Lawyers / Solicitors Qualified to Practise in Spain
Del Canto Chambers are the first Anglo Spanish Tax & Legal firm regulated by the Bar Council of England and Wales and the Colegio de Abogados de Madrid. With offices in London and Madrid, we specialise in representing and acting for foreign clients in Spain.
We have successfully represented hundred of foreign clients on matters related to conveyancing, property and bank negotiations, mediation and litigation with Spanish banks, off plan deposit claims, and Spanish tax .
Del Canto Chambers are also experts in solving tax problems often associated with company structures used to own expensive properties in Spain.
Please note that in addition to our standard legal fees, we offer a no-win-no-fee agreement in certain cases. For all your legal needs in Spain, get in touch with us and try our 24 hours response promise.
* This article has been written by a third party not owned or controlled by Spanish Property Insight (SPI). SPI disclaims any responsibility or liability related to your access to or use of any third party content.
Is the Covid-19 crisis grounds for backing out of an off-plan property purchase without losing your deposit or stage payments? No, but it could justify seeking better payment terms negotiated in good faith with your developer.
The sudden appearance of the coronavirus has multiple repercussions, one of which, following the closure of borders and the uncertain outlook for international tourism, is the situation in which home buyers in Spain find themselves, especially British buyers.
Currently, the situation in which the buyers who have paid for a new construction (off-plan) find themselves is:
They have proceeded to sign a private contract and made payments as agreed with the builder who will be delivering the finished property in accordance with the contract. However, a new situation, totally unforeseen and absolutely force majeure, creates uncertainty in this acquisition.
In principle, as the old Latin principle “pacta sunt servanda” states that agreements are to be fulfilled, so the commitments made must be respected. But we also find another Latin clause, the “rebus sic stantibus” which can be translated as “things thus standing”. In Spanish law, this clause allows for the modification of contracts when unexpected circumstances occur, and without the fault or responsibility of any of the contracting parties, as is currently the case with the coronavirus.
This being the case, it is currently possible to use this clause to modify contracts on the basis of the following premises:
The contract must be a long-term contract, i.e. longer than a year.
Something unforeseeable and unavoidable must have happened.
The parties cannot be deemed responsible for the change of circumstances
And, in such circumstances it is allowed to MODIFY THE CONTRACT, NEVER TO EXTINGUISH, TERMINATE OR RESOLVE IT.
The Spanish Supreme Court, in a recent ruling (Ruling 156/2020, March 6) understands that the clause “rebus sic stantibus” cannot be applied in a contract of less than one year. Therefore, in the off-plan contracts, unless the contract contains terms preventing it, the parties can modify the stipulations (for example, to renegotiate the payment terms), but they cannot extinguish it nor terminate it because of the coronavirus.
Buying off plan or under construction is a contractual agreement that could be materially affected by the coronavirus crisis.
Having said that, Spanish legislation, Law 20/2015 of 14 July, tried to protect the purchaser for those cases where the builder does not complete on time. This legislation regulates the guarantee of the amounts paid on account by buyers in the acquisition of off-plan properties. The legislation says that “in the event that construction does not begin or does not come to a successful conclusion within the agreed period” the amounts paid by the buyer should be refunded. However, the developer or the builder can also use the “rebus sic stantibus” clause to justify the delay in the delivery of the works and based on that try to renegotiate the terms.
We come to a position where the good faith and fairness in negotiating a reasonable exit is key, giving the extraordinary situation presented by the Covid19 crisis. Litigation in these circumstances should be the less advisable route to start with, and in any case, only when the negotiation has been exhausted. As both parties could invoke the “rebus sic stantibus” clause in defence of their interests in litigation, it is fundamental to try to negotiate or mediate an equitable solution. The most important thing to keep in mind is that both, the buyer´s intention to buy a home in Spain and the developer’s intention to sell should be considered equitably.
We at Del Canto Chambers are expert negotiators and mediators and are used to deal with these situations. We can offer, if both parties agree, a mediation using teleconference services. Please get in touch if you need expert help in re-negotiating an off-plan property purchase contract in Spain. T.: +44 207 043 0648 E.: clerk@delcantochambers.comAntonio is a spanish lawyer with over 15 years experience in banking and bankruptcy proceedings. MBA at the San Telmo International Institute, he is an accredited Expert in Prevention of Money Laundering by the Bank of Spain. He is one of the few Spanish lawyers with a degree in Islamic Finance from the King Abdelaziz University in Saudi ArabiaBy Antonio Aguilera, Head of litigation, spanish abogado Del Canto Chambers Spain.
* This article has been written by a third party not owned or controlled by Spanish Property Insight (SPI). SPI disclaims any responsibility or liability related to your access to or use of any third party content.
Relevant Businesses
Lawyers / Solicitors Qualified to Practise in Spain, Property Search & Purchase Consultants
Lawyers / Solicitors Qualified to Practise in Spain, Property Search & Purchase Consultants
[php snippet=19]
WE ARE A SMALL FIRM, BUT HIGHLY BESPOKE.
