off plan

HI everybody,this is a first timer.I would like to know if anybody is in the same predicament as myself.I signed up for a property  in Corvera March 07,putting down a substanial deposit. A mortgage was to be used to finalise the purchase .Recently I have been informed I will lose my job At the end of the year,with the state of the market at prescent I have little confidence in finding any work in the near future.Does any body have some advice on what to do next. Many Thanks,Schmee

Hi Schmee,

Have a look at the blogs from Maria del Castro on this forum as I think she may have covered this.  As I understand it, under Spanish Law, if you are able to prove change of financial circumstances which prevent you being able to complete you are able to get out of the contract.  If she doesn't cover it you can post a question to her in any case.

Your problem is very simple here and it will depend on your personal circumstances when you are contacted to complete and if on this date  if you are still employed and, based on your current personal circumstances at this time, then you can be asked to complete

The consumer law in Spain is for people who´s personal circumstances have actually changed, they would typically be required to prove unemployment  and can prove that they are unable to obtain a mortgage, through normal channels and you have to prove this by getting 3 mortgage refusals, including the builders mortgage  

A directive under Spanish Consumer Law can then be excercised but agian it is always advisable to involve your lawyer in this process

Thanks for the advice folks.I have been in touch with Maria del Castro.Hopefully she can lead us in the right direction.

Thanks again,Schmee