Sorry to hear your predicament. If you intend to go down this route the thing that you should NOT do is miss any payments.
I beleive that the Bank has to do this by law. I am not 100% sure about this. It also depends on the valuation & the equity of/in the property. The best thing is to speak to the Bank on an informal basis. As the Banks these days have more properties on their books than cash they may duck & dive.
The use of a lawer is a personal choice. The question arise do you rather pay the amount towrds reducing your capital than pay his fees. I rather pay the mortgage.
If the Bank accept’s the “dacion de pago” than even if you have any assets in UK or in Spain they will be protected/ring fenced. This is one of the benefits of dacion.
One thing you have to be aware of is that the Financial advisor which it seems is in UK may not be very aware of the requiremnts, practises in Spain.
If you have paid the mortgage for eight years it will be a shame to hand the property back. keeping in mind that the Eurobor is very low & the £/€ is in your favour.
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