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Does anyone know if within the spainish law they have the legal right to obtain anything from you in england if you hand the keys back to the bank?? as im finding it virtually impossible to keep up with the payments and its not even worth selling..
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Very sorry to hear that Daz. Have you looked on the main EOS site? I seem to remember someone asking the same thing. Like everything in Spain there doesn't seem to be a definitive answer! I think the consensus was that they probably wouldn't persue you in the UK BUT if it was becoming more widespread then they may well. A lot of people are having problems at the moment.
Good Luck
Gloria and Mike
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i cant see them pursing it into the uk but want a definite on this before make my decision as its not what i want to do but havent got much choice with the way things are going... any info much apppreciaited
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Daz
Try putting in repossession to search for the thread on main site. I know someone has asked the same question. Also you could PM mariedecastro, the lawyer ,on EOS, to see what she has to say.
I think that she originally suggested that you try for long term let before you hand back the keys- but I expect you have tried that already.
Gloria
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Daz
If you took the builders mortgage i think you will find that you have paid for a indemnity policy , which covers the bank for any shortfall they may incur if you default and they have to auction your apartment. this is why the valuations came back so high from this bank, i remember the apartment i was thinking of buying came back at 160,000 and a mortgage of 138. 000 euros and when i asked about the extra charges on the mortgage if this was a indemnity policy ? i could not get a straight answer. which tell me that it was and they did not want to admit it,
Good luck Alan
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Have tried getting someone both long and short term but without any real joy, and even with someone in it, it still doesnt cover anywhere near the mortgage, plus then the bills and communal fees it just seems very expensive.
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Hey everyone!
Have found out from various people property companies ect that if you do let your property get re-possesesd they can come to the uk and get your money back from you so in otherwords it affects you here in the uk... so the options i have are to either try and get it on interest only which for me would mean cancelling my mortgage with caja murcia as they dont do interest only, it costs 1% of whatever you owe on your mortgage to cancel with them and then go through another bank.. need to see how much can get the mortgage down to first otherwise leave it as is and try get it rented out until the properties go back up in value which they will do eventualy..
hope it is of some help to you
darren
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Hi Daz
They dont come after you for the sort of money you talking about, it would cost them as much as they would recover, also as Alb states you are covered by an indemnity that Caja Murcia charged you for but didnt tell you about. If you walk away it is unlikely that you will ever hear about it again. However if we walk away we are cobtributing to the so called "credit crunch" and we would be putting financial pressure on the remaining residents of Mar Y Sol. We should try to stick it out and hopefully we will be glad we did one day.
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Hi Mark//Jan
Surely tho if evryone was sure of this everyone would be letting it get repossessd if they cant afford it.. There seems to be alot of confusion over it all.. for me i need to get someone in the aprtment to rent it to ohelp with my costs.. if anyone knows anyone interested please let me know..
thanks
daz
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Hi Daz
A lot of people have been repossesed and most mortgages (less than 80%) do not have an indemnity policy. But most people have bought, thought it through and considered the implications of currency fluctuations and interest rate rises. Its the lack of transparency from the solicitors, banks and spanish property guide that is so appalling. If I thought that a property purchase in Spain was a risk to me in Britain, then I wouldnt have chanced the risk. Please give me a ring or a text sometime and we can talk about good rental websites etc. I have a non business pay as you go, its 07786928549.
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Hi
The next couple of years will be the really tough for everyone and to afford the luxury of a holiday home will be out of the reach of most people, the spanish banks are inundated with none spanish customers handing back their apartment keys, they are calling it the rattle effect , my advise to you young daz is to join them and put the whole thing down to experience and learn from this unfortunate man made mess we have found ourselves in.
sorry to sound blunt
Good luck Daz
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The only good investment will be made by the spanish and russian investers snatching these apartments up for a song at the auction, then renting them out to young and poor spanish people, sadly thats life .
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