more. At worst this information will tell you some home truths about your property and its furniture, decor etc, at best it will tell you whether the clients were time wasters and even whether the Estate Agent is doing their job. The first most important thing is people never tell you the truth as to why they don't want to buy your property, they will give you excuses as to why they are not going to buy, but its up to you to find the real reason. So here are some tips. "They didn't like the area." Hey the area has not changed since they were given the property details. Well!! Why were they looking at houses in that area. "There was too little or too much garden." Given that the plot size and the house size are in the particulars, what didn't they understand? * People looking to buy a house and complained about the garden maintenance being a problem, invariably end up buying apartments. * People that want 20,000M2 of land for a horse (a horse in their dreams) end up buying a Villa on 600M2. "The pool was in the wrong place." Are the property particulars correct? Had they even read them?? "They liked it, but they felt there was too much work to do to it." Find out what work, make a list, and offer to do it. Are they still interested? Maybe the people are looking at resale properties and really need a new property. The reality of resale properties is, for the same price, although not new they are generally on larger plots of land. This is often the draw to older properties and buyers generally overlook minor decoration shortfalls to achieve a slightly larger plot. "They liked it but felt it was too much money." This is an easy one. Ask what money they thought it was worth. This is a technique to wheedle an offer out of them. They should at least respond with a figure. If they come back with a ridiculous figure, you know they were looking at properties outside their price range, and you need to question whether your Agent is doing their job properly. If they shy away and do not want to come back with a price they actually did not like it for some other reason. "We'd like to make an offer" So, factors to remember when contemplating accepting an offer.... o What is the timescale to completion? o Can they put a deposit and sign the compraventa? o Can they at least put a reservation deposit? o Will this be subject to a survey or a mortgage? o Is their mortgage agreed in principle? o What fixtures and fitting will be included? Reserving Your Property Once you have found a property you wish to buy, it is essential for you to sign a preliminary sales contract with the seller, and paying a reservation deposit of usually around € 6,000. This contract is proof that the property has come off the market, and that you are able to buy it. Once the property is reserved in your name with a preliminary sales contract, there is usually between 15 and 30 days for lawyers to gather information on the property regarding land register and legal issues. This is necessary in order to verify whether the title deeds for the property are satisfactory, whether the person selling the property is authorised to transfer their ownership and to ascertain that the property is also free from any pending charges, mortgages or debts. If you are buying a plot of land, a survey of the land can be carried out, in order to obtain its exact measurements and to identify its borders. This study will include details on whether the land has been classed as ‘buildable’, on its access points and on its surface. Likewise, it will provide information on the different building possibilities and on the ‘buildable’ area, including a detailed plan that will form part of your final title deed. The lawyer should ensure that the developer has all appropriate legal permits: building license, land survey (an independent surveyor will check that the foundations designed by the architect are adequate for the type of soil,) an independent check of all building works by specialists and, finally, the ten-year warranty (similar to the British N.H.B.C.). In the case of developments, the lawyer should obtain necessary bank guarantees to protect your payments, should the developers fail to comply with any of their obligations. Should the lawyer checks unveil any legal obstacles which affect the buying process, the lawyer should ensure that the initial deposit you paid is returned in full by the selling party. In any case, and as part of the process, the lawyer should run checks on the reputation and solvency of the builders/developers, obtaining guarantees that the property will be built and handed over in the terms and conditions established. Private Contract Once the checks on the property have been made, and after guaranteeing that the legal situation of the property allows the sale to take place, you can sign the so-called Contrato Privado (Private Contract) or 'CompraVenta'. The Private Contract is an important document containing information on the buyer and the seller, the description of the property on the land register, the price of the sale, the method of payment, the date the contract is formalised, the date you take possession of the property, etc. Once both parties have signed the Private Contract and the deposit has been paid - usually 10% of the price of the property minus the reservation deposit-, the contract becomes a legally binding document. This deposit can be up to 30% in the case of "off plan" properties. These deposits are NON refundable, in the event of cancellation by the buyer. Property Completion The property sale process is finalised before a Notary, with the buyer and seller signing the Deed of Sale. The Notary is a public official. His or her duty consists in identifying the buyer and the seller, and ensuring that all legal requirements have been met, and that the amount due to be paid has been settled. If you are unable to be present in the finalising of the deeds, your lawyer should take care of it by means of a power of attorney, which means they can carry out all necessary procedures in your name. It is common practice for the lawyer to have a valid power of attorney at the beginning of all buying and/or