Property Investment Recovery - Example Client
“Back in 2008 I invested in a two bedroom apartment in Cape Verde; it appeared to be a sound investment at the time. The completion of the construction was written in the contract to be 2010 with a 180 days grace period. The construction on this site did not start until late 2010 and it became obvious that the completion date and grace period was going to elapse.
 
At this point I didn’t know where to turn I had already paid out £34,000. I tried contacting the Law Society to no joy and didn’t know what to do next. Then a friend put me in touch with Neil Heaney of JC and it was a relief that there was a company out there that dealt with overseas investment and understood my situation.
 
Once they agreed to take on my case they kept me informed at every stage of the process and explained everything in layman’s terms keeping what was already a difficult time in perspective and easy to understand. To my great relief I received the call that I had be waiting for to tell me that JC had successfully negotiated a settlement of my full investment plus interest. I just what to say a big thank you to Neil and the whole JC team for all the hard work and support over the last 2 years."
Can I hand back my property in Spain to the bank?
Recently in Spain there has been a recommendation put forward by the Spanish Government in an attempt to address the many problems which have enveloped the property market in recent years. To date British buyers in particular have always been concerned with the consequences to their UK assets should they attempt to “hand back the keys” to the banks in Spain and walk away from their loans.

This latest initiative may ease some of these concerns if the individual meets the criteria being used to assess potential positions.

The directive is called a Dación en Pago.

Dación en Pago, this means: handing back the keys to the lender and in exchange the lender will fully discharge all mortgage debt, not holding the debtor liable in the future. The lender will also renounce pursuing the debt in your home country or elsewhere against any other assets the debtor may hold. This procedure is based on Art 1175 of the Spanish Civil Code, which establishes that a borrower can cancel his creditors’ debt handing in exchange any of his assets.

Recently this CODE OF GOOD PRACTICE has been approved in Spain, all the principal banks are applying it, and those banks must concede a Dación en Pago to those whose situation meets the following points:

1. - All family members must be unemployed and the mortgage fee must be higher than 60% of the net family income.
2. - The property must be the only home owned in Spain.
3. - The value of the purchase of the property is no higher than 200.000€.
4. - The mortgage must be free of a guarantor. Otherwise, the guarantor will be kept as backer of the loan.
5. - The case cannot be amidst mortgage execution proceedings.
6. - The family members cannot have any other property or patrimonial rights.

If the family members do not apply to all this points, then the bank can decide autonomously if it accepts the Dación en Pago, but that is their decision.

For more information contact us via the form to the right
Recovery Service
JC Legal Services specialises exclusively in problematic overseas property investments for  individuals, groups or businesses. As property investment recovery specialists they are able to help solve problems that many UK-based law firms are unable to undertake, due to lack of relevant expertise or local knowledge.
 
JC are a legal services company, specialising in the recovery of investments made into property and land overseas. They work with individuals or groups, to resolve disputes arising from miss-sold or problematic overseas property purchases - leaders in handling a range of issues from simple claims to complex land grab disputes. With their legal operations head-quartered in Spain and international expertise locally, worldwide, Judicare can cater for a variety of property investment problems effectively and efficiently.

JC deals exclusively with problems in overseas property investments, expert at handling cases in countries worldwide.
 
  • Late/Non Delivery of Property
  • No Bank Guarentee
  • No Contract
  • Planning Disputes
  • Land Grab Issues
  • Defunct Developers
  • Mis-selling and fraud
  • Failed Investment Recovery


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