Deposit Claims process explained
You’ll find here all the relevant information about how your case will be managed and what to expect from our service.
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Pay-Back Time for UK Buyers
Over the last 15 years, thousands of Brits bought into the Spanish dream of owning a holiday home in the sun. Unfortunately, the financial crisis of 2008 hit Spain’s property industry hard and many developers went bankrupt and disappeared overnight, leaving buildings un-started or unfinished and leaving buyers out-of-pocket and empty-handed.
The chances of claiming any money back from the developers was, at the time, virtually impossible, as buyers found themselves at the end of a very long line of creditors. The property developers should have secured the buyer’s deposits in accounts which were protected by bank guarantees, but the reality was that hardly any of them actually did this. UK buyers essentially had to kiss their
investments goodbye.
However, a landmark ruling issued by the Supreme Court in Madrid in December 2015 has set an exciting new precedent: any banks holding deposits for failed developers will now be obliged to repay those buyers. Hola CLAIMS is a law firm with head offices in Liverpool Marbella and Granada and satellite offices all over Spain. It comprises a team of highly experienced lawyers, barristers, paralegals and translators with a collective track record of proven results.
Enrique Sanchez, Head of the firm and Honorary Consul of Spain in Liverpool, together with partner Pedro José Padilla encourage all potential claimants to come forward and contact his team so that each individual case can be assessed. So, if you have lost money in a property deal gone wrong in Spain, please call us on 07841052880 or 07988445702, or send us your details.
off-plan deposit claims
frequently asked questions
who can claim?
Everyone who have lost the amount put down as a deposit when purchasing off-plan property in Spain, even though if they won the case in Court but they could not execute the developer. Thousands of non-residents that bought second homes in Spain during the boom times are now entitled to these massive refunds.
do I need to appoint a lawyer?
You do need to appoint a specialist Lawyer if you want your money back quickly. Consumers that are entitled to pay outs require the assistance of a lawyer as Banks will be reluctant to pay back those large sums.
is there a deadline to claim?
Ley 42/2015 sets out 7 th of October 2020 as the deadline to make a claim in respect of any amount put down as a deposit before 7 th of October 2015.
mediation, out-of-court agreements or court actions
We, as your Spanish Lawyers can negotiate a quick and favourable deal that sometimes will be reach at Court (preliminary hearing expected to avoid paying Cost of the Court) on a NO WIN NO FEE basis.
documentation
Lawyers will need at least:
- The proof of payment to the developer´s bank.
- Private contract signed.
- Evidence that the development never been finished or get the final license.
Hola Claims, law firm based in both countries Spain and the UK will be more than happy to help you out to recover your
compensation back in cash.
you can get your refund, finally
New European ruling make banks liable for the deposit in your off-plan property purchase. Send your claim before it’s too late.
off-plan deposit claims
new EU regulation
class action to recover off plan deposits in spain
Regarding the matter at hand, it is indeed true that the Supreme Court has established that any Bank intervening in a building development is liable when the developer opened an account with the bank to receive the deposits paid by the buyers for these properties.
In accordance with the Building Development Act which repealed Act 57/1968 of 27th July, on the receipt of deposit payments for the construction and sale of property developments (in force until 1st January 2016), the developer was obliged by law to grant a bank guarantee or insurance policy to ensure the return of the deposits paid. However, few developers in Spain did this, and as a result, no guarantees or insurance covers were put in place to ensure the return of these monies.
The interpretation of the Supreme Court is that the obligation of the developer must also be the obligation of the bank where these deposits were paid in, and if they did not fulfil this obligation and the development was not completed or the property was not delivered to the buyer, then the Bank where these payments were made is liable. It is necessary, therefore, that in addition to the property not being delivered to the buyer, that the buyer paid the deposit into the relevant bank and that their deposit was not returned.
We have been already successful in recover large amounts for our clients from the Spanish banks.
If you want for your action to be considered on time you should act quickly and take immediate steps to recover the amounts put down as a deposit.
who we are
About us
We are Property Law Spanish solicitors with offices in Spain and UK. We've been working in Off-Plan Property cases since 2009.
It was difficult to get refunds from theses cases untill the European Court of Justice ruled in favour of consumers and against the banks who received the deposits. They are now liable for the amounts transferred to their accounts, plus interests.