Re: Re: Are we right to let go of our Spanish Property?

#85341
Anonymous
Inactive

If your mortgage on your spanish property is held by a spanish bank, you might consider declaring bankruptcy in Spain. Your property there will be worth at best half of what you paid,so by paying off your mortgage there you will simply be digging yourself deeper into a financial quagmire. A visit to a solicitor who specializes in bankruptcy in Spain,or at least a financial advisor would be my suggestion.

The last thing banks want is to repossess spanish property and once they know that you are seriously considering walking away from your investment, they might offer you terms that are more reflective of market conditions.

You are right in your assessment that property values in the UK will rise far more quickly than those in Spain, so once you sell you will not be able to afford to purchase a similar sized home in ten years time.
I would consider renting your UK house and using the revenue to help defray your costs in Spain.

Best of luck,

Mexberry.