We offer a highly personalised service with an experienced team of English-speaking professionals, delivered by qualified bilingual solicitors (abogados), administrative agents (gestores), specialist consultants, private investigators-detectives, and ceremony officiants.
A Gestor (or gestoría) is a private professional agent who specialises in dealing with Spanish administrative bureaucracy on behalf of a client. They provide services on a wide variety of bureaucratic procedures (e.g., tax, accountancy, vehicle registrations, residency, and nationality applications etc.), and although there is often no equivalent to this role in many other countries, instructing a gestor is common practice in Spain.
Living in our footprint Region: Andalucía, and due to our size, we are quicker than large companies to execute your needs. We provide a one-stop option for all your needs, saving money and 100% confidential.
We are committed to delivering bespoke solutions unique to you and your family needs as they occur whether you are in business or fully retired. Our committed goal is to constantly exceed your expectations. The composition of our services is designed for you to have the benefit of a one stop lifelong relationship with our company for all your needs with the needs to engage in multiple advisors etc, Hence our internal motto “from the cradle to the grave”
We specialise in the needs of English-Speaking residents and non-residents. legal and tax services for expats and locals. Whether finding you a property, legal steps of buying or selling, renting it out as a holiday apartment, registering your home for tourist purposes, importing your vehicle, International Taxation, making a Spanish and English Will for inheritance purposes. Hiring of a Minister/Celebrant for Weddings, Baptisms, funerals, and events. Please see list down below.
Our business vision is to provide You and your family, with all the needs to successfully live as an Expat/local within your community in Spain.
We have offices in: Nueva Andalucía 29660 (Marbella), Av. Antonio Belón Nº 4 – II-1ºC 29602 Marbella and Centro Comercial Guadalmina 29678 (San Pedro de Alcántara)
Yvonne Vidal Founder and Principal of My Legal PA Associates will be pleased to discuss your matter with you.
* This article has been written by a third party not owned or controlled by Spanish Property Insight (SPI). SPI disclaims any responsibility or liability related to your access to or use of any third party content.
Spanish 'Golden Visa' Residency by Investment Applications
Spanish Mortgages
Spanish NIE Number Service
Squatter Eviction
Wills & Probate
Area
Andalusia
Costa del Sol
Galicia
Madrid Community
Malaga province
Spain
Latest Articles
The information above constitutes an advertisement of a company or professional and the services they provide. The information is published and managed by the advertiser alone. Spanish Property Insight (SPI) and the owners of this website make no warranty as to the accuracy or completeness of the advertisement and its content, or any linked or associated information. SPI does not own, manage, or control any of the advertisers, and adverts should not be interpreted as endorsements. Please contact advertisers directly to obtain further information about their services.
Lawyers / Solicitors Qualified to Practise in Spain
Lawyers / Solicitors Qualified to Practise in Spain
[php snippet=19]
Del Canto Chambers are the first Anglo Spanish Tax & Legal firm regulated by the Bar Council of England and Wales and the Colegio de Abogados de Madrid. With offices in London and Madrid, we specialise in representing and acting for foreign clients in Spain.
We have successfully represented hundred of foreign clients on matters related to conveyancing, property and bank negotiations, mediation and litigation with Spanish banks, off plan deposit claims, and Spanish tax .
Del Canto Chambers are also experts in solving tax problems often associated with company structures used to own expensive properties in Spain.
Please note that in addition to our standard legal fees, we offer a no-win-no-fee agreement in certain cases. For all your legal needs in Spain, get in touch with us and try our 24 hours response promise.
* This article has been written by a third party not owned or controlled by Spanish Property Insight (SPI). SPI disclaims any responsibility or liability related to your access to or use of any third party content.
The information above constitutes an advertisement of a company or professional and the services they provide. The information is published and managed by the advertiser alone. Spanish Property Insight (SPI) and the owners of this website make no warranty as to the accuracy or completeness of the advertisement and its content, or any linked or associated information. SPI does not own, manage, or control any of the advertisers, and adverts should not be interpreted as endorsements. Please contact advertisers directly to obtain further information about their services.
EU Property Solutions assist borrowers across Europe with property debt issues. Our particular area of expertise is assisting clients finding themselves in Negative Equity Scenarios. We have assisted borrowers in the following countries offload Negative Equity Property:
Spain
Portugal
Cyprus
Italy
France
Bulgaria
United States of America
Canada
Cape Verde
Despite working in a broad geographical area our country of expertise is Spain and a significant majority of our cases are located in Spain across the various Costas.
Pre-2008 many investors dreamed of owning a home in the Sun. Budget airlines increased access at a low price to the Spanish coastline and, with the property market in the country showing continual signs of growth, investors purchased holiday homes in their thousands. Real estate agents sold developments to suit all budgets, and access to finance was readily available given loose lending practices.
Following the well documented property market decline we have seen values plummet by nearly 60% in certain developments. This has left many investors in a Negative Equity situation. Given properties are essentially a negative asset, coupled with community fee payments and IBI tax payments, many borrowers are finding maintaining the property a real burden. This became such an issue for many who simply returned the keys to the Bank. We advise against this route as lenders in Spain can pursue debtors back home (within the EU) for any mortgage shortfall following the sale of the property. This can put your home assets and income in jeopardy!
