Q1: Can I still reclaim mortgage expenses if I purchased my property in spain before 2019 and covered all the related costs?
A1: Absolutely! If you bought your property before 2019 and were burdened with covering all the expenses tied to your mortgage, you have a remarkable opportunity to make a claim and retrieve those funds. This option remains available to you, regardless of whether your mortgage has been fully repaid or if the property has been sold.
Q2: Why were clients required to pay all mortgage-related costs in the past?
A2: Prior to the new Law of Real Estate Credit Contracts, which came into effect in 2019, Spanish financial institutions imposed the responsibility on their clients to bear all the costs associated with mortgage transactions.
Q3: Are these claims legally sound?
A3: Yes, both the European Court of Justice and the Spanish Supreme Court have unequivocally declared that clauses obliging clients to bear these expenses are unfair and null.
Consequently, financial institutions are mandated to reimburse their clients for the complete spectrum of mortgage expenses. This includes registration, administration, and appraisal fees, as well as half of the notary charges paid at the time of the mortgage agreement.
Q4: What expenses can currently be reclaimed, and how did this come about?
A4: The ability to reclaim mortgage expenses originated from systematic violations by banks of regulations safeguarding consumers and users. Over time, the Spanish Supreme Court adjusted its stance, culminating in the definitive legal doctrine established through judgments in 2020 and 2021.
Today, clients can reclaim 50% of the notary fee, the entire registration fee, the complete administration fee, and the full appraisal fee.
Q5: Is there a deadline for making these claims, and are we still within that time frame?
A5: Yes, a specific timeframe exists within which these claims must be filed. The exact determination is currently pending clarification by the Court of Justice of the European Union. However, even in the worst-case scenario, the deadline is set to expire on January 23rd of 2024.
Q6: How do I initiate the process of claiming mortgage expenses, and what documents are required?
A6: To begin, it’s advisable to seek professional guidance. At Costaluz Lawyers Abogados, we are here to assist you throughout the entire process. Our experts will assess the possibilities of making a claim, provide information on the viability of your case, and support you in both the extrajudicial and judicial aspects of the process.
All we need from you are the Mortgage Loan Deed and the Invoices you paid at the time. We are here to assist you in recovering what rightfully belongs to you!