extra fees for rental properties

 How do you buy a repossessed property from the bank and where do i have to look for is this direct to the bank or it is a diffrent govermant institution in Spain ?

It would be very helpful if i get some tips as i find you guys all very helpfull for first time house buyer in Spain !

Thanks Again!!

You need to look in the estate agents ..you will find that the properties up for sale by the Banks will not be advertised as repos ... it's also not true that the Banks are giving them away as most of them have massive outstanding mortgages on them so they will always hold out for the highest amount they will get...I recently bought a repo the bank reposed it a number of years back ..and basically just secured the property until prices had risen enough for them to get the money owed back...the only time you will get a knock down price is if a building company has gone into liquidation ...I have 2 properties in Spain .one of which is on Camposol Masa the builder's went in to liquidation ..the company that is handeling the sale's are only releasing around 5 properties every couple of months for sale..they have a total of around 80 villa's to liquidate ..but they just site on them untill the time is right to let them go an estate agent called Blue med  is handling the sales .

ads gave you a few websites to look at, I put in 'Repossessed houses for sale in Spain' and plenty came up in many areas, worth looking on the web, could give you good advice also.

Make sure you get an independent trusted conveyancing lawyer to ensure that the various risks are minimised ( both in terms of the purchase contract and mortgage contract) ....either that, or you need to be aware of all manner of aspects that have compromised previous purchasers, as sadly the message buyer beware still stands.

Check out the set up re how effectively the management of the community is being run and if the president is working in the interests of the community. Also consider the implications if a 3/5 majority of the community were to vote to prohibit rentals on their development....

Also review the website https://www.gov.uk/guidance/how-to-buy-property-in-spain

Be prepared for major currency fluctuations, developer insolvency ( if a purchase is offplan), never provide a deposit if building licence has not been made available as it will be deemed legally uninhabitable, land registry issues, be aware of mortgages being sold on to vulture funds, check realistic job opportunities and unemployment levels ( if dependent on finding work), and loads of other aspects that have been discussed on EOS. :)

EOS is an amazing vehicle for knowledge, so long as you remain open minded to critiques that are attempting to forewarn of corrupt or manipulative practices. Sadly the Banks in Spain do not have a good track record in this regard, but there are ongoing attempts to try and correct this, which are taking time ( understatement!)

Is this thread locked?

Just an update on Community Bank debt.

After a period of banks getting up to date with Community Fees this appears to be stalling yet again as the banks change around the management companies that control the asset.

Is this an attempt to hide the real value of the assets in their balance sheet or just bloody mindedness again.

When asking id a complaint to the the Bank of Spain as regulator woukd be worthwhile, we are told, yes if you want to wait a year or two for action action.

Hughman

Are you referring to the Vulture fund companies when you talk of changes around the management companies?
Do these new companies have regulatory structures in place?

Do these companies still come under the control of the Bank of Spain? In other words are the Banks offloading their legal responsibilities related to their debts to unregulated companies?

Are communities being placed at risk here in terms of the protections that were afforded them prior to this restructuring? 

Perhaps Maria can advise you if communities are at risk in terms of losing their ongoing consumer protection from unregulated Vulture fund companies.

I noticed this with regard to Vulture funds and how Ireland have banned unregulated entities from owning Irish mortgages. 

"Vulture funds swoop in to be counted for Central Bank authorisation

Rush to be regulated follows new law to shield homeowners in arrears

https://www.thetimes.co.uk/article/vulture-funds-swoop-in-to-be-counted-for-central-bank-authorisation-p7xd27gb9

"Almost 40 so-called vulture funds, including companies controlled by Goldman Sachs, Cerberus Capital Management and Apollo Global Management, have rushed to seek authorisation from the Central Bank of Ireland following new legislation banning unregulated entities from owning Irish mortgages.

They include Beltany Property Finance, a Goldman Sachs affiliate that caused widespread anger in 2016 when it threatened to evict more than 100 families from their rented homes in Tyrrelstown, Co Dublin.