EU Property Solutions Ltd solves property finance problems
Here at EU Property Solutions we have seen several cases where a Spanish lender has placed a charge on the borrower’s property in the UK. Our investigations has turned up 37 cases of this from just one lender. This can turn into a nightmare for the borrower, who has lost a substantial investment in a Spanish property only to see a UK property now at risk of repossession.
Should you have a mortgage shortfall outstanding with any lender in Spain please get in touch.
We can also help you if you are struggling with negative equity in Spain, and still own the property. We offer clients the opportunity to surrender the property to their respective lender and negotiate a reduced settlement on the mortgage and often achieve complete debt write downs. EU Property Solutions have developed an excellent legal team in San Pedro (Costa Del Sol) who deal with these cases on a daily basis, and our knowledge of specific lenders is second to none. We are proud to assist borrowers and consistently save our clients upwards of hundreds of thousands of Euro, depending on their circumstances.
EU Property Solutions have achieved debt write downs even for borrowers with significant UK assets and income. Our legal knowledge of the Spanish property market allows us to protect home state assets and income.
Should you be in Negative Equity in Spain and wish to offload your property please get in touch with us. We will need to review certain documents to assess your position but the whole process will be outlined during our initial discussions. We can offer telephone references from previous clients who have gone through the process and emotions associated with debt.
For more information please visit our website at www.eupropertysolutions.com, which outlines our services with supporting video testimonials with genuine clients we have assisted.
We look forward to helping you solve your property finance problems in Spain. Call us on +44 (0)330 124 1230, the sooner the better.
* This article has been written by a third party not owned or controlled by Spanish Property Insight (SPI). SPI disclaims any responsibility or liability related to your access to or use of any third party content.
The information above constitutes an advertisement of a company or professional and the services they provide. The information is published and managed by the advertiser alone. Spanish Property Insight (SPI) and the owners of this website make no warranty as to the accuracy or completeness of the advertisement and its content, or any linked or associated information. SPI does not own, manage, or control any of the advertisers, and adverts should not be interpreted as endorsements. Please contact advertisers directly to obtain further information about their services.
Lawyers / Solicitors Qualified to Practise in Spain
Lawyers / Solicitors Qualified to Practise in Spain
[php snippet=19]
DiG Lawyers (Abogados – Advocats) is a mid-sized law firm with offices in Barcelona and Lleida, and an international network of collaboration agreements with law firms around the world who share DiGs philosophy and high level of professionalism.
As a mid-sized firm with a multi-lingual team and cross-border expertise, DiG is perfectly placed to assist foreign clients with all their legal needs in Spain. Foreign clients need a firm big enough to handle cross-border work with multidisciplinary expertise in various languages, but without losing the personal touch.
DiG can help you buy or sell a property in Spain with the minimum risk and fuss, and guide you safely through the whole process. DiG are particularly strong on cross-border tax issues, inheritance tax planning, wills, probate, and how to deal with all the legal and fiscal issues involved in Spanish Inheritance Tax situations.
For all your legal needs in Spain, and in particular, if you need inheritance tax planning, or if your have inherited assets in Spain and need to pay inheritance tax on them, get in touch and DiG lawyers will help you overcome the challenges you face.
* This article has been written by a third party not owned or controlled by Spanish Property Insight (SPI). SPI disclaims any responsibility or liability related to your access to or use of any third party content.
The information above constitutes an advertisement of a company or professional and the services they provide. The information is published and managed by the advertiser alone. Spanish Property Insight (SPI) and the owners of this website make no warranty as to the accuracy or completeness of the advertisement and its content, or any linked or associated information. SPI does not own, manage, or control any of the advertisers, and adverts should not be interpreted as endorsements. Please contact advertisers directly to obtain further information about their services.
Everything you need to know about property in Spain
Login or Register to read articles without any adverts in the text.
This website uses cookies to improve your experience. If you continue to use the website you agree to our use of cookies. You can find out more here. Accept
Cookies
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
Is the Covid-19 crisis grounds for backing out of an off-plan property purchase without losing your deposit or stage payments? No, but it could justify seeking better payment terms negotiated in good faith with your developer.
The sudden appearance of the coronavirus has multiple repercussions, one of which, following the closure of borders and the uncertain outlook for international tourism, is the situation in which home buyers in Spain find themselves, especially British buyers.
Currently, the situation in which the buyers who have paid for a new construction (off-plan) find themselves is:
They have proceeded to sign a private contract and made payments as agreed with the builder who will be delivering the finished property in accordance with the contract. However, a new situation, totally unforeseen and absolutely force majeure, creates uncertainty in this acquisition.
In principle, as the old Latin principle “pacta sunt servanda” states that agreements are to be fulfilled, so the commitments made must be respected. But we also find another Latin clause, the “rebus sic stantibus” which can be translated as “things thus standing”. In Spanish law, this clause allows for the modification of contracts when unexpected circumstances occur, and without the fault or responsibility of any of the contracting parties, as is currently the case with the coronavirus.
This being the case, it is currently possible to use this clause to modify contracts on the basis of the following premises:
