Spanish Legal Reclaims are spearheading a drive to help off-plan investors in the UK recover the money they lost to bankrupt developers when Spain’s property boom imploded almost a decade ago. Though the injustice happened long ago, people who lost their off-plan payments can now get their money back, even if they didn’t have a bank guarantee.
One of the greatest and most shameful scandals of the Spanish real estate boom and subsequent crash that started around 2008 was the fact that so many off-plan buyers, who paid tens or even hundreds of thousands of Euro in deposits and off-plan stage payments to developers, ended up losing all their money, with no property to show for it.
Despite consumer protection laws requiring developers to insure off-plan payments, many developers simply didn’t bother with the cost and hassle of arranging a guarantee. Back then they had customers queueing around the block to buy off-plan, and didn’t feel the need to do things buy the book. So when boom turned to bust, many buyers lost stage payments that often amounted to 75% or more of the full boom-inflated price of the property.
Spanish buyers were the biggest victims, but the British were not far behind. Many British investors found themselves out of pocket to the tune of more than one hundred thousand Euro, through no fault of their own, and powerless to get their money back. Some may have taken their developer to court and won, but little good it did when developers were bankrupt and couldn’t pay. Many of them would have turned their backs on Spain in disgust, and try to forget the whole experience.
But now, years later, people who bought off-plan in Spain and lost their money to a bankrupt developer finally have an opportunity get their cash back, even if they never had a bank guarantee. A ruling by the Spanish Supreme Court in 2015 established that, in the event of developer bankruptcy, banks that accepted stage payments on behalf of developers were responsible for protecting those deposits. So if your developer went under with your money, and you never got your home, you can now go after the developer’s bank to get it back, with interest.
Legal advisors Spanish Legal Reclaims are spearheading this drive to get back lost payments, working on a no-win-no-fee basis. I know many people will be sceptical of the Spanish justice system and legal professionals after their experience last time, but if you lost money off plan in the crash, you now have nothing to lose, and everything to gain, by talking to Spanish Legal Reclaims about getting back your off-plan deposit and stage payments.
[efsbutton style=”” size=”large” color_class=”success” icon=”fi-arrow-right” align=”left” type=”link” target=”false” title=”Off-plan deposit and stage payment recovery” link=”/buying-property-in-spain/off-plan/recover-deposit-and-stage-payments/”]
Many people who lost their deposit & off-plan payments have turned their back on Spain and don’t realise they can now reclaim their money. Do them a favour and help spread the word. Share this page in social media and tell anyone who might be interested to come visit.