Central Bank authorisation is also being sought by Tanager, an affiliate of Apollo found to have incorrectly calculated arrears on some of the mortgages it acquired from Bank of Scotland (Ireland). Other loan purchasers seeking to secure authorisation include companies connected with private equity and hedge funds such as CarVal, Oaktree Capital, Bain Capital "

Does this imply that Spain might be at similar risk from such unregulated companies if law has not been passed in Spain to ban unregulated entities from owning Spanish mortgages? 

Or perhaps this is not relevant to community debts?

Ads:

As trasnsference of property ownership to vulture funds is sometimes stopped by Registrar, main reason because they were not the registry holder of mortgage rights from which ownership resulted after repossession, it can certainly happen that a property is being left not being registered to its owner ( vulture fund) for years and the ommunity gets therefore damaged by this. 

Only way is to find the title ( Notary deed) by which mortgage rights were passed to the Vulture Fund or/ judicial decree of repossession.

M

Having our AGM in a couple of months and going to a vote about adding 20% incress for rentals.

Could somebody lead me to wear i can find relevant HPL Section i can refer to, you all know about AGM/EGM´S People want to know where it came from i have had a look at HPL but cant find what section it´s in 

Thanks in advance 

Ads

As an example, Santander who previously used their subsidiary Altamira as their property arm and were actually reasonable payers have transferred ownership to Global Pantelaria who I have not had time to research but they have allowed 2 quarters of fees on a number of apartments to remain unpaid as yet.

We always apply to the Land Regustry for a Nota Simple which should provide name of current owners as well as any mortgage or any other debt interest, I assume this is what MARIA means.

As she states though, there is NO urgency for them to change names in the Land Registry, which of course will put Communities at risk both from Cash Flow and lossibly the law on bank repossession which states they must pay current year plus 3 previous.

Any unregulated owner could create more problems for Communities and frankly the Bank of Spain is a waste of space as a regulator.

The current Socialist government will also have little interest in foreign owners with a holiday home or locals with a second home in a Community, they have other fish to fry.

https://www.expansion.com/directorio-empresas/global-pantelaria-sa_9591625_K67_28.html

Listed as an Anonymous Society 😂 that's helpful.

I wonder how many Santander owned properties have been transferred possibly not registered into that name.

Anything to dodge financial returns and delay Community fees.

https://www.opentenea.com/GLOBAL+PANTELARIA+SA/empresas/MADRID//empresa?empresa=2784168

"a vote about adding 20% incress for rentals".

What do you mean with this?

M

Thanks Ads, once again, does not tell us much other than Santander involvement which we already knew.

Is it a Vulture Fund? Or merely a new property arm of Santander and how is it regulated as it's not a Bank?

Why does that mean that they can delay Community Fee payments just because they have transferred an asset between companies within the Santander unmbrella?

An interesting comment.....

https://factcheckeu.info/en/article/la-onu-advirtió-a-españa-por-permitir-que-los-fondos-buitres-multinacionales-compren-vastas-franjas-de-propiedades

http://www.dogv.gva.es/auto/dogv/docvpub/rlgv/2009/D_2009_092_ca_D_2015_075.pdf

ON December 14, 2018 the Spanish government approved a Royal Decree which modifies the Law of Horizontal Property and the laws for rented property, especially property rented out as tourist accommodation

this will bring some welcome changes for many owners in residential communities currently unhappy about the sharp increase in neighbouring  properties being rented out as short-term tourist accommodation. Understandably, many owners but not all, feel a fundamental incompatibility between their own often quieter home lifestyle and the thrills, spills and noise generated by the carefree, often stay-up-late tourists on holiday. 

Previously in order for a community to impose any kind of restriction on an owner’s right to run their house or apartment as tourist accommodation, the law required a unanimous vote of approval from all the owners, a 100 per cent agreement.

The new decree includes an amendment to the unanimous requirement by reducing the majority needed to pass a motion of this nature to just three-fifths of the owners, owning three-fifths of the properties within the community according to their community quotas. Quotas must always be shown in the minutes on all votes 

Meaning this reduced majority is now able to set limits and change the conditions for tourist accommodation at any general meeting of the owners far more easily.

This includes limiting or prohibiting properties being used as tourist accommodation in a preference for residential occupation and also increasing the community fees by up to 20 per cent for properties rented out as tourist accommodation.