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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche.
www.costaluzlawyers.es

Legal tip 1433. Trampolin Hills and liability of La Caixa and other banks according to LEY 57/1968
21 February 2017

Murcia – Trampolin Hills

As a direct result of the Preliminary Diligences procedure filed in the Mercantile Court No.1 in Murcia regarding Trampolin Hills, the following conclusions and evidences were obtained by the Costaluz-Decastro legal teams:

  • Existence of Special accounts in La Caixa, Cajamar and Banco de Sabadell
  • Existence of two guarantee instruments: (1) by Caixa, office located in Santa Catalina, Murcia, (2) By Swiss Financial Corporation, which is illegal as the entity is not authorized in Spain.
  • Possibility of making all companies of the Trampolin Group liable of same breaches.

Caixa plays an important role in regards to liabilities of off plan advanced payments in this development as, together with holding one special account, it issued a guarantee instrument for the refund of off-plan amounts. These instruments, according to recent Case law by the Supreme Court cannot have financial or time limits.

The last Court sentences in Murcia regarding “in vigilando” obligations of banks who received off plan amounts in their accounts are as follows. All of them mention recent decisions by the Supreme Court:

SAP Murcia 4 08/09/2016: STS 16 January, 30 April & 21 December 2015: It explains the full doctrine of the Supreme Court with regards to vigilance and due diligences that must be performed by Banks receiving off plan deposits.

SAP Murcia 1, 04/07/2016: Also on liability of Banks receiving amounts according to Law 57/1968:  STS 21/12/15; 09/03/2015; 17/03/2016; 24/06/2016

SAP Murcia 4, 5/5/2016: Liability of Bank where developer opened the account to receive off plan stage payments



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Legal tip 1432. Corvera Golf & Country Club – Bankruptcy procedure
21 February 2017

LEY 57/1968 – RESPONSIBILITY OF THE FINANCIAL INSTITUTION – BANK OR INSURER

On 16 December, the Mercantile Court Number One of Murcia declared, at the request of creditors represented by the Costaluz Lawyers & DeCastro legal teams, the insolvency and administration of Corvera Golf & Country Club SL, and the assets of this company are now suspended.

The administration of Corvera will give greater clarity for claims against banks that accepted buyer’s off-plan deposit amounts for properties at Corvera and also against the guarantor banks or insurance companies.

Claims due to delay in delivery of the properties can be directed against the Banks in the light of recent important Supreme Court Sentences that are declaring, with forcefulness, the responsibility of the developer’s Banks as guardians of the security of those deposits in off-plan purchases.

This responsibility is given in two different scenarios, both confirmed by the jurisprudence of the Supreme Court according to Spanish Law, LEY 57/68:

(1) Liability of the financial institution that receives amounts paid by off-plan buyers into an account opened by the real estate developer, if the property is not completed on time.  These banks are responsible, for the return of the off-plan deposits plus interest.

(2) Liability of the guarantors, even though individual guarantee documents have not been given to purchasers: the understanding of General Guarantee agreements signed between developers and insurers or banks has always been interpreted by the Supreme Court in favour of the buyer for the full amount paid to the developers bank account by the buyer irrespective of any arbitrary limit included in the General Guarantee.

Banks also responsible if there were urban irregularities

A recent Supreme Court ruling also holds off-plan property developer banks liable if the development is not completed due to urban irregularities. The reason for this strong protection to the purchaser of first and second residences is in the eminently protective nature of LEY 57/68, which gives rights to the buyer which are of an inalienable nature.

This jurisprudence contributes to the regeneration of the trust in second homes in Spain that was sadly eroded due to the unscrupulous behaviour of many of those involved in the last real estate and financial bubble.

There is a ten-days short notice for possible creditors to be added to the list so contact us TODAY for a quick valuation of your real possibilities and offer of budget

Moratalla, Murcia, Eastern Spain



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Legal tip 1431. Floor Clauses – Supreme Court confirms refund of ALL overpaid interest
21 February 2017

Following the Sentence issued by the European Court of Justice in December 2016 regarding the retroactive effect of nullity of abusive Floor clauses (Cláusula Suelo), Spain’s Supreme Court has now ordered Spanish banks to refund their clients all the money they over-paid due to the Floor Clauses. The Supreme Court Sentence was issued on 15 February 2017.  The full text of the Supreme Court Sentence has not yet been published, just an abstract of the decision is known at present.

What is a floor clause?

These clauses set a minimum interest rate that borrowers would have to repay, even if the reference index (Euribor) dropped below the minimum interest rate, as happened from 2009 onwards.  Therefore mortgage holders with this clause in their loan were unable to benefit from the fall in the Euribor.

