Hello everyone.
Not so long ago if you mentioned that you have a property in Spain to most in the U.K they would have looked at you with envy .Investment, holiday home in the sun and the lifestyle it brings.?
Mention it today in the U.K and many look at you with almost a sympathetic look as they appear to know someone somewhere that has problems relating to the Spanish Property market or its laws.
Its laws or lack of it and the media it’s created here in the U.K will take many years, if ever to wash through.
We have many trying to fight for justice, one in particular that sums it up for thousands of others. Do I fight or take flight and count my losses now or risk loosing more. Sad and desperate situations that should never have been allowed to happen
Banks/Developers/Insurance Companies/Lawyers almost invite people to issue court proceedings in the knowledge that they can tie the claimant up for anything up to 10 years in a system that can’t or will not allow it’s self to be regulated.
There is little doubt that this system will not change unless it has to and the game now is they play for time in the anticipation that the markets will return and losses to the Banks/Developers and to purchasers are not crystallised. Why because the doors of hell would open and reality is that apart from those that are well placed financially most would lose.
Reality is that you are where you are when the roundabout stopped and there is not a lot you can do about it as clocks can’t be turned backwards no matter how at times we wish they could.
So to the future! Fight for justice to get deposits back? If you have a bank guarantee then maybe O.K but prepare for a long road ahead
Fight the developer. The assets that he once relied on to raise capital have crashed in most cases as one fine gent has discovered and any assets have been stripped long ago while the fight took years to go through the courts. The winner? THE LAWYER.
Petitions? Fantastic as any good lawyer wants change however as can be seen those inside fighting at times feel it’s a closed shop so potential massive momentum is stunted.
Also and understandably these petitions do get very personal and those that are happy object to the rantings of what they feel is a minority are offended by insults regarding Spain overall and its people.
One or two egos also play a part I feel.
Classic case of wasting time and effort when even those that are happy would wish the law is sorted as they could be the next victim or end up with property that no one wants as they can’t trust the legal system.
Good estate agents want change. Mortgage Brokers want change. They are neither stupid as they want a system that brings confidence back to the market. Yes even this forum owner must want the same.
Remember it was the Brits that ripped most of their own off and yes laws should have been in place but the law at the time just wasn’t established enough to even begin to deal with the problems on this scale. No Country would if something unforeseen to such a scale happened to them. Remember the onus is on the buyer and as far as I know no one made anyone sign. May have been lied to and probably by U.K Agents on a fat commission and a flashy brochure. Don’t blame Spain for that. Blame the lawyer.
Those with property and have mortgages there may be better news. Banks don’t want your property anymore as they have enough already they can’t sell. Approach them to negotiate interest only periods of say 2/3 years. Remember they know just how long you could tie them up in the courts in very expensive legal fees and property that if sold would almost never cover costs.
Interest only period would reduce repayments by a massive amount and the option to rent to cover costs then becomes a reality for many until the market returns .Its keeps liquidity going through the banks and they need it like you or I to survive .You may not be able to change the laws but you sure are able to play them at the same game.
Don’t be bullied. Be firm and fair they don’t want another fight anymore. Those days may be in the past as they too pay for their folly. Don’t say it can’t be done as I have done it and without the stupid fees they wanted in the past.
Those that did complete years back are able to offset much of the drop in the market due to the currency situation and when it returns as it will one day then the gamble they took may prove a good very prudent.
Those that walked away .not complete perhaps feel that they have just cut the losses and indeed they may prove to be right also
We can’t tell the future and history will tell which proved the right course.
Reality it’s a buyers market and perhaps it’s a good idea to try to avoid being one that has to sell.
Banks/Developers/Insurance companies are using the law to buy time. Perhaps it’s about time the consumer did the same.
As it’s said. The time to buy is when no one wants appears to want it. When they want it it’s too late
The past is the past and anyone that has ideas to help ride the storm then I am sure that thousands would love to hear from you.