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Legal tip 1464. Won Cases son far by Costaluz Lawyers in 2019
23 May 2019

P.O CITY COURT BANK / INSURER PROMOTOR DEVELOPMENT
775/2018 FUENGIROLA P1 CAIXABANK PROMOPLAZA FUENGIROLA SL CALANOVA PALM GOLF
492/2018 DENIA P1 BANKINTER CONSTRUCCIONES MONTE PUCHOL LOS LIMONEROS
244/2018 CASTELLON P1 CAIXABANK CONSTRUCCIONES CASTELLON 2000 COSTAMAR 1
1724/2016 MALAGA P1 BANCO SANTANDER AIFOS AIFOS HIPODROMO
60/2017 ESTEPONA P1 CAIXABANK MANILVA COSTA JARDINES DE MANILVA
961/2011 ESTEPONA P1 N/A WHITE COMPASS SL SEA & SUN
731/2018 MURCIA P1 BANCO POPULAR HUMA MEDITERRANEO ALMANZORA COUNTRY CLUB
552/2017 ELCHE P1 BBVA RESIDENCIAL MIRALLEVANT UNITED GOLF RESORT LA TERCIA
1434/2016 MURCIA P2 BBVA PROCOBAR SIERRA GOLF
733/2016 ALICANTE P2 SGR & BBVA HERRADA DEL TOLLO SANTA ANA DEL MONTE
510/2015 CARTEGENA P2 BANCO SANTANDER PEINSA 97 SL CALAS DE PINAR
510/2015 CARTEGENA P2 BANCO SANTANDER PEINSA 97 SL CALAS DE PINAR
397/2015 MALAGA P2 CAIXABANK ANDAINVER CALANOVA SEA GOLF
1108/2016 ORIHUELA P1 BANCO SABADELL SAN JOSE ALBATERA GOLF
149/2017 ORIHUELA P1 CAIXABANK PROCUMASA LAS KALENDAS
465/2017 ARCOS DE LA FRONTERA P1 BANCO SANTANDER MIRAFLORES DEVELOPMENT INVERSIONES VISTAS DEL LAGO
525/2018 SAN ROQUE P1 BANCO SANTANDER PROMAGA ALTA VISTA
001/2017 ORIHUELA P1 BANCO SANTANDER PROCOBAR SIERRA GOLF
1955/2015 VALENCIA P1 CAIXABANK TRAMPOLIN HILLS GOLF RESORT SL TRAMPOLIN HILLS GOLF RESORT
1955/2015 VALENCIA P1 CAIXABANK TRAMPOLIN HILLS GOLF RESORT SL TRAMPOLIN HILLS GOLF RESORT
725/2017 HUELVA P2 BANCO SANTANDER & BANKIA MARTINSA FADESA COSTA ESURI
1991/2014 MADRID TS SGR HERRADA DEL TOLLO SANTA ANA DEL MONTE
1021/2016 MURCIA P2 BBVA LA VEREDA DE SUCINA LA VEREDA DE SUCINA
1089/2016 MALAGA P2 BANCO POPULAR SIERRA MAR DEVELOPMENT HACIENDA BUENAVISTA
1014/2013 MALAGA P2 CAIXABANK MANILVA COSTA JARDINES DE MANILVA
1506/2015 ALICANTE P2 SGR HERRADA DEL TOLLO SANTA ANA DEL MONTE
686/2016 ELCHE P1 BANKIA PLAYA DE PERLAS RESIDENCIAL BUGANVILLA SOL
1328/2016 MALAGA P1 BANCO SANTANDER AIFOS PUERTO GOLF LAS COLINAS
478/2018 MARBELLA P1 BANCO SABADELL TERRAPOLIS / EDIFICADORA EUROPOLIS CALA ROMANTICA VILLAS
571/2017 ALMERIA P1 BANKIA EUROPEAN SUN HOUSES LLANO SAN ANTONIO
1183/2018 MALAGA P1 BANCO SANTANDER AIFOS AIFOS HIPODROMO
867/2017 MURCIA P1 BANKIA PROMILORCI FRONDOS VALLEY
1584/2014 MADRID TS SGR HERRADA DEL TOLLO SANTA ANA DEL MONTE
304/2016 MALAGA P2 BANCO POPULAR AIFOS HACIENDA MARINA
36/2016 CARTEGENA P2 BANCO SABADELL POLARIS WORLD MAR MENOR 2
1862/2013 MALAGA P2 BANCO POPULAR, BANCO SANTANDER, BANCO SABADELL, BBVA, CAJA RURAL DE GRANADA & NCG BANCO AIFOS GUADALPIN
310/2014 ESTEPONA P1 CAIXABANK INTERLAKEN CASARES DEL SOL


