We can help you to recover
the expenses incurred when you mortgage your house in spainand
claw the cash back on interest unlawfully charged
Recent rulings handed down by different courts allows individual consumers to claim from banks monies illegally overcharged:
FLOOR CLAUSE (CLÁUSULA SUELO)
The Spanish Government has recently passed a decree that sanctions to claim from the bank the repayment of overpaid interest due to improper application of a floor clause which set a limit on the minimum interest rate a lender could charge regardless of how low the Euribor base rate fell. The claim is initiated out of court and the bank must then calculate the amount that must be returned and, if agreed, make the payment. The whole process must take no longer than three month.
MORTGAGE SET UP FEES AND FORMALIZATION EXPENSES
Courts all over Spain (including the Supreme Court of Spain) have recently admitted the possibility of claiming the setup fees that borrowers have paid when they get a Spanish mortgage and were unduly charged to the consumer, such as stamp duty, notary, land-registry fees, survey and valuation of the property and admin fees which may range between €2,000 and €4,000. It will require a law suit although it is advisable to make a previous out-of-court claim.
In Leónolarte we have a team of specialized professionals at your disposal for both extrajudicial and judicial claim of the mortgage expenses and the floor clause.
We will review your mortgage free of charge and only if you qualify to claim we will charge a €150 upfront fee and will take 20% of any money recouped from the bank.
Frequently Asked Questions regarding set up fees and formalization expenses
1. What expenses can be claimed?
Expenses for notarial deed, stamp duty, land-registry fees, survey and valuation of the property and admin fees property valuation and Document duties although this last one is less likely to be successful to be recovered.
2. Who can complain?
Any individual (consumer) who has signed a mortgage deed on a home.
3. Is there any time limit?
There is no time limit, since what it is claimed is the nullity of the agreement that set up the expenses of the mortgage. Every individual who has a mortgage (still running or already paid off) can claim set up fees and formalization expenses.
4. What if I have modified my mortgage?
You can claim the expenses of the first mortgage deed as well as those of the modification.
5. I can not find the invoices. Can I complain?
Yes, you must either request these invoices to the bank or later in the law suit if the bank refuses to provide them.
Frequently Asked Questions for the Floor Clause
1. Who can use this new procedure?
Individuals who signed a loan agreement which includes a floor clause and that has been notarised for a purpose other than a professional activity.
2. How long does the bank have to resolve my claim?
The whole process must take no longer than three month after the claim is register with the bank.
3. Is it compulsory for the bank to make a cash refund?
The bank must return the amount calculated in cash although it can propose alternative compensatory measures which must in any case be accepted by the client.
4. What happens if the bank rejects the claim or does not respond within the regulated period of time?
The claim is deemed to be concluded without success and a law suit claim is openned.
5. Can I benefit from this procedure if I signed an agreement with the bank waiving my rights to challenge the floor clause?
Yes you can based on consumer and user regulations and reiterated case law, a clause fundamentally null cannot be cured in a private document.