El blog de Maria

hosilverlining said:
Thursday, January 15, 2015 @ 6:16 PM

Hello Maria, I don't know anything about this case. Can you tell me what the key factors are? How can I tell if the developer's mortgage was taken out after the property was sold? Does this mean after the deposit was paid on the off-plan property, but before completion?
Thank you

mariadecastro said:
Thursday, January 15, 2015 @ 6:18 PM

That´s it Hosilverlining

mariadecastro said:
Thursday, January 15, 2015 @ 6:18 PM

That´s it Hosilverlining

hosilverlining said:
Thursday, January 15, 2015 @ 6:24 PM

Thank you. The information about when the developer took out the mortgage should be somewhere in the 'Escritura de Compraventa con Subrogación y Novación'? Can you tell me where in the document the information might be?
Thank you

ads said:
Thursday, January 15, 2015 @ 8:25 PM

Under what circumstance would an offplan purchaser ever be liable to pay for a developer mortgage prior to completion anyway?... I'm confused under what circumstance this case has arisen in the first place. Please could you explain further Maria.
Thank you.

mariadecastro said:
Friday, January 16, 2015 @ 2:48 PM

Hosilverlining:

Yes, second mortgage needs to be in a section called CARGAS on the sales deed. If you want, send the deeds over and I will take a look

mariadecastro said:
Friday, January 16, 2015 @ 2:53 PM

Ads:
This is the scenario:
1. Developer ask for a development mortgage loan
2. Developer sell units to private buyers. They agree, by private purchase contract about paying a 30% deposit and 70% of the price to be paid at completion by subrogating developers mortgage. Closed prise.
3. Developer needs further financing and ask for a second mortgage on those units. Bank alosw it knowing there are individual buyers.
4. That second mortgage is what has been recently declared null and void by Supreme Court

hosilverlining said:
Friday, January 16, 2015 @ 4:13 PM

Thanks Maria, now I understand perfectly. In effect, that's two mortgages on the same property. I have checked our deeds and there is nothing to worry about on that score.

ads said:
Friday, January 16, 2015 @ 7:37 PM

Thank you maria. So this means that if a developer goes bust that the bank cannot come after the purchaser to repay a second mortgage on that property, for which the purchaser had no prior knowledge? Is this the main purpose of this ruling, or is there another reason to be aware of?

ads said:
Saturday, January 17, 2015 @ 4:37 PM

Also if Banks been over-charging on subrogated mortgages for those who have already completed on their offplan purchase, (to cover the cost of their "hidden" illegal mortgage extensions) then what does that say of the conveyancing system in Spain?

Isn't this another example of why offplan properties should be registered to prevent illegal activity of this nature?
As things stand what administrative system is in place to prevent this illegal activity from reoccurring if there is no register in place to regulate and protect offplan purchasers from the outset?
All of this leaves the purchaser at risk, having to defend their rights AFTER THE EVENT when in reality it should be stopped at source by an effective land registry system.
Have I understood this correctly Maria?

Poedoe said:
Saturday, November 14, 2015 @ 12:03 PM

Hi Maria, I have thank you for all the information you have given to Eye on Spain regarding those like myself that are suffering because we have not been granted a FOL or Habitation Certificate.
many quotes are given reference those poor soles that have a taken out huge Mortgages to purchase a home in Spain. The fact that my husband and I worked in the UK paid all our taxes and saved very hard to be able to pay cash for our Spanish Home. The Lawyer based in Alicante, failed to inform us of the problems regarding the problems we have faced because the Habitation certificate was not in place, The Notary, The Lawyer, The Bank & the Spanish Government have failed to do the job that we paid them to do when purchasing our Apartment near Guadamar on the Costa Blanca. almost 9 years have passed and we still have the same problem, the Builder is still trading, the Local Spanish Council & government officials have not been seen to take any action. This year 5 owners have managed to sell their apartments on the complex, The new owners are unaware of the problem regarding the FOL/H.C and the problem continues.
When will the Spanish Government sit up and do something about this problem. Thousands of purchasers continue being sold properties that have have no FOL or H.C this problem, goes on yet nothing seems to be done.

mariadecastro said:
Monday, November 16, 2015 @ 10:59 AM

I would advise you to take your own measures and not rely on the government solving this problem