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Legal tip 1463. All cases won in 2019 by Costaluz Lawyers
26 April 2019

CITY

COURT

BANK / INSURER

PROMOTOR

DEVELOPMENT

FUENGIROLA

P1

CAIXABANK

PROMOPLAZA FUENGIROLA SL

CALANOVA PALM GOLF

DENIA

P1

BANKINTER

CONSTRUCCIONES MONTE PUCHOL

LOS LIMONEROS

CASTELLON

P1

CAIXABANK

CONSTRUCCIONES CASTELLON 2000

COSTAMAR 1

MALAGA

P1

BANCO SANTANDER

AIFOS

AIFOS HIPODROMO

ESTEPONA

P1

CAIXABANK

MANILVA COSTA

JARDINES DE MANILVA

ESTEPONA

P1

N/A

WHITE COMPASS SL

SEA & SUN

MURCIA

P1

BANCO POPULAR

HUMA MEDITERRANEO

ALMANZORA COUNTRY CLUB

ELCHE

P1

BBVA

RESIDENCIAL MIRALLEVANT

UNITED GOLF RESORT LA TERCIA

MURCIA

P2

BBVA

PROCOBAR

SIERRA GOLF

ALICANTE

P2

SGR & BBVA

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

CARTEGENA

P2

BANCO SANTANDER

PEINSA 97 SL

CALAS DE PINAR

CARTEGENA

P2

BANCO SANTANDER

PEINSA 97 SL

CALAS DE PINAR

MALAGA

P2

CAIXABANK

ANDAINVER

CALANOVA SEA GOLF

ORIHUELA

P1

BANCO SABADELL

SAN JOSE

ALBATERA GOLF

ORIHUELA

P1

CAIXABANK

PROCUMASA

LAS KALENDAS

ARCOS DE LA FRONTERA

P1

BANCO SANTANDER

MIRAFLORES DEVELOPMENT INVERSIONES

VISTAS DEL LAGO

SAN ROQUE

P1

BANCO SANTANDER

PROMAGA

ALTA VISTA

ORIHUELA

P1

BANCO SANTANDER

PROCOBAR

SIERRA GOLF

VALENCIA

P1

CAIXABANK

TRAMPOLIN HILLS GOLF RESORT SL

TRAMPOLIN HILLS GOLF RESORT

VALENCIA

P1

CAIXABANK

TRAMPOLIN HILLS GOLF RESORT SL

TRAMPOLIN HILLS GOLF RESORT

HUELVA

P2

BANCO SANTANDER & BANKIA

MARTINSA FADESA

COSTA ESURI

MADRID

TS

SGR

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

MURCIA

P2

BBVA

LA VEREDA DE SUCINA

LA VEREDA DE SUCINA

MALAGA

P2

BANCO POPULAR

SIERRA MAR DEVELOPMENT

HACIENDA BUENAVISTA

MALAGA

P2

CAIXABANK

MANILVA COSTA

JARDINES DE MANILVA

ALICANTE

P2

SGR

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

ELCHE

P1

BANKIA

PLAYA DE PERLAS

RESIDENCIAL BUGANVILLA SOL

MALAGA

P1

BANCO SANTANDER

AIFOS

PUERTO GOLF LAS COLINAS

MARBELLA

P1

BANCO SABADELL

TERRAPOLIS / EDIFICADORA EUROPOLIS

CALA ROMANTICA VILLAS

ALMERIA

P1

BANKIA

EUROPEAN SUN HOUSES

LLANO SAN ANTONIO

MALAGA

P1

BANCO SANTANDER

AIFOS

AIFOS HIPODROMO

MURCIA

P1

BANKIA

PROMILORCI

FRONDOS VALLEY



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Legal tip 1462 . All cases won by Costaluz Lawyers in 2018
26 April 2019