It is not specifically the Floor Clause that is illegal but the way it was included in mortgage contracts without its effect being fully explained to the customer.  This lack of transparency and lack of information is the reason this clause is deemed abusive.

What does this New Court Supreme Court ruling add?

With this February 2017 Court sentence, Supreme Court Case Law is now clear on the refunds that are due if a Floor clause is considered abusive due to a lack of transparency.  Refunds must be paid from day one of the client being overcharged, instead of only from May 2013 as was decided by our Supreme Court back in 2015.  Legal interest will also be applied to all refunded amounts.

How should I Claim?

A refund procedure is being prepared by the Government.  Once the bank has received the claim from the client, it will have three months to present an offer of settlement.  If an agreement is not reached in this time, a judicial action (Lawsuit) will be necessary.  Special Courts are also being created for these cases.

As an additional note: if you are currently negotiating giving the property back to the bank (Dation) or are in the process of a repossession procedure, the existence of a floor clause can help the efforts to succeed.

Zahara de la Sierra, Cádiz, South western Spain



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Legal tip 1430. Reclaim overpaid Capital Gains Tax on Sale of Property (Plusvalía)
21 February 2017

Spain’s Constitutional Court (CT) has annulled and forced the reform of the municipal tax on capital gains when selling a property.  This tax is commonly known in Spain as Plusvalía municipal, which in theory taxes the revaluation of real estate when it is sold even if the property is sold at a loss.

The Constitutional Court considers unconstitutional taxes that affect “those cases in which the economic capacity taxed by the tax is, not already potential, but non-existent, virtual or fictitious”

The ruling of the Constitutional Court which was unanimously adopted, has partially upheld the question of unconstitutionality raised by the Administrative Court No. 3 of Donostia, in relation to several articles of Regional Regulation 16/1989, of July 5, of the Tax on the Increase of Value of Urban Land of the Historical Territory of Gipuzkoa.

The Court considers that the said tax is contrary to the principle of economic capacity, provided for in the Constitution.

The ruling recalls that the principle of economic capacity is not only present in the tax system as a whole, but must be present in each tax. “It does not fit in our system”, affirmed the Tribunal.

Actions for claiming back this tax have a time-bar of 4 years

A view of Benaocaz, Cádiz, South western Spain



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Legal tip 1429. Spain’s Supreme Court on Holiday Clubs and Timeshare Law
21 February 2017

Recent Sentences from the Supreme Court on this interesting matter:

  1. STS 20 January 2017 – STS 39/2017

The Sentence relates to contracts which were marketed as “Holiday Clubs” instead of Timeshare resorts. The Supreme Court understands they are under the application of law 42/98 as follows:

“They aim the periodic use of holiday weeks, in pre-acquired turns, in lodgings which can be used in an independent way, with accessory furniture and services, with the payment of an outstanding amount for the acquisition of the right and annual maintenance fees, with withdrawal, resale and exchange options. In short, they are under the objective scope of Law 42/98”

These contracts were formalized with a total lack of submission to Law 42/98: they do not reflect the legal minimum content established in provision 9 of Law 42/98. The consumers could not know what the legal regime applicable to the contract was.

Therefore, they are considered null and void by the Supreme Court in this recent Court decision. This implies that a refund of all amounts paid plus legal interest should occur.

(Involved: Silverpoint Vacations S.L. & Resort Properties Limited)

  1. STS 20 January 2017—SSTS 37/2017 & 38/2017

These two Court decisions are interesting because they state that the lucrative character of the acquisitions do not evade the application of law 42/98. Against the argument which affirmed that there existed a financial gain and that this Consumer regulation should not apply, The Supreme Court states that always the revenues are obtained in the private sphere of the buyer and not as a professional, source of the contracts of the said revenues are protected by Consumer Law.

(Involved: Silverpoint Vacations & Resort Properties Limited: Beverly Hills Club, Hollywood Mirage, Club Paradiso)

Alájar, Sierra de Aracena, Huelva, Costa de la Luz, South western Spain



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Legal tip 1428. Santander, BBVA, Caixa & Bankia are coordinating on a new mortgage deed standard template
01 February 2017

Four of Spain’s biggest banks, Santander, BBVA, CaixaBank and Bankia, have taken account of the legal challenge regarding the floor clauses and have launched an image cleansing operation that will, among other aspects, implement a new generalized model of mortgage deeds in Spain.

