Contact Spanish Lawyer UK

 If you have any further question regarding Spain or Spanish Law, please do not hesitate to contact me.

David Lorenzo-Spanish Lawyer UK 


2 comments to “Contact Spanish Lawyer UK”
  1. Dear Sir,

    We bought a property in Spain about 6 years ago when it was valued at over 200,000 euros.
    I think it’s probably worth about 50,000 euros now.
    Am I allowed to simply hand the keys back to the bank and walk away (I have heard many stories of this happening but can the banks send debt collectors after you?) or do I just have to keep paying my mortgage which is about £700 a month at the moment?

    Graham Read

    • Dear Graham,

      Thanks for your enquiry.
      Your problem is very common, and not easy to sort out. In the mortgage you do not only guarantee the loan with your property, but with all your present and future goods. So the solution is not give the keys to the bank and walk awy.
      The procedure you need is a “Dacion en Pago”, and it is only accepted by banks in cases when you can’t afford the payment of your mortgage. It depends of three main points:

      -. You have to justify estrongly and sufficiently that you can’t afford the payment
      -. the current value of the property
      -. the current balance of your mortgage.

      The process can take three months, and after all they can decide not to accept it.

      The aproximate cost of the procudure(including powers of attorney, notary, legalizations, translations, legal fees) could be around £1,500

      So you have to think about it carefully, if you can continue with payments and wait the housing market to recover or you can’t afford it and want to ask the bank.

      Anyway, the first step would be gather all the property and mortgage details an ask the director of the banks’s branch in Spain their politics in this cases, because sometimes they tell you no since first and it is no worthy to try.

      If you are interested in going forward and ask the branch, send me an private email with the details and I can help you.
      And if you have any further questions please let me know

      I hope it helps



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