CITY

COURT

BANK / INSURER

PROMOTOR

DEVELOPMENT

ORIHUELA

P1

BANCO SABADELL

MONSERRATE CAMARA ALBEROLA & SKY HOUSES

LA CAMPANETA

MURCIA

P1

BANCO POPULAR

HUMA MEDITERRANEO

ALMANZORA COUNTRY CLUB

MURCIA

P1

BANKINTER

CORVERA

CORVERA GOLF & COUNTRY CLUB

GRANADA

P1

BANCO SABADELL

PENINSULA PROJECT MANAGEMENT

RESIDENCIAL GRANADA GREEN

MADRID

TS

SGR & BBVA

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

ESTEPONA

P1

CAIXABANK

INTERLAKEN 2003 SL (OCEAN VIEW HOMES)

CASARES DEL SOL

GRANADA

P1

BANCO SABADELL

PENINSULA PROJECT MANAGEMENT

RESIDENCIAL GRANADA GREEN

MALAGA

P1

CAIXABANK

PROVERTE (OCEAN VIEW HOMES)

GUADALUPE HILLS

ALICANTE

P2

BANCO POPULAR

SAN JOSE

PLAYA GOLF III

ESTEPONA

P1

CAIXABANK

INTERLAKEN 2003 SL (OCEAN VIEW HOMES)

CASARES DEL SOL

MALAGA

P1

CAIXABANK

MANILVA MAR Y GOLF SL

MANILVA MAR Y GOLF

MADRID

TS

SGR & BBVA

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

HUERCAL-OVERA

P1

BANCO SANTANDER

PEINSA 97 SL

CALAS DE PINAR

MALAGA

P1

BANCO POPULAR & BANCO SANTANDER

AIFOS

CORTIJO DE TORREBLANCA

MALAGA

P2

CAIXABANK

INTERLAKEN 2003 SL

CASARES DEL SOL

MURCIA

P1

CAIXABANK

PROMILORCI

FRONDOSO VALLEY

ALICANTE

P1

BANCO POPULAR

IDEARCO

RESIDENCIAL MIRAMAR

MALAGA

P1

BANCO SANTANDER

AIFOS

CALA DEL SOL

HELLIN

P1

BANCO SABADELL

CLEYTON GES

FINCA PARCS

ALBACETE

P2

BANCO SABADELL

CLEYTON GES

FINCA PARCS

HELLIN

P1

BANCO SABADELL

CLEYTON GES

FINCA PARCS

MADRID

TS

SGR & BBVA

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

MALAGA

P1

BANCO SANTANDER & BANCO POPULAR

AIFOS

EL BALCON DEL HIPODROMO

MALAGA

P2

BANCO POPULAR

AIFOS

EL BALCON DEL HIPODROMO

MURCIA

P2

BANCO POPULAR

HUMA MEDITERRANEO

ALMANZORA COUNTRY CLUB

ALICANTE

P2

SGR & BANCO SABADELL

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

ESTEPONA

P1

CAJASUR

INTERLAKEN 2003 SL

CASARES DEL SOL

ALICANTE

P2

SGR & BBVA

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

ESTEPONA

P1

CAIXABANK

INTERLAKEN 2003 SL

CASARES DEL SOL

MURCIA

P1

BBVA

PROCOBAR

SIERRA GOLF

ALICANTE

P2

SGR, BBVA, BANCO SABADELL

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

MALAGA

P2

CAIXABANK

PROVERTE (OCEAN VIEW HOMES)

