Does Your mortgage in Spain have an abusive floor clause?
Loans taken before 2013 may have abusive floor clauses, especially loans signed between 2007 and 2009. In case there are not any decline in Your mortgage payments since 2008, then your mortgage could most probably include abusive floor clauses. In that case, you have the opportunity to claim back overpaid interests.
Our INTRO™ lawyers can help you negotiate with the lender and claim back the overpaid amount.
One feared situation by property owners are tenants who do not pay rents neither are they willing to leave the apartment. What to do in this kind of situation?
Firstly, one could try to negotiate and send a payment requirement. If the tenant is willing to pay, one could try (depending on if one has trust in the tenant) sign a payment plan in which the tenant has to pay the rents in a certain period. If the tenant does not pay in the given time he will also need to lend the keys back and is informed that the owner will take legal actions collecting the credit and to force the possible eviction.
A common way to collect the unpaid rents is with a special type of process called “proceso monitorio” in which the eviction could be forced within the same court proceeding.
Our INTRO™ lawyers can assists you through the whole process.
Spain has quite complicated rental laws and there are a lot of scammers who are renting properties that are not their property or making double bookings which causes a lot of disputes between tenants and their rights to use the property.
For this reason, it is recommendable to have a lawyer to check the ownership data of the owner or possible “authorizations to rent the property” of their agents before making any prepayments.
Another thing is to prepare a specific rental contract for the specific use of the property, while in Spain the rental laws differ in many aspects between short- and long term rentals.
Our INTRO™ lawyers will assist you through any type of rental agreement.
Buying a property in Spain is quite an advanced process for foreigners who are not used to the Spanish bureaucracy and or do not speak Spanish.
The process could include amongst others the following matters:
- Filing for N.I.E. documents and notary documents
- Checking ownership data, possible burdens, and unpaid, taxes or community or other fees and building licenses
- Preparing or checking the validity in pre- and sales contracts
- Title Deeds
- Opening of a local bank account for expenses including taxes
- Opening of a bank account for the payment of the property
- Negotiating with the bank for mortgages
- Water-, electricity and other contracts
- Specific insurances
- Registration of the property in the name of the new owner
For this reason, we recommend to always contact a lawyer to assist you through the legal process of buying a property in Spain.
Our INTRO MARBELLA® multilingual lawyers can assist you with all this offering fast and reliable service for international clients.
The so-called Housing Credit Law aims to provide better protection for the buyer.
The new Spanish Mortgage Law came officially into effect on June 2019.
In general, the differences in the new law are the following:
- The costs of a mortgage are now shared more fairly. Banks may be obliged to pay for the tax, notary, land registry and gestoria fees.
- Caps for charges to repaying the mortgage earlier.
- Banks have to secure that the clients understand the details of the mortgage.
- The borrower has to go to the notary at least to take a test 10 days before completion (usually done by lawyers with power-of-attorney).
- Foreclose of homes is more difficult. New requirements state that lenders have to owe 12 months or 3% of the mortgage in the first half of the loan term (extended to 15 months or 7% of the debt in the second half).
*The posts in this blog are only informative, they are not suitable for legal advice and they are not automatically be up to date.