I really need some help and advice from anyone on here.
I have a property in Pego Town Centre that needs total reform, it has a building licence until March 2009 and the project to reform it to a 2 bedroom 2 bathroom apartment.
We had it valued as it stood uncompleted and have had it valued at what it would be worth with the completed project and the bank was supposed to give us the extra money between those amounts to do the property up. The problem is it took myself and my partner 2 years since purchasing it to get everything sorted and in that time we have since moved back to the UK because work in Spain had dried up and have since split up as well.
I am now stuck with a property that I am struggling to pay the mortgage on and have no money to do it up and would definitely not be able to afford the monthly cost of an extra mortgage now anyway. I have tried advertising the property but as we know Spain is hitting hard times as well at the moment.
What I would like to know is if I stop paying the mortgage how will that effect me in the UK if the Bank in Spain repossess the house?
Any advice or where to get further information would be absolutely wonderful as at the moment I am really depressed as I can’t see a way out. Also if anyone would like to buy it that would be a big help too 🙁
The property was valued 8 months ago as an uncompleted project at 84,000 Euros, as a completed project at 157,000 Euros, I obviously understand that the market has probably changed a bit and the property will probably be worth less now. The mortgage I have is 71,000 Euros, I will lose about 14,000 Euros by doing this but I just am at my wits end.
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