Have you lost money in Spanish property?
At Reclaim in Spain we specialise in helping UK clients claim back money lost on unbuilt Spanish property or trapped in Timeshare Contracts that were mis-sold and are now a burden to the owners.
Reclaim In Spain was set up to handle the growing number of ‘Spanish claims’. We have recovered more than £32 million back for clients, most of which relates to money that has been invested and lost in failed off-plan property purchases.
In 2012, a leading property Solicitor, Martin De La Harran, was one of a small group in Spain who submitted some test claims against the banks for the return of client monies they were supposed to have protected under a law known as 57/68.
This law, introduced by General Franco in 1968, was established to protect domestic and foreign purchasers of Spanish off-plan property. As the first layer of protection, a developer was held responsible to ensure that any funds paid to them, via a bank, would be available to be repaid in the event of their failure to complