Rentals Question

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30 May 2016 10:48 by Tadd1966 Star rating in Los Montesinos. 1755 posts Send private message

Do Spanish banks have any restrictions on you renting out your property whilst you have a mortage with them similar to UK buy to let schemes etc.

I had this question asked of me this morning and the reason is the owner has decided to rent a cheap apartment and rent out the house they own and hope to cover costs of cheap property and mortgage the mortgage on teh property they own is on interest only repayment as agreed with their bank due to hardship

I can see what they are trying to do as they have told me their interest only payment is about 350€ per month and the rent of an aprtament is 250€ per month and they hope to rent out the house at 500€ per month.

Surley the banks would not like this

anyone know?

 

 



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“The greatest enemy of knowledge is not ignorance; it is the illusion of knowledge”



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30 May 2016 15:44 by windtalker Star rating. 1730 posts Send private message

Not only do you need permission from the bank you will have to pay tax on the profit that your let generates.





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30 May 2016 16:19 by mariadecastro Star rating in Algeciras (Cadiz). 9335 posts Send private message

Legal Questions? Speak to Maria Direct

Bank´s prohibition on renting the property they have a mortgage right on is contained among the recitals of the deed. According to Supreme Court decision dated 2009, this type of clause is legal just if the rental is for HOUSING. Not for seasonal rentals

 



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Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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07 Jun 2016 14:33 by familyskivvy Star rating. 1 posts Send private message

Hi All,

With regards rentals (I do hope I am on the correct thread here), could anybody give me an idea as to how I go about chasing (legally) a rental company in Spain to actually pay the rent they owe to me for a holiday let.

I know the couple who own the company and everything was done via email, the holidaymakers are already in my apartment and are shortly due to leave but I still have had no money paid to me.

 

Thank you

 





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07 Jun 2016 15:11 by mariadecastro Star rating in Algeciras (Cadiz). 9335 posts Send private message

Legal Questions? Speak to Maria Direct

Start by sending an email and if there is no result after this, I would suggest you to use a lawyer



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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