Spanish Reclaim on BBC
If you’ve found this post you’ll no doubt have heard or read about the potential for a Spanish Reclaim on BBC, it has featured prominently there for some time. The feature is in relation to the reclaim of Spanish property deposits put on properties that were subsequently not built or were very badly delayed. Since that time the news has appeared in a range of other media outlets such as the Irish Times, Sunday Times and a range of radio and television stations.
The Spanish reclaim on BBC refers to a Spanish Supreme Court ruling at the end of 2015 is of particular interest to those who felt they had lost deposits placed on Spanish property. The court upheld a previous finding that Spanish financial institutions were liable to refund deposits placed with them for property purchases. The institutions fought and failed to overturn the ruling.
This means that anyone who placed funds with a Spanish financial institution for a property that was not built is entitled to reclaim those funds with interest from the bank or caja (building society) in question.
In a separate ruling it has also been ascertained that there is no necessity to sue the developer in the process of a reclaim. This is an important factor as many builders and developers are either not in a position to refund clients or have been bankrupted completely.
The reason for being able to make such a claim comes down to bank guarantees. Builders and property developers were required by law to provide them to purchasers and banks were obliged to ensure that there was one for each transaction.
Banks were also obliged by law to place deposits in a protected bank account, making sure that it was not accessed until a completed property was delivered. The bank was obliged to ensure that this account existed, was protected and that the bank guarantee was in place.
In general, but particularly during the years of Spain’s property boom, these statutory requirements were widely ignored by both banks and developers.
This latest Spanish Supreme Court ruling has found developers and banks ‘jointly and severally’ liable for provision of a bank guarantee and protection of the deposit accounts used. This means you can take a case against the bank without having to sue the developer. It also means that you do not have to be in possession of a bank guarantee to claim, as buyers were meant to have been provided with one by law.
It should be noted that there is no automatic right to the reimbursement of deposits. You must file a legal claim to have the deposit refunded.
The existence of the ruling is becoming widely known in Spain, which has led to a range of companies offering their services. Not all are reputable nor are they all familiar with the reclaim process.
Filling in Spanish reclaim forms and filing them is pretty complex even if you are fluent in Spanish. There is no single form to be filled in, the claim involves the completion and submission of a range of documentation. It is a task that should only be undertaken by a legal expert specialising in the area. Importantly, you can make a claim only once, so it needs to be done correctly, there are no second chances.
As the ruling is relatively new there have been no successful claims yet. It is estimated it will take 12 to 18 months for the reclaim process to conclude. Group claims cannot be made, each client has to apply in their own right.
Spanish Reclaim on BBC – Where do I go from here?
We offer a free analysis of your case to see if it qualifies for a refund. If the case is taken on we will do so with no up-front fees and on a ‘no win, no fee’ basis. We can do this because, once the criteria are met, applicants should be 100% successful in reclaiming the funds with interest. Payment for the service is received as a proportion of the amount recovered for the client, dependent on the difficulty of the case and the estimated time it will take to have money refunded.
Click on this link to view Property Deposit Reclaim Requirements.
For further information call on one of the numbers above or drop an email to info@SpanishReclaim.com.