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EU Property Solutions- Experts in all Spanish property issues

EU Property Solutions offer professional assistance and advice in all areas of European property in particular, Spain. We can help provide strategies and solutions to solve problematic property issues, negotiate with lenders on debts, help reclaim lost deposits on unfinished developments and help with repossessions and mortgage arrears across Europe. We have offices in London, Belfast and Spain.

PROTECTING YOUR UK ASSETS
27 August 2019 @ 13:33

EU Property Solutions regularly encounter overseas borrowers who have walked away from a property in Spain simply handing the keys back to the Bank. Many have a flippant attitude believing that Spain’s sperate legal jurisdiction means no liability can be pursued in their home country. This is WRONG!

We have assisted 2 borrowers who had 2nd Charges placed on their homes in the UK due to non-payment of their Spanish Mortgage and failing to liaise with the lender.

A reoccurring theme when first discussing cases with potential clients is an angry attitude towards their lender. Common phrases include “My mortgage was miss-sold” and “I’m not giving them a penny”. EU Property Solutions can relate to the anger and emotion associated for borrowers, but this approach will not resolve the situation and the burden is still with the borrower.

A promised rental yield on the property never materialized and David, unfortunately, fell into arrears with his Spanish mortgage lender and could not make further repayments. The property was in a development between Estepona and Gibraltar on Costa Del Sol and was also in Negative Equity. Due to non-payment the lender took legal action and placed a second charge on his home in the UK.

 We managed to successfully negotiate a significant debt write off whilst disposing of the property.

Part of our agreement with the Bank was to remove the second charge on the client’s home.

This is a similar story to David’s above. Phil fell into arrears with the property, did not engage with his lender and found his property in Birmingham had a second charge on it. We were appointed following a free initial face-to-face consultation and a huge debt write off was achieved along with the removal of the second charge from Phil’s home.



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