Personal Loan

 For the attention of clients who maybe at the completion stage!!

With regard to the withholding of euro 975 for not taking the builders mortgage, I am still waiting re payment of this money from Key mare to my self!!

Apparantly in Spain if you do not take the Builders Mortgage they with hold an amount of money until your property has been registered and then they should repay you the money.

Two residents have had there money refunded almost immediately, I have had nothing in 5 month's, but as I have 0% confidence in anything that Key Mare is involved in , this should not surprise me.

I have E Mailed Key Mare, my solicitor my mortgsage company Deautsche Bank, but I appear to be getting no where??

Can anybody assist me ?

Regards

Noel & Bernire 29.12

It will be your lender not Key Mare who are holding your 975€. This is supposed to safeguard against Key Mare not clearing their mortgage on your property and is usually refunded once the purchase has been registered at the land registry. We kicked up a big stink with our lender as we ensured our solicitor made Key Mare bring funds to the notary to pay this charge, but it was still withheld. We got ours back in less than one week.

Just as a point, Maria de Castro has stated many times in the main forum and on other websites that this charge is illegal under Spanish law and as such, it should not be levied at any time in any contract as it is an unfair term. Check out this post.

Mark

We didn't have a mortgage either and paid KM direct by Bankers Order.  We did not have to pay this charge.

David

Another reason to be very careful of what I feel are extremely dubious practices from Key Mare!!

We made a formal complaint to our lender about the way they treated our application process (it fell on deaf ears mind!!). As "compensation" they paid us our builder's cancellation fee early as I stated earlier in the thread. I have received the official response from my lender today which states the following:

"The reason we stated the that thereimbursement was a gesture of goodwill was because we were not obliged to do so. The reimbursement is usually done once the process is finished, and the conveyance department sends an invoice, which reflects the amount paid for the cancellation. In your case, as you can see from the Land Registry report attached, the builder's cancellation has not yet been carried out. Therefore (mortgage lender) is not actually the principle mortgage on the property"

So, Key Mare have had the cash and failed in their legal obligation to surrender their mortgage on the property. How on earth can this be allowed to happen? I don't want to be the alarmist, but it may be an idea for purchasers to ensure that this cancellation has in fact been carried out.

Mark