GUADALUPE HILLS

MURCIA

P1

BBVA

LA VEREDA DE SUCINA

LA VEREDA DE SUCINA

ALMERIA

P2

GENERALI ESPANA

HUMA MEDITERRANEO & HUMA INDALO

OASIS THABERNAX COUNTRY CLUB

ORIHUELA

P1

BANCO MARE NOSTRUM

PROCUMASA

LAS KELENDAS

ALICANTE

P2

SGR

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

SAN JAVIER

P1

BANCO POPULAR

PEINSA 97 SL

CALAS DE PINAR

SAN JAVIER

P1

BANCO POPULAR

PEINSA 97 SL

CALAS DE PINAR

ESTEPONA

P1

CAIXABANK

INTERLAKEN 2003 SL

CASARES DEL SOL

MADRID

P1

HCC EUROPE

ASONE SL

URBANIZATION VENECIOLA

ALICANTE

P2

SGR

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

ALMERIA

P1

BANCO POPULAR

SOCRIBO

PAGO DE LA ALFOQUIA

ORIHUELA

P1

BBVA

PROMOCIONES EUROHOUSE 2010 SL

RESIDENCIAL FORTUNA GOLF RESORT, APARTAMENTOS TURISTICOS PUEBLO LA SAL, RESIDENCIAL LOSE BALCONES DEL VALLE

ALICANTE

P2

SGR

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

SAN ROQUE

P1

ZURICH INSURANCE

ALLERTON HOLDINGS

SEA GOLF REGENCY

ESTEPONA

P1

BANCO SABADELL

AMBITO SUR SA

URBANIZATION ROYAL MANILVA

MADRID

TS

SGR

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

ORIHUELA

P1

BBVA & SGR

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

MALAGA

P1

CAIXABANK

EXPLOITACIONES INMOBILIARIAS ALCAZA

HORIZONTE DE RIVIERA GOLF

MARBELLA

P1

CAJAMAR CAJA RURAL

BRISAMAR CUATRO

LAS PALMERAS DE CALAHONDA

MALAGA

P1

BANCO POPULAR

AIFOS

TERRAZAS DEL MEDITERRANEO

MADRID

TS

SGR

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

MADRID

TS

SGR

HERRADA DEL TOLLO

SANTA ANA DEL MONTE

ALBACETE

P2

BANCO SABADELL

CLEYTON GES

FINCA PARCS

ORIHUELA

P1

BANCO SABADELL

DESARROLLO Y TECNOLOGIA

COLINAS DE LA ZENIA ELITE

MALAGA

P1

CAIXABANK

SIERRA BLANCA COUNTRY CLUB SA

SIERRA BLANCA COUNTRY CLUB

ORIHUELA

P1

BBVA

PROMOCIONES EUROHOUSE 2010 SL

APARTAMENTOS TOURISTICOS PUEBLO LA SAL

MALAGA

P1

BANCO SABADELL

PROMOCIONES URBANISTICAS COSTA TROPICAL SL

ALHAMBRA DEL MAR

JEREZ

P1

BANKIA

CONSTRUCCIONES Y PROMOCIONES FERRASUR 2002 SL

ESTELLA DEL MARQUES II

MADRID

TS

SGR

HERRADA DEL TOLLO

SANTA ANA DEL MONTE



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Legal tip 1462. 57 cases for 118 clients won so far against Banks in 2018
05 December 2018



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Legal tip 1461. All won cases in 2018 so far
05 December 2018



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Legal tip 1460. All won cases against Banks in 2018 so far
11 August 2018