selling operations. Handing over keys Immediately after the deeds have been signed, the buyer should be handed the property keys, and therfor can take possession of the property. Final Title Deeds and Registy The property registration procedure entails the payment of all the taxes applicable to the property. The final register stamp for the Title Deeds (which guarantees the transfer of the property) is completed at the Notary. You will be given a Copia Simple before you leave. The actual Escritura may take a couple of days (should you need a copy go back to the Notary and ask). Next you should ensure that the deeds are then presented to the Land Registry for your area. The entry on the Land Registry is quite often taken care of by your bank (in the case of a Mortgage), who ultimately will require a copy from the Land Registry. This procedure may take two to three months, depending on the Property Register, though your lawyer should take care of the entire procedure, informing you when the Title Deeds have been processed before the Property Register and are at your disposal. This procedure is an important step, and takes place just after you have taken possession of your property. Utilities Immediately after the sale has been finalised, you should request your lawyer to take care of ensuring all the property's utility contracts (electricity, water, rubbish collection, etc.) are under your name and for all your bills to be paid by direct debit from your Spanish Bank account. Electricity: This is billed every two months. Town Water: This is billed every three months Refuse collection: These are usually billed every 2, 6 or 12 months depending on the area Community Charges: These are agreed by all the owners of the community at a general meeting. Collecting Documents Once the Property Register has returned the Title Deeds, which could take up to three months, you should collect it from your lawyer, together with the rest of documents you must keep (N.I.E. -Spanish ID no. for Foreigners-, Title Deeds, Insurance Policy, etc.). Auctions Auctions are becoming an increasingly popular way to buy and sell property because they offer a simple and quick process that's more open and transparent than selling with an agent. As soon as the hammer falls, your property goes to the highest bidder and the sale is complete within 28 days. Potential purchasers may want to view your property during the marketing period and have a survey carried out. They will also want to see any Special Conditions of Sale, title documents, lease details (where applicable), searches, planning documentation and office copy entries. A legal pack containing these items will have to be made available through your solicitor. The key benefits are: A quick way to sell without compromising on the sale price Contracts are exchanged immediately and a completion date is fixed Funding is already arranged and buyers pay cash. A minimum of 10% deposit is paid at auction and the balance paid within 28 days The sale is not subject to contract Competitive bidding achieves the best price for your property Auctioneers invest a lot in advertising and have a comprehensive database of potential buyers so your property will get good exposure. Houses may be advertised in online as well as printed catalogues. Property auctions aren't suitable for selling every type of property, but are an ideal marketplace for: Residential or commercial investments Vacant shops or houses in need of renovation Commercial or residential property, either in high demand areas or, conversely, in poor demand locations where private treaty sales could be difficult. However, bear in mind that there are no guarantees that your property will sell, and you will still have to pay the auctioneer and solicitor's costs regardless. Your property might also not generate the interest you hope so you could end up selling it for less than on the open market. You'll also have to move out of your property within 28 days of the auction, so wait to list it on the most appropriate date." (courtesy Tesco) Land Grab There has been a lot of publicity about this disastrous Law. However do bare in mind the concept behind this. Firstly you cannot reasonably complain about land that is grabbed if it is not actually yours. What this means is if you have not registered it and paid the taxes on it, it is in a grey area of Spanish Law and may not be regarded as owned by you. Conflict of Interests Before instructing any Solicitor to act on your behalf, you should first ask whether the Solicitor has any conflict of interest with respect to your business matters. For example if you are requesting legal advice with respect to a local builder, ask if the Solicitor is related to or is he already acting for that builder? Another situation could arise if the Solicitor is local man and your legal advice relates to the local council. You must reassure yourself whether the benefits of being a local man outweigh the possibility of the Solicitor 'colouring' the information you are given, because he does not want to jeopardise his relationship with his local council. Try to avoid paying money on account. This is a dangerous practice. You will invariably at some point receive a bill from your Solicitor in writing. In Spain, very little, (very conveniently) is put in writing. So do ask if there has for example been a meeting somewhere, that you receive minutes of that meeting. i.e. who was present, what was their position in the company, what was discussed. etc. Many misunderstanding can be avoided if this simple step is adhered to. After all this is just normal practice for important meetings in the UK. Negative Equity Hi I have a 3 bed in Benidorm which is causing me no end of stress! Initially, I believe I paid over the odds for the apartment and i have learnt the hard way. I now have an apartment that hasn't got a tenant or any holiday lets. I have approached the bank to explain my situation but they have been pretty unhelpful. I have also looked at selling but currently around 30k euro negative equity. Any sggestions appreciated? PLEASE HELP! Cheers |
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