How long can it take to get your off-plan deposit back?
Valid claims take on average 12-15 months to process from initial consultation to clients getting the money back in their bank account.
What’s the claims success rate?
Some legal firms report a success rate of 98% in off-plan deposit recovery claims.
How much of your off-plan deposit can you get back?
Successful claimants get back their deposit back plus legal interest of 4.5% per annum, minus legal fees.
How much will it cost?
Some legal firms charge nothing upfront, just a percentage of the money they get back for you if they win (no-win-no-fee). Because successful claims often come with legal interest accrued over time, many clients can expect to get back more money than they lost, even after fees are deducted. Note, however, that if you lose your case, you have to pay court fees, even if you don’t have to pay legal fees. But good lawyers will not take on cases they don’t think they can win, and some also offer their clients the option of ‘no costs whatsoever’ in return for a higher success fee, for clients who don’t want to take any risk of court fees, no matter how small.
How do I go about claiming back my off-plan deposit in Spain?
If you lost money investing off-plan with a developer who went bust you can now claim your money back from the developer’s bank, thanks to a judicial ruling that have put banks on the hook for safeguarding the deposits they accepted on behalf of developers. However, there are some conditions to be met and you have to make your claim before October 2020, when the window of opportunity closes (check if there has been an extension).