The objective is for the Bank to assume some of the administrative costs related to opening a mortgage, which until now have been automatically imposed on the borrower.

A recent Court decision by the Supreme Court has called into question the situation where all mortgage opening costs are imposed on the borrower, including taxes, commissions and other costs incurred in preparing, rectifying and processing mortgages. The Supreme Court has been particularly incisive in dismissing two appeals filed by BBVA and Banco Popular against a complaint filed by the Consumer and Users Organization (OCU).

The big Banks have set up a working group with the collaboration of the AEB (Spanish Banking Association) to find a solution that can be adopted by common agreement among the main financial groups in the country.

The Supreme Court finds that the guarantees incorporated in the deeds are adopted for the benefit of the lender, which does not allow reciprocity when distributing these types of expenses, which usually always fall on the client. This criticism has been instrumental in the proactive attitude of banks to change contract models and to avoid future court cases.

To that end, the expenses of the Property Registry, which ensure the rights of the creditor against third parties, are directly assumed by financial institutions.

The other two large items that decisively increase the cost of mortgages are notary expenses and Stamp Duty; this last one being the most important of all charges that a holder of a housing loan has to assume. At the moment, banks do not seem so committed to the cause of admitting responsibility for such expenses, but it is very likely that social pressure results at least by establishing agreements to distribute the amounts in the future, so that the client only has to assume half the bill that involves the contracting of a mortgage loan.

Financial institutions expect the forthcoming Supreme Court rulings to recognize these efforts with borrowers and help determine Supreme Court case law in a less negative sense for their interests. Not surprisingly, this new attack on the Banks could cost around 18 million euros, a figure resulting from multiplying the six million mortgages registered for the 3,000 euros that, in round numbers, formalization costs imply. In short, a hole that, taken to its final consequences, is four times more than the famous floor clauses.

Sanlúcar de Barrameda, Cádiz, Costa de la Luz, South western Spain



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Legal tip 1427. Questions and answers on extrajudicial (out of court) procedure for the return of overpaid interest due to floor clauses in Spanish Mortgages
27 January 2017

How to claim a refund of overpaid interest due to floor clauses in Spanish Mortgages


These steps need to be followed:

1.- Claim to your bank office/branch

 

2.- The bank must send to the consumer the calculation of the amount to be returned, including interest or, where appropriate, the reasons why it considers the claim is not appropriate.

3.- Upon receipt of the communication, the consumer must state whether he agrees with the calculation and, if he does, the bank will return the agreed amount either by crediting the customers bank account or by reducing the amount of the outstanding mortgage.

The whole process must be completed in a maximum period of three months

Can I claim if my mortgage has already been paid off?

Yes, you can. Deadline for the claim is 15 years.

Can I claim if I have already received a refund of overpaid interest from the date of the Spanish Supreme Court Sentence in May 2013?

This matter will depend on a new Court ruling by the Supreme Court which is expected to be issued in the next couple of months.

My bank has informed me that my mortgage has a floor clause.  Does that mean the Bank is also refunding voluntarily?

No. The Royal Decree makes it obligatory for Banks to “ensure that this system is known by all consumers with floor clauses in their contracts”. However, it also clarifies that Banks will only do the calculation of the amount to be returned to those customers who they consider need to be repaid.  Banks will inform other customers why they consider they should not be refunded.  Banks may refuse to refund the amounts if the bank believes that the customer was a financial professional who was fully aware of the clause and/or that the bank fully and transparently informed the customer at the time of taking out the mortgage about the inclusion of the clause in the mortgage and its effects.

When is a Floor Clause transparent?

a) The consumer must have been expressly informed that when the variable interest rate linked to the Euribor goes lower than a determined point, the interest rate effectively becomes fixed at a higher rate.

b) The consumer must have been informed that with a Floor Clause he will not benefit from the drop in the EURIBOR below a certain point.

c) The consumer must have been informed in a clear and transparent way regarding the inclusion of the clause.

d) The consumer must have received information on other products without a floor clause as a comparison before accepting the mortgage.

If the bank is not going to give me back the money, should it still provide me with the calculation of how much extra I have been charged due to the clause?

No. They will only provide the calculation if they consider that the inclusion of the clause in the mortgage was not transparent.

Will all customers receive their refunds in cash/credited to their bank account?

The first offer must be in cash/credited to the customers bank account, however the customer and the bank may agree on different compensatory measures, such as a reduction in the amount outstanding on the mortgage.  In this case, the acceptance by the client will be in writing, having been duly informed of the economic value of the alternative measure.

What are the consequences of initiating the claim with the bank?

According to the decree, “the consumer may decide to go to court directly but once the extrajudicial proceeding has been initiated and until it has been resolved, the parties may not exercise any alternative judicial or extrajudicial action in relation to the same claim”.

Is the procedure with the bank free?

The extrajudicial claim procedure is free. There is also a substantial reduction of notary and registry fees resulting from amending the mortgage contract that may result from the acceptance by the client of alternative measures other than cash repayment.

What if I have sued the bank and now I want to negotiate with them?

Those judicial proceedings that are already in progress can be, by mutual agreement, suspended to submit the claim to the extrajudicial procedure.

Can I go to court after negotiating with the bank?

Yes, although you must wait until the out of court/negotiation process is completed.  In regards to court costs, mechanisms are established in the Royal Decree that encourage the entity to resolve properly and in good faith.

If the consumer claims against the bank in court after failing to reach an agreement in the out of court/negotiation stage and the judgment that he obtains is economically more favourable to him, the bank will be ordered to pay legal costs.

On the other hand, if the consumer goes to court directly without using the out of court/negotiation procedure and the bank fully settles prior to the process of answering the claim, the entity will not be ordered to pay costs.

Can I pay costs if I go to trial?

Yes, if a customer claims in court and the judge grants an amount lower than what was offered by the bank, the judge may see bad faith in the need for going to court and the Judge may not impose costs on the bank.  Therefore, you will pay your own legal costs.

Will taxes be paid after receiving the money claimed?

It is not clear at all.  For the time being, the Government has said that in order to adapt the tax treatment of the amounts received, “The IRPF Law will be reformed so that, in case of refund of amounts wrongly collected by floor clauses, either by agreement or by judicial or arbitration decision, fiscal neutrality is ensured to the buyer”



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Legal tip 1426. Remove the Floor Clause from your mortgage and claim a refund of overpaid interest
27 January 2017

1. What is a Floor Clause? (Cláusula Suelo)

Many property buyers in Spain were sold mortgages by Spanish Banks at a variable rate linked to the Euribor (the Eurozone base rate). However, a large number of those mortgages also included a ‘floor’ (Cláusula Suelo) which was normally set anywhere between 2.5% & 4.5%. Most consumers were unaware that the Floor Clause was included in the small print of their mortgage.  Even as the Euribor fell during 2009 to 2016 to a record low in the wake of policy easing from the European Central Bank, mortgage holders continued paying additional interest due to the effect of the Floor Clause in their mortgage.

2. Is the Floor Clause illegal?

The Floor Clause was ruled illegal due to lack of transparency by the Spanish Supreme Court in May 2013.  The Court said that the Floor Clause was unfair because consumers had not been properly informed of the consequences of such a clause.  Banks were ordered to refund the overpaid interest, but only from the date of the Supreme Court Sentence in May 2013 and not from the time the Euribor began to fall rapidly during 2009.

3. How do I know if I have a Floor Clause in my mortgage?

If your monthly mortgage payments have remained at the same amount over the past few years then it is likely that you have a Floor Clause applied to your mortgage.  We can check this for you.

4. What has the European Court of Justice said in its Judgment of 21 December 2016 on Mortgage Interest Floor Clauses?

The European Court of Justice (ECJ) has ruled that if a Spanish Court declares the Floor Clause as abusive and therefore null and void, the consequences of this are that the Bank must refund ALL the overpaid interest from the start of the mortgage and not only since the Spanish Supreme Court ruling in May 2013.

In its decision the ECJ stated that “The finding of unfairness must have the effect of restoring the consumer to the situation that the consumer would have been in if that clause had not existed.  Consequently, the finding that ‘floor clauses’ are unfair must allow the restitution of advantages wrongly obtained by the Bank to the consumer’s detriment.  With regards to the Supreme Court ruling that the refund of interest only applies from May 2013 onwards the ECJ stated Such a limitation makes consumer protection incomplete and insufficient and is not an adequate and effective means for preventing the use of unfair terms.”

5. Does the Floor Clause still need to be declared null and void by a Court?

Yes, or it must be acknowledged as such by the Bank.  All the main Spanish Banks removed their Floor Clauses after the Supreme Court decision in May 2013.  Only two large banks maintained them: Sabadell and Liberbank, although several savings and rural banks also keep them.

6. Can the Bank still refuse to remove the Floor Clause and refuse to refund the overpaid interest?

Yes, it can.  The Bank may try to “persuade” you to sign an agreement by which you agree that the Floor Clause is removed in return for waiving your right to receive a refund of the overpaid interest.  We would strongly advise against entering into such an agreement with your Bank.

