Q1: Can I Still Reclaim Mortgage Expenses If I Purchased My Property In Spain Before 2019?
A1: Yes, you can! If your property purchase in Spain was before 2019 and you covered all mortgage-related costs, you’re eligible to claim back these expenses. This remains applicable irrespective of the mortgage status or if the property has been sold.
Q2: Why Were Clients Initially Required To Pay All Mortgage-Related Costs?
A2: Before the 2019 Real Estate Credit Contract Law, Spanish banks required clients to bear all mortgage-related expenses. This practice was standard until the legal reforms.
Q3: Is Reclaiming These Costs Legally Justified?
A3: Absolutely. Both the European Court of Justice and the Spanish Supreme Court have ruled that clauses forcing clients to pay these costs are unfair. Therefore, banks are legally obliged to refund various mortgage-related expenses.
Q4: What Costs Can Be Reclaimed and How?
A4: You can reclaim 50% of notary fees and 100% of property registration, administrative, and appraisal fees. This change is due to numerous rulings by European and Spanish courts, solidifying the legal basis for these claims.
Q5: Is There a Deadline for These Claims?
A5: While there’s confusion regarding the deadline, the worst-case scenario suggests it might be April 14, 2024. This includes an extension due to the pandemic. It’s crucial to note that this deadline can be extended by initiating a claim process.
Q6: How To Start The Claim Process?
A6: The first step is to file a complaint with your bank’s Customer Service. If there’s no response or it’s negative within two months, you can proceed with a legal claim. Documentation like the Mortgage Loan Deed and relevant invoices are necessary.
Current Eligibility for Mortgage Expense Recovery: Based on various court rulings, you can now recover 50% of notary fees and 100% of property registration, administrative, and appraisal fees, plus legal interest from the date of the mortgage signing.
Initiating a Claim: To begin, file a complaint with your bank’s Customer Service. If unresolved, you can file a lawsuit, requesting the nullification of the abusive clause and reimbursement of documented expenses with legal interests.
Need Assistance with Your Mortgage Expense Claim? Contact Us Now!
Are you looking to reclaim mortgage expenses for your property in Spain? We’re here to help. Contact us today to receive professional service and guidance tailored to your needs. Let’s make sure you get what you’re entitled to!