"Payment in kind" - legal rights and obligations

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21 Jan 2013 6:13 PM by mlomeli Star rating. 1 posts Send private message

Calling UK nationals who may be in a similar situation...

I lived in Spain from 2001-2005. During that time I bought a property which is now worth far less than what I paid for it.

At the moment the property is rented but the rental income doesn't cover my mortgage repayments leaving me with a monthly contribution of £200.

Since returning to the UK I purchased a property in London which is currently also rented out becuase I am unemployed and can't cover the mortgage. 

What I would like to do is offer the Spanish property to my Spanish lender as payment in kind to cancel the debt but given I have negative equity I'm not sure whether I would be liable for the balance of debt.

Also I understand that there are stringent criteria to qualify for the scheme so not sure whether I (as a foreign non-resident whose primary residence is in the UK) qualify or where I can find out if I qualify

Lastly, I would also ike to find out whether my Spanish lender can force the sale of my property in the UK to make up the shortfall.

Any information with regards to this would be much appreciated.

Many thanks!

ML


 


This message was last edited by mlomeli on 21/01/2013.



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21 Jan 2013 7:41 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

mariadecastro´s avatar

EL BLOG DE MARIA

YOUR DAILY SPANISH LAW REPORTER. HAVE IT WITH A CAFE CON LECHE.
WWW.COSTALUZLAWYERS.ES

 

Legal tip 849. Dation and balance VI: A claim by Judges Association 
12 November 2012 @ 13:39 

Bosch:  Judge and spokesman of Judges for democracy (JPD). Spain

 

 According to Bosch, the solution to mortgage drama in Spain is to  adopt "immediately" a moratorium with "retroactive" force, in favour of families who do not have sufficient resources. It also proposes to apply social rent formulas in other cases.

 

"It is worrying that the Government seems to be opting for patches and insufficient solutions that do not solve the underlying problems".

 

 In this sense, JPD spokesman said that "it's time to act responsibly to addressstructural reform of the mortgage system to end the hundreds of thousands of existing social dramas"

 

In addition, Bosch has mentioned the ruling issued Thursday by the Attorney General of the Court of Justice of the European Union (TEU), which accuses the Spanish law of evictions of infringing EU rules by failing to ensure effective protection of consumers from potential unfair contract terms on mortgages, shows that Spain "has been a haven for banks."

 

"They have had enormous procedural advantages. Meanwhile, unlike other neighboring countries, our citizens have had no protective legislation or have had the right to payment in kind ( dation), whose regulation also needs to be claimed.

 

Bosch also added that banks have received "substantial aid" without being required "the corresponding social counterparts.

 

Therefore, JPD encourages Spanish judges to perform this "pretrial motion" to the Court of Justice of the EU, and ask them to "automatically suspend all evictions and mortgage procedures at reasonable doubts about its legality." "We have asked the judges to paralyze everything. Current procedures may be invalid according to European laws," said Bosch.

Dation and Balance V

Dation and Balance IV

Dation and Balance III

Dation and Balance II

Dation and Balance I

 

Desde el chiriguito del Hurricane

"Desde el chiringuito de Hurricane", Tarifa, Cadiz, Southern Spain, by Chodaboy, at flickr.com


 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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