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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 936. The Keith Rule Action
26 April 2013 @ 13:45

Read the article from bottom to top. It pictures how the action against developers of early times, was there converted to an action against Banks ( thanks to Keith Rule´s vision and passion and CostaLuz/De Castro will to assist him and many other ones involved in same fiasco)

The 2013 edition of this post, this of today´s, would be composed by the long list of Courts on all over the spanish territory which are now following the KEITH RULE action, as it is called when the Restore Action was turned against Banks!

Such a great story!

 

 Legal tip 817. The restore action. A revision 
23 August 2012 @ 15:04 

The restore action post was written in 2009. Some amendments made by September 2010 (italic)

At present many of those claims need to be reconducted against related Banks or Insurance Companies and the deals to be made with them.

It is so good that money was not lost along the way and clients can still give value to their deposits due to the existence of Law 57/68 and developing related Case Law.

There are also cases where developers are offering same properties to same clients even applying a reduction on the outstanding mortgage.

They desperately need buyers. We, as spaniards, need you too. Come!

Legal tip 138. The restore action 

11 September 2009 @ 10:24 

If you are in the middle of an off-plan contract cancellation action or are thinking of claiming.

There are many things to be done depending on how the finantial/economic situation will develope in the coming months. ( + possibilities of your action against the financial institution you paid your deposit into, for more info on this, please click on here)

First thing to bear in mind is that this is going to be a buyer´s market for many years to come, and with that no-pressure by sellers and buyers running the show....

-You can buy at a good price and better interest rates

-You can rent with an option to purchase, fixing the price in advance.

-If you are pursuing cancellation (action that can also be called: "restore action": it puts balance in the contract after an abusive old agreement ), you have got several  finantial assets:

-A potential credit against a developer for the refund of x plus legal interests.

- Buying rights on the property in between (the developer cannot sell to anyone else till the contract is effectively cancelled and your money refunded).

- A better position within the creditor´s meeting (if that ever happened)

So... it is not just a matter of contract cancellation at whatever cost, it is a matter of re-establishment of balance. Many of the clauses of many of the contracts I have seen during the last 4 years and a half, which were drafted during the period 2003-2009 are are corrosively abusive. Repugnant.

They were drafted with no respect at all towards the agreed terms od developers, Ministries, consumers… under the National Institute for Consumers in 2001.

I am enlisting some of the games you can play with the above mentioned assets at hand ( but I am not a finances expert.... so please, make your contributions! ):

- You can negotiate a great price reduction with the developer along the judicial proceeding and complete on the property at a much reduced price and with much reduced interest rates

(some clients of us are using this formula now)

- You can sell your buying rights to someone else and withdraw  the claim,  negotiate with both developer and new buyer on a reduced price and the payment of the judicial costs ( it seems German and Norwegian have already some money to look for some sun).( Almost all developers are now ready for settlements of this nature)

It is all a matter of some fluctuants, not rigid factors such as:

- Evolution of the market

- Flexibility of developer

This factor seems to be clearly determined by the decisions of the finantial institutions regarding their own property stock.

but the possibilities are there ( together with many other ones, I am sure)

that.... together with the awesome sensation of being back in control of the situation  ( a new contract agreement)  or at least of a great deal of it.

What do you think?

 Could we all together transform the current situation in a win-win scheme? Please send your ideas.

 

 Maria L. Castro

Beach "Fuente del Gallo" (Conil de la Frontera, Cádiz), by Luis López-Cortijo

 



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2 Comments


Rosemary said:
26 April 2013 @ 14:06

Hi Mariia
Will this success with Keith"s group and Law 57/68 with or without Bank Gaurantee give any support to those of us who have won our cases with the banks and developers but not through the BG system . Do you think the Banks may think more seriously about paying back Developers money they have been asked to repay to clients following successful court cases? At the end of the day our deposit should have been covered by a BG by the same bank that now should repay our money. Rosemary


Maria said:
26 April 2013 @ 14:13

Yes, Banks are reacting positively and attending liabilities with better actitude now


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