advice once again please on handing back keys etc.

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07 Jul 2011 00:00 by kernow24 Star rating. 119 posts Send private message

Hi

We are hoping to come over to Spain in the next couple of weeks to hand the keys back on a property we own after successfully negociating a deal with the bank.

Can anyone help with these questions please.

1) When handing the keys back can the bank insist on keeping our furnishings in the house.  We had a valuation on the house but I did not think this would have included furniture etc.

2) How do we go about ending our contract with electric and water companies.

3) Do we need to go to the town council to inform them we are no longer the owners when the keys have been handed over.

4) Are there any other things we need to do?

Many thanks for your help once again.





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07 Jul 2011 12:56 by mariadecastro Star rating in Algeciras (Cadiz). 8038 posts Send private message

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PLease have answers below in bold green ( same text as your email):  

 

Hi

We are hoping to come over to Spain in the next couple of weeks to hand the keys back on a property we own after successfully negociating a deal with the bank.

Can anyone help with these questions please.

1) When handing the keys back can the bank insist on keeping our furnishings in the house.  We had a valuation on the house but I did not think this would have included furniture etc. Did the mortgage valuation include the furniture? If not, you can keep the furniture out of this deal.

2) How do we go about ending our contract with electric and water companies. I would advise you to send an order to both instructing you to stop directing the payments to your bank account as soon as the dation deed is signed.

3) Do we need to go to the town council to inform them we are no longer the owners when the keys have been handed over. You need to unregister for the IBI tax.

4) Are there any other things we need to do? Yes, that´s all.

Many thanks for your help once again.



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07 Jul 2011 13:41 by rod Star rating in Uk and Spain. 462 posts Send private message

kernow

Tell us more about your story it may help other homeowners who are worried in a similar position

Regards Rod



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08 Jul 2011 23:24 by kernow24 Star rating. 119 posts Send private message

scared I might jinx things as not yet handed over so once it has gone through (fingers crossed, but you never quite know with anything until it done) I will let you know.

 





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09 Jul 2011 10:44 by johnzx Star rating in Spain. 3347 posts Send private message

 

 

I am not an expert in this field but I do know that Spanish banks have  made applications in the UK courts, again property in UK,  to recover debts owed on property in Spain.

If you have negotiated a deal to settle all outstanding amounts you owe the bank by handing the property back to them it would appear you have been fortunate.


 

If the bank has a court order to recover money you owe I cannot believe they cannot act against any assets to may have in Spain or elsewhere. 



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13 Jul 2011 22:16 by mike_walsh Star rating in Torrevieja. 603 posts Send private message

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Recently I had published an article on a related matter. The bank reposessed whilst the 'owners' were in the UK. When they returned to their former they were unable to gain access - and their belongings; furniture etc were inside. Good luck with the outcome.



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13 Jul 2011 22:35 by MexMaya Star rating. 30 posts Send private message

You cannot just hand back the keys you must ensure the bank sign for the house in return for cancelling the mortgage at the Notary, only then will you be free

Be warned, spanish banks will do everything they can to try and trick you so make sure you are 100% clear that they have cancelled the entire mortgage and any other debts that may arise from the property in the dacion document.

Spoain is not a country to be trusted in any way at all, its it not a country of honour or with any ral beliefe in citizens rights and will say anything to get money from you but will not keep its end of the deal

Sorry if I offend anyone but 12 years of experience of this excuse for an EU country (in reality a third world corrupt dictatorship pretending to be a democracy) have brought me to this conclusion





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14 Jul 2011 13:04 by manorpark Star rating. 166 posts Send private message

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I am surprised to hear that banks are stil taking back properties. The bank I use has so many on it's hands they have stopped granting dacion en pago.

Good luck Kernow !





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14 Jul 2011 13:21 by johnzx Star rating in Spain. 3347 posts Send private message

Kernow said,  "We are hoping to come over to Spain in the next couple of weeks to hand the keys back on a property we own after successfully negotiating a deal with the bank."

 

This does not make it clear if an agreement has been reached or if they are hoping to arrive at one.

 

As I said earlier, it is unlikely that any bank will accept a property and cancel the debt  if the mortgage outstanding is greater than the current, net,  saleable market price.

 

One of course can 'hand it back' but there would still be a legally enforceable debt which the bank could seek to recover against any assets (property etc) in another EU country.

 

 



This message was last edited by johnzx on 14/07/2011.

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14 Jul 2011 23:23 by manorpark Star rating. 166 posts Send private message

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I would be interested to know if anyone has handed their property back to the bank successfully in recent times.

How long did it take ?

Did you have to pay any difference due to new valuation ?

Did you have to pay any charges ( notary fees etc )  to do this ?

Thanks

 

 





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05 Feb 2013 11:17 by mariadecastro Star rating in Algeciras (Cadiz). 8038 posts Send private message

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Yes, we perform an acceptable number of these transactions every month ( 2 to 3). It is not an automatic process but good defence and persistence works

 Legal tip 892. Hand keys back to the Bank VII . Out of Court sales-auctions 
25 January 2013 @ 12:44 

 Government will finish in coming days a substantial reform of mortgage market in order to protect borrowers from the wave of foreclosures of last years.

The idea is "to improve the position of the debtor", dramatically lowering interest for late payment of mortgages on first residences, which may not exceed the legal interest (now at 4%) plus a surcharge of two points percentage. That is, at most 6%, compared to the average 20% that is being currently charged.  There will also be time limit as interest will be guaranteed with the house just for three years (against current five years).

This change has been encouraged by 47 dean judges in Spain

In addition, the proposal currently includes provision 115 or Mortgage Act to be suppressed:  legal right of the mortgagee to require the extension of the mortgage to debtor in order to secure interest due and unpaid.

The proposal also includes an out of Court procedure for the sale of the propertywhen the debtor defaulted mortgage.

How? At any time prior to the conclusion of the auction, the debtor may bring a buyer to Court paying at least the 70% of the appraised value for auction of the property.Once the Bank is notified, this will have "a period of 20 days to either bring a buyer paying a higher amount or repossessing the estate at that price putting an end to the procedure” Auction valuation presented by the debtor prevails over that made by the Bank.

 

Doors opened for the debtor to sell the house he cannot keep paying: this way, a private sale or private auction is possible. Anyone paying 70% of this valuation needs to be accepted by the Bank.

 

Previous posts on handing keys back to the Bank:

http://www.eyeonspain.com/blogs/costaluz/8218/legal-tip-849--dation-and-balance-vi-a-claim-by-judges-association.aspx 

 


This message was last edited by mariadecastro on 05/02/2013.


This message was last edited by mariadecastro on 05/02/2013.

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Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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