Retrieve Spanish Property Payments – FAQ
If you are looking to retrieve Spanish Property Payments we’ve put together a small Frequently Asked Questions section to cover some of the queries we most often get about the process.
Q. Why is it possible to recover Spanish property payments now?
A. Due to the use of Ley 57/68 since 2013 (What is Spain’s Law 57/68?) it is now possible to claim your payments from the bank into which they were transferred.
Q. How long does the process take?
A. Generally between 12 and 18 months. If the bank appeals the result it generally takes the longer of the two.
Q. Do I need to copy and send all my documents to you?
A. Not usually. All we generally need is a copy of your contract, copies of your payments to the bank and copies of any judgements you have had against the developer.
Q. Will I need to visit Spain to carry out the process of recovery?
A. No, you will be required to sign a Power of Attorney which will allow your recovery agent to request documents on your behalf.
Q. If I have already taken steps to retrieve Spanish property payments from the developer can I still take an action against the bank?
A. Yes. The Spanish Supreme Court has found banks and developers ‘jointly and severally’ liable, so you can sue either or both in order to recover your money.
Q. If I have made a payment for a property in a country outside of Spain (such as Morocco) can I apply for a Spanish Reclaim?
A. It depends on where your money was sent. If you can prove that it was sent to a Spanish financial institution then you may well have a claim. Many Spanish developers branched out and built properties in Morocco, Portugal, Bulgaria and even Italy. Under certain circumstances these may be reclaimable via Ley 57/68 in Spain.