In our opinion, these agreements even if already signed are also null and void and a new claim for a refund of the overpaid interest is possible.

7. Does this affect mortgage customers of all Banks?

It affects mortgage customers of all Banks except BBVA, Abanca (Novagalicia) and Cajamar, whose cases have already been decided by the Supreme Court.  This is due to the application of the legal situation of “res judicata” (matters which have already been decided by Courts and cannot be judged again).  However, some Courts have ruled recently that “res judicata” does not apply in these cases.

8. What difference will the removal of the Floor Clause make and how much am I likely to receive as a refund of overpaid interest?

We would need to review your mortgage documents to give you exact figures.

However as an example:

If you took out a 130,000 Euro mortgage in 2006 over 30 years at an interest rate of Euribor + 1% and had a Floor Clause of 4.25%, your monthly mortgage payments with the Floor Clause would be around 675 Euro.  If the Floor Clause was removed then currently you would pay around 475 Euro per month, a saving of around 200 Euro per month.  The overpaid interest on the above example would amount currently to around 15,000 Euro.

We can give you an accurate appraisal of your particular case after reviewing your mortgage documents.

9. Will the Spanish government implement a general procedure for the removal of the Floor Clause and refund of overpaid interest without consumers having to file Lawsuits in the Courts against their Bank?

We are waiting for an announcement from the Spanish Government.  However, it is looking likely that this issue may have to be dealt with on a case by case basis.

Therefore, if you have not seen any reductions in your monthly mortgage payments over the past 7 or 8 years then it is likely that you have a Floor Clause applied to your mortgage.

Contact us now and we will review your mortgage, negotiate with your bank for the removal of the Floor Clause together with a refund of all overpaid interest and, if necessary file a Lawsuit against the Bank.

Islantilla (Huelva, Costa de la Luz, South western Spain)



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Legal tip 1425. Claim a refund for fees imposed on you by the Bank when opening your Spanish Mortgage
27 January 2017

IF YOU HAVE A MORTGAGE IN SPAIN YOU COULD CLAIM A REFUND FOR SOME OF THE FEES YOU PAID WHEN TAKING OUT THE MORTGAGE

In December 2015, the Spanish Supreme Court ruled that mortgage clauses introduced by Banco Popular and BBVA that forced borrowers to pay all fees related to taking out the mortgage were abusive.

The Court ruled that the banks should pay for all or at least part of these mortgage opening expenses, because making a formal record of the mortgage deed is for the benefit of the bank.

Since then various First Instance and Provincial Appeal Courts have issued Sentences in favour of mortgage borrowers.

The Supreme Court Sentence 705/2015 dated 23 December 2015 declared abusive the following clause in which BBVA imposed on the borrower the payment of all expenses, taxes and commissions associated with the mortgage loan:

“Borrower must pay all taxes, commissions and expenses incurred in the preparation, formalization, correction, writing, modification – including division, segregation or any change that implies alteration of the guarantee – and execution of this contract, and for the payments and reimbursements derived there from, as well as for the constitution, maintenance and cancellation of its guarantee, being also in its charge the premiums and other expenses corresponding to the insurance of damages, that the borrowing party is obliged to have in force”

Nullity declared by the Supreme Court is based on the lack of detail in the loan agreement, with regards to expenses, commissions and taxes, being imposed in a generic manner.

If you paid all the fees related to taking out your Spanish Mortgage then you maybe entitled to a refund of some of those fees.

Who is eligible to claim?

If you are currently paying a mortgage in Spain or if you paid it off up to four years ago, you may be entitled to claim a refund of fees based on the Supreme Court ruling of 23 December 2015.

If you have already paid off your mortgage then you may claim a refund if you fully paid off the mortgage up to four years prior to the Supreme Court Sentence, so on or after 23 December 2011.

The Supreme Court Sentence applies to mortgages on primary or secondary homes of individual consumers.  It does not apply to companies or corporate borrowers.

How to claim?

1. Initially a complaint must be made to the Customer Service Department of the Bank or Entity with whom the mortgage loan was contracted.  If the Bank with whom you took out the mortgage has now been taken over by another bank then it is that new bank to whom you must make the complaint.  We can send you a template for this initial letter.

2. After two months from the complaint, if the Bank Customer Service Department has not replied or if its answer has been negative, it will be necessary to file a Lawsuit against the Bank.

If legal action is required, what will be claimed in the Lawsuit?

The Lawsuit will request the declaration of the clause as null and void due to being abusive and the refund of expenses paid as a result of that agreement, which must be perfectly documented with their corresponding invoices.  To file a Lawsuit it is necessary to instruct a Lawyer who in turn will instruct a Barrister & Procurator on your behalf.

What expenses, taxes and commissions can be claimed?

* Notary costs

* Mortgage Land Registry costs

* Registration costs (Gestoría) expenses (the company that ensures the property and the mortgage are correctly registered in the land registry – but only if the gestoría was imposed by the bank)

* Property Valuation costs

* Attached abusive insurance costs (Life insurance, Mortgage repayment Insurance)

* Commissions on lack of payments

* Mortgage cancellation costs and commissions

* Any judicial or extrajudicial cost which has been charged automatically on the consumer, not following the perceptive rules of the Civil Procedure Act.

Mortgage set up fees normally represent between 2.5% and 3% of the mortgage value.

Is it possible to claim a refund of Stamp Duty?

Some Judges are ordering a refund of notary, mortgage land registry and gestoría fees, but not the Stamp Duty (AJD or Documented Legal Acts Tax), which in fact represents around 75% of the associated expenses when taking out a mortgage.

Many claimants have though also claimed a refund of the Stamp Duty.  Sentences issued by the Supreme Court and the Provincial Appeal Court of Zaragoza say it is the Bank that must pay the cost of Stamp Duty.  However, the Provincial Appeal Courts of Oviedo & Pontevedra have issued Sentences stating that the Stamp Duty should be paid by the consumer.

Of course there is no refund for Property conveyancing costs and Property Conveyance Tax which must always be paid by the home buyer.

What documents are required to make the claim and file a Lawsuit?

The mortgage deed, the notary’s invoice, the land registrar’s invoice and the tax form documenting payment of the AJD duty (form 600)

What is the deadline for the claim?

Deadline for claiming these costs and expenses is 5 years from the Supreme Court ruling of 23 December 2015.

Have any banks now changed their clauses relating to mortgage opening fees?

Yes, BBVA, Santander, Bankia, CaixaBank, Sabadell & Ibercaja have all changed their clauses relating to mortgage opening fees.  By doing this they hope to avoid future claims on new mortgages.  However, this does not prevent consumers claiming refunds for mortgages signed in the past with these banks.

Do I have a good case in Court?

Lawsuits should be well drafted and submitted with the correct evidences and documents.  Based on case law from the Supreme Court and other Provincial Appeal Courts you should have a good case.  However, any legal action should never be considered as easy, especially against Banks with enough resources to appeal any unfavourable decision.

The fact that many banks have now changed their own clauses following the Supreme Court decision (which called them ‘abusive’) means they are aware these fees were not properly established.

Contact us now and we will review your mortgage documents, negotiate with your bank for the refund of mortgage opening fees and, if necessary file a Lawsuit against the Bank.

Rota, Cadiz, Costa de la Luz, South western Spain



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Legal tip 1424. Off Plan Property developments and developers we have won cases against
27 January 2017

If you have lost money on an off plan development in Spain please contact us today for a free appraisal of your case.

We have won more than 230 cases against off-plan property developer’s banks on the developments listed below.

These are not just won cases, but won cases where our clients have RECOVERED THEIR MONEY.

  DEVELOPERS DEVELOPMENTS
A AIFOS ARQUITECTURA Y PROMOCIONES INMOBILIARIAS, S.A EL BALCÓN DEL HIPÓDROMO
  AIFOS ARQUITECTURA Y PROMOCIONES INMOBILIARIAS, S.A LAS CABALLERIZAS
  AIFOS ARQUITECTURA Y PROMOCIONES INMOBILIARIAS, S.A TERRAZASS DEL MEDITERRANEO
  AIFOS ARQUITECTURA Y PROMOCIONES INMOBILIARIAS, S.A AIFOS HIPÓDROMO
  AIFOS ARQUITECTURA Y PROMOCIONES INMOBILIARIAS, S.A PUERTO GOLF LAS COLINAS
  AIFOS ARQUITECTURA Y PROMOCIONES INMOBILIARIAS, S.A. INSOLVENCY ADMINISTRATION  
  ALHAMA GOLF RESORT, S.L LOS NARANJOS GOLF
  ALLEERTON HOLDINGS, S.L SEA GOLF REGENCY
  ANDAINVER, S.L CALANOVA SEA GOLF
B BAHIA CASARES GOLF, S.L CASARES GOLF AND COUNTRY CLUB
  BLANCARENA VENTA DIRECTA, S.L URBANIZACIÓN LEONARDO DA VINCI
  BLUE LOR, S.L LORCA RESORT GOLF & SPA
  BRISAMAR CUATRO, S.L PALMERAS DE CALAHONDA
  BRONCHO PROMOCIONES, S.L UNITED GOLF RESORTS LA TERCIA
  BUILDING-TECHNO-CASA, S.L RESIDENCIAL CASA PLAYA
C CASA MEDITERRANEA CONSTRUCCIONES, S.A RESIDENCIAL PINADA DEL RIO
  CLEYTON GES, S.L FINCA PARCS LAS HIGUERICAS
  CONSTRUCCIONES LUAYRA, S.L EL SOBRAO
  CONSTRUCCIONES Y REFORMAS PARRA MELLADO, S.L VISTA ALMAGRO
  CONSTRUCCIONES Y REFORMAS PARRA MELLADO, S.L VISTA ALMAGRO
  CONSULTORA TECNICA CONSTRUCCION Y OBRAS Y OBRAS PÚBLICAS  
  COP 2010 MALAKA GESTORIA, S.L CASA TORO
  CORVERA GOLF & COUNTRY CLUB S.L CORVERA GOLF & COUNTRY CLUB
D D.B. BESTVIEW, S.L DUQUESA FAIRWAYS
  DESARROLLO Y TECNOLOGÍA DE CENTROS VACACIONALES, S.L LAS COLINAS DEL GOLF
  DESARROLLOS EMPRESARIALES, NÁPOLES, S.L ( ANDAINVER, S.L) CALANOVA SEA GOLF
  DUJA TENERIFE, S.L ROYAL GOMERA GOLF, FASE I
E ENGRAULIS, S.L BUENA VISTA DE CORTES
  EVE MARINA, S.L EL PATIO DE DOÑA JULIA
F FALCONVI, S.L RESIDENCIAL EL EJIDO
  FINCA DON AMARO, S.L PUEBLO EL GOLETO
  FRESNEDA DESIGN, S.L CORTIJO ALTOS
G GESTIÓN DEPORTE 98, S.L BALCONES DE MIJAS
  GRUPO DE EMPRESAS BRUESA, S.L MANILVA HEIGHTS
  GRUPO INMOBILIARIO ENROS, S.L LOS PATIOS DE SAN AGUSTÍN
H HACIENDA VERDE, S.L LAS TERRAZAS
  HERRADA DEL TOLLO, S.L SANTA ANA DEL MONTE
  HERRADA DEL TOLLO, S.L RESIDENCIAL SANTA ANA DEL MONTE
  HERRADA DEL TOLLO, S.L  
  HUMA MEDITERRÁNEO, S.L MAZARRON COUNTRY
  HUMA MEDITERRÁNEO, S.L ALMANZORA COUNTRY CLUB
I INFRUSA, S.L VITALIS PARK
  INMOBILIARIA CORALES DOS DE ESTOPONA, S.L LOS CORALES II
  INROAL INSOLVENCY ADMINISTRATION  
  INTERLAKEN 2003, S.L CASARES DEL SOL
J JETPLUS-OIL S.L ALBORAN HILLS
K KEY VIL I, S.L  
L LA RESERVA DE MARBELLA, S.A LA RESERVA DE MARBELLA
  LA VERADA DE SUCINA, S.L EL MIRADOR DE SUCINA
  LABARO GRUPO INMOBILARIO S.A. CORTIJO DEL MAR
  LABARO GRUPO INMOBILARIO S.A. COSTA GALERA COUNTRY CLUB
  LEONARDO DAVINCI CAÑADAS DEL PARQUE
  LOS LAGOS DE SANTA MARÍA GOLF, S.L LOS LAGOS DE SANTA MARÍA GOLF
M MANILVA COSTA, S.A GARDENS OF MANILVA
  MANILVA COSTA, S.A JARDINES DE MANILVA
  MARBELLA VISTA GOLF, S.L SANTA MARÍA GREEN HILLS
  MARTINSA-FADESA, S.A COSTA ESURI
  MIRAFLORES DEVELOPMENT INVERSIONES, S.L VISTAS DEL LAGO
N NADALSOL GRUPO, S.L MEDINA GOLF RESIDENCIAL
  NADALSOL GRUPO, S.L MEDINA ELVIRA
  NEXT CENTURY, S.L AUREUS
O OASIS PROYECTOS E INVERSIONES, S.L EL OASIS DE LA PALOMA DE MANILVA
  OCHANDO, S.A OCHANDO GOLF
P PALMERA PROPERTIES, S.L EL ROSARIO GOLF APARTAMENTOS
  PAPILIO 31, S.L EL ROSARIO GOLF APARTAMENTOS
  PASTOR SELECTED VILLAS INTERNACIONAL, S.L LOS ALTOS DE LA PEDRERA
  PEINSA 97, S.L CALAS DEL PINAR
  PENÍNSULA PROJECT MANAGEMENT, S.L RESIDENCIAL GRANADA GREEN
  PENÍNSULA PROJECT MANAGEMENT, S.L RESIDENCIAL MEDINA ELVIRA 23
  PENINSULA PROYECT MANAGEMENT, S.L RESIDENCIAL FAIRWAYS MEDINA ELVIRA
  PINARES DE MIJAS S.L LA MIRADA II
  PROCOBAR, S.L SIERRA GOLF LO ESCOBAR
  PROCOBAR, S.L SIERRA BLANCA COUNTRY CLUB
  PROCUMASA  
  PROINCOSTA, S.L RESIDENCIAL LA GOLETA
  PROMAGA S.A MA-NOA BEACH RESOR
  PROMAGA, S.A VISTA HERMOSA
  PROMAGA, S.A ALTAVISTA
  PROMILORCI, S.L FRONDOSO VALLEY M-4-2
  PROMOCIONES DOCADI, S.L  
  PROMOCIONES EUROHOUSE 2010, S.L LOS BALCONES DEL VALLE
  PROMOCIONES EUROHOUSE 2010, S.L APARTAMENTOS TURÍSTICOS FORTUNA HILLS
  PROMOCIONES EUROHOUSE 2010, S.L APARTAMENTOS TURÍSTICOS PUEBLO LA SAL
  PROMOCIONES EUROHOUSE 2010, S.L FORTUNA HILLS GOLF RESORT
  PROMOCIONES EUROHOUSE 2010, S.L RESIDENCIAL LOS BALCONES DEL VALLE
  PROMOCIONES INROAL, S.L LOS OLIVOS RESIDENCIAL
  PROMOCIONES INROAL, S.L ANDARAX
  PROMOCIONES INROAL, S.L MEDITERRANEAN III
  PROMOCIONES INROAL, S.L  
  PROMOCIONES NAVASAEZ RESIDENCIAL VISTA AZUL XII
  PROMOCIONES SAN JUAN URBANA 2002, S.L URBANIZACIÓN RIO PARK
  PROMOCIONES URBANISTICAS COSTA TROPICAL S.L ALHAMBRA DEL MAR
  PROMOCIONES VALTRABA, S.L FLORIDA GOLF
  PROVERTE, S.L GUADALUPE HILLS
  PROYECCIONES INMOBILIARIAS URBASA, S.L RESIDENCIAL ALMORADI
  PROYECTOS ANTELE, S.L PALATINUM
  PROYECTOS Y DESARROLLOS URFESAN, S.L LA TERCIA REAL
R RABANELLA, S.L JARDINES DE GENERA
  ROS Y FALCÓN, S.A DUQUESA VILLAGE FASE III
  ROS Y FALCÓN, S.A COTO REAL DUQUESA FASE I
  ROYAL ALDEA BEACH RESORT, S.L ALDEA BEACH
  RUDINA EMPRESA CONSTRUCTORA, S.L MIRADOR DE IZNALLOZ
  RUSCHCLIFFE INTERNACIONAL, S.L LAS TERRAZAS
S SAN JOSÉ INVERSIONES Y PROYECTOS URBANÍSTICOS, S.A RESIDENCIAL SANTA ANA DEL MONTE
  SAN JOSÉ INVERSIONES Y PROYECTOS URBANÍSTICOS, S.A EL PINET
  SAN JOSÉ INVERSIONES Y PROYECTOS URBANÍSTICOS, S.A PLAYA GOLF III
  SEA GOLF APARTMENTS, S.L LA ALCAIDESA
  SIERRA BLANCA COUNTRY CLUB, S.A SIERRA BLANCA COUNTRY CLUB
  SOL MIJAS DEVELOPERS, S.L LA CONDESA DE MIJAS GOLF
  SOLERA EL TRAMPOLÍN, S.L TRAMPOLÍN HILL GOLF RESORT S.L
  SUN GOLF DESARRORO INMOBILIARIO S.A ESTEPONA BEACH AND COUNTRY CLUB
T TARAY, S.A. HACIENDA SAN CAYETANO
Z ZYIJEN, S.L BAHIA DE LAS ROCAS
  ZYIJEN, S.L VISTAS DE LA ROCA


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