Difficulties with mortgage

Being new to this forum can someone please direct me to pages about mortgage difficulties and what to do.  I believe the international side of our bank Barclays over valued the property we were buying last year to grant an 80% euro mortgage from their Madrid branch.  Having approached an agent who was involved in selling similar properties I have been informed (and can see for myself on their internet site) that similar properties are only fetching 50% of what I paid because facilities have not been provided as promised, due to Licences not being granted.   Selling is obviously not an option and I have been told that I can be sued for the debt to be recovered from assets in England.  Now being jobless I wanted to know what my options are.  I have seen something about handing back keys and also wondered if it might be worth talking to the Bank but as a non-resident it seems pretty hopeless that any help is at hand.

Any comments or directions to pages would be of most help please.

Hi Hamtine - welcome to the forum. 

We have two regular contributors here - Smiley who is a mortgage broker and Maria deCastro who is a lawyer and both of them should be able to give some advice.  Search for their posts as there have been so many discussions here about people in similar positions to yourself.

All the best

Hamtime: You can ask for contract cancellation if facilities were included in publicity and are not there.

http://www.eyeonspain.com/spain-magazine/publicity-contract.aspx

Thank you so much for a quick response.  You mention contract cancellation but we have already purchased the property and although we complained by letter copying in our Spanish solicitor to the very well known Spanish builder that to have no facilities and no date for completion of facilities would be detrimental to our financial position, our letter was ignored and the solicitor said that we only paid for the apartment so we were committed to purchase or loose our deposit.  Having completed does the contract cancellation still apply?

Thank you so much for a quick response.  You mention contract cancellation but we have already purchased the property and although we complained by letter copying in our Spanish solicitor to the very well known Spanish builder that to have no facilities and no date for completion of facilities would be detrimental to our financial position, our letter was ignored and the solicitor said that we only paid for the apartment so we were committed to purchase or loose our deposit.  Having completed does the contract cancellation still apply?

It does.

Maria 

The facilities I am referring to are ones that would add to the value of the property should they be built.  Eg Tennis courts, restaurants, shops and golf club house etc.  Just in case I led you to believe the basic facilities such as electricity, gas and water.  If this is a route we can follow then there is light at the end of a very gloomy, dark tunnel.

 It is a route.

Best wishes,

Maria

Where do we start with this Maria?  Do we approach the bank via a lawyer or do we approach the builder via the lawyer?

I would suggesto both via the lawyer, first the developer.

Best regards,

Maria