ORIHUELA P1 BANCO SABADELL MONSERRATE CAMARA ALBEROLA & SKY HOUSES LA CAMPANETA
MURCIA P1 BANCO POPULAR HUMA MEDITERRANEO ALMANZORA COUNTRY CLUB
MURCIA P1 BANKINTER CORVERA CORVERA GOLF & COUNTRY CLUB
GRANADA P1 BANCO SABADELL PENINSULA PROJECT MANAGEMENT RESIDENCIAL GRANADA GREEN
MADRID TS SGR & BBVA HERRADA DEL TOLLO SANTA ANA DEL MONTE
ESTEPONA P1 CAIXABANK INTERLAKEN 2003 SL (OCEAN VIEW HOMES) CASARES DEL SOL
GRANADA P1 BANCO SABADELL PENINSULA PROJECT MANAGEMENT RESIDENCIAL GRANADA GREEN
MALAGA P1 CAIXABANK PROVERTE (OCEAN VIEW HOMES) GUADALUPE HILLS
ALICANTE P2 BANCO POPULAR SAN JOSE PLAYA GOLF III
ESTEPONA P1 CAIXABANK INTERLAKEN 2003 SL (OCEAN VIEW HOMES) CASARES DEL SOL
MALAGA P1 CAIXABANK MANILVA MAR Y GOLF SL MANILVA MAR Y GOLF
MADRID TS SGR & BBVA HERRADA DEL TOLLO SANTA ANA DEL MONTE
HUERCAL-OVERA P1 BANCO SANTANDER PEINSA 97 SL CALAS DE PINAR
MALAGA P1 BANCO POPULAR & BANCO SANTANDER AIFOS CORTIJO DE TORREBLANCA
MALAGA P2 CAIXABANK INTERLAKEN 2003 SL CASARES DEL SOL
MURCIA P1 CAIXABANK PROMILORCI FRONDOSO VALLEY
ALICANTE P1 BANCO POPULAR IDEARCO RESIDENCIAL MIRAMAR
MALAGA P1 BANCO SANTANDER AIFOS CALA DEL SOL
HELLIN P1 BANCO SABADELL CLEYTON GES FINCA PARCS
ALBACETE P2 BANCO SABADELL CLEYTON GES FINCA PARCS
HELLIN P1 BANCO SABADELL CLEYTON GES FINCA PARCS
MADRID TS SGR & BBVA HERRADA DEL TOLLO SANTA ANA DEL MONTE
MALAGA P1 BANCO SANTANDER & BANCO POPULAR AIFOS EL BALCON DEL HIPODROMO
MALAGA P2 BANCO POPULAR AIFOS EL BALCON DEL HIPODROMO
MURCIA P2 BANCO POPULAR HUMA MEDITERRANEO ALMANZORA COUNTRY CLUB
ALICANTE P2 SGR & BANCO SABADELL HERRADA DEL TOLLO SANTA ANA DEL MONTE
ESTEPONA P1 CAJASUR INTERLAKEN 2003 SL CASARES DEL SOL
ALICANTE P2 SGR & BBVA HERRADA DEL TOLLO SANTA ANA DEL MONTE
ESTEPONA P1 CAIXABANK INTERLAKEN 2003 SL CASARES DEL SOL
MURCIA P1 BBVA PROCOBAR SIERRA GOLF
ALICANTE P2 SGR, BBVA, BANCO SABADELL HERRADA DEL TOLLO SANTA ANA DEL MONTE
MALAGA P2 CAIXABANK PROVERTE (OCEAN VIEW HOMES) GUADALUPE HILLS


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Legal tip 1459. Claims on Plusvalia tax. NO WIN NO FEE service
24 July 2018

What  is Plusvalía tax?
The Plusvalía (or Tax on the increase of value of the lands of urban nature) is a municipal tax that taxes the profit obtained with the sale of a property, taking as references of the calculation, the original acquisition value and the price at the time of sale.
What can I claim?
If you sold at loss but still were forced to pay a tax to the Local Council in the last for years, you can claim that tax back.
Is it a safe action?
It is, after this recent decision by the Supreme Court where this Court states that when there is an increase in value, it must be taxed according to the objective rules of the tax, and if there are losses, there is no taxation possible.
Should the tax be presented and liquidated, in any case?
Yes, sellers are obliged to present liquidation where they accredit this principle of proof that there is no increase in value.
It will be difficult to prove to the judge this situation of losses?
No, after this Decision by the Supreme Court as the High Court has affirmed that the deeds of purchase and sale are sufficient to prove the loss without ruling out the expert report. If the Administration has something to oppose, it must prove it. That is, Supreme Court places the burden of proof in favor of the taxpayer. 

You can contact us for free appraisal of your claiming possibilities. NO WIN NO FEE service.



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Legal tip 1458. Community of owners and General Data Protection Regulations
24 July 2018

1. What are current regulations on Data Protection in Spain?

Since May 25, 2018, the European General Data Protection Regulation (GDPR) is the regulation governing use of data in Spain.

At the moment, the Congress of Deputies is drafting an Act (Ley Orgánica) with the purpose of adapting our national/ internal Law to community regulations.

2. Should Community of Owners adapt to the new General Data Protection Regulation?

 Yes, of course, as an entity with has personal data under administration.

3. What data should be subject to treatment within the scope of the Communities of Owners?

Current regulations establish no limits on what data the Community of Owners can treat, these are usually:

  • Name of owners
  • Identification documents
  • Telephone numbers
  • Addresses
  • Emails
  • Bank accounts

But any other data can be managed by Community of Owners if they are owners ‘data and are necessary for the usual activity of the Community

4. Should the files be notified to the Spanish Agency for Data Protection?

With the entry into force of the GDPR the indicated registration disappears, but there is an obligation to internally keep a record of the treatment activities.

5. Is the Community of Owners obliged to have it?

Community of owners is just obliged if the treatment that it carries out may entail a risk for the rights and freedoms of the interested parties, not be occasional, or include special categories of personal data. In any case it is highly advisable as it is a proof of "active responsibility" and facilitates the correct compliance with the regulations.

6. What is the record of treatment activities?

The record of treatments must have the following content:

 a) The name and contact details of the person responsible

b) The purposes of the treatment;

c) A description of the categories of stakeholders and the categories of personal data;

d) The categories of recipients to whom the personal data were communicated or communicated, including the recipients in third countries or international organizations;

e) Where applicable, the transfer of personal data to a third country or to an international organization, including the identification of said third country or international organization and, in some cases , the documentation of adequate guarantees;

f) Where possible, the deadlines set for the deletion of the different categories of data;

g) Whenever possible, a general description of the technical and organizational security measures

7. Should the Communities of Owners have the figure of the Delegate of Data Protection (DPO)?

They should not

8. Who is responsible of Data Protection according to current regulations?

The Community of Owners is responsible for the treatment of personal data, while the administrator acts as the manager, but the AEPD ( Spanish agency for Data Protection) establishes a series of conditions for the relationship Community-Administrator-Protection regarding community data is correct.

  • The Administrator must only access the data for the exclusive purpose of providing a service to the Community
  • . If the use of the data is for purposes not included in the Horizontal Property Law (LPH), the consent of all owners will be necessary, with the novelty of the GDPR that requires that the consent be express and unambiguous.
  • The relationship between the Community of Owners and the  Property Administrator, in accordance with the GDPR , must be in writing .

Please contact us if your Community of Owners is in need of advise for Data Protection compliance



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Legal tip 1457. 21 Cases against Banks won so far in 2018
31 May 2018

ORIHUELA P1 BANCO SABADELL MONSERRATE CAMARA ALBEROLA & SKY HOUSES LA CAMPANETA
MURCIA P1 BANCO POPULAR HUMA MEDITERRANEO ALMANZORA COUNTRY CLUB
MURCIA P1 BANKINTER CORVERA CORVERA GOLF & COUNTRY CLUB
GRANADA P1 BANCO SABADELL PENINSULA PROJECT MANAGEMENT RESIDENCIAL GRANADA GREEN
MADRID TS SGR & BBVA HERRADA DEL TOLLO SANTA ANA DEL MONTE
ESTEPONA P1 CAIXABANK INTERLAKEN 2003 SL (OCEAN VIEW HOMES) CASARES DEL SOL
GRANADA P1 BANCO SABADELL PENINSULA PROJECT MANAGEMENT RESIDENCIAL GRANADA GREEN
MALAGA P1 CAIXABANK PROVERTE (OCEAN VIEW HOMES) GUADALUPE HILLS
ALICANTE P2 BANCO POPULAR SAN JOSE PLAYA GOLF III
ESTEPONA P1 CAIXABANK INTERLAKEN 2003 SL (OCEAN VIEW HOMES) CASARES DEL SOL
MALAGA P1 CAIXABANK MANILVA MAR Y GOLF SL MANILVA MAR Y GOLF
MADRID TS SGR & BBVA HERRADA DEL TOLLO SANTA ANA DEL MONTE
HUERCAL-OVERA P1 BANCO SANTANDER PEINSA 97 SL CALAS DE PINAR
MALAGA P1 BANCO POPULAR & BANCO SANTANDER AIFOS CORTIJO DE TORREBLANCA
MALAGA P2 CAIXABANK INTERLAKEN 2003 SL CASARES DEL SOL
MURCIA P1 CAIXABANK PROMILORCI FRONDOSO VALLEY
ALICANTE P1 BANCO POPULAR IDEARCO RESIDENCIAL MIRAMAR
MALAGA P1 BANCO SANTANDER AIFOS CALA DEL SOL
HELLIN P1 BANCO SABADELL CLEYTON GES FINCA PARCS
ALBACETE P2 BANCO SABADELL CLEYTON GES FINCA PARCS
HELLIN P1 BANCO SABADELL CLEYTON GES FINCA PARCS


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Legal Tip: 1456 - Spanish Law, Finance Regulators and hedge funds business examined by European Commission
09 May 2018

What is the EU deciding with regards to assignment of mortgage debts to hedge/vulture funds? 

On 20 April 2018, the European Commission announced the admission for processing of the complaint filed by a Law Firm in Spain on behalf of 12 holders of Spanish mortgages for non-application of European law on credit transfer.

The European Commission informs that the conclusion of its investigation could lead to "an infringement process against Spain" for non-transposition or defective transposition of the community law.

What was the claim about?

The complaint states that in 2007, in the midst of the financial and real estate crisis, the Mortgage Law was reformed, and banks were then exempt from communicating to the mortgage holder that the mortgage debt had been assigned to a third party ( art 149 of Mortgage Act)

The regulations of the Mortgage Act also allows the borrower to renounce the right to be informed regarding the assignment of the mortgage and  this is now being abused by banks as they include a clause in the Mortgage contract by which consumers renounce those rights without full knowledge of the possible implications.

The complaint states that Spanish legislation is incompatible with art. 2 of the credit directive (2008/48/CE) that establishes that the consumer is informed in case the financial institution decides to assign its credit.  The same is mentioned in the recent Mortgage Directive 2014/17/EU which, despite not being transposed to Spanish Law, is applicable in Spain by the principle of primacy and effectiveness of European law.

Why is it important for debtors to know about the assignment of their debts?

The information on the assignment of a loan is very relevant because it is the only way to be able to exercise the right of pre-emption and buy-out contemplated in 1535 of the Civil Code.

The Credit Directive affirms that assignment of credits can never weaken the consumer's position. By not knowing who its creditor is, the consumer loses the opportunity to obtain a significant discount on his debt, which is enjoyed by a third party, a vulture fund, in an unjust enrichment.

Have financial regulation bodies in Spain supervised this?

The complaint also mentions passivity of (1) the Spanish National Stock Market Commission, which, according to lawyers directing the claim procedure, does not offer the transparency that is due to theses assignments and (2) of the Bank of Spain which allowed in its Circular 4/2004 for the transferred assets not to leave the balance sheets of the banks, encouraging a practice that only benefits the vulture funds and that seriously harms consumers

The famous street "Calleja de las flores", in Cordoba, Southe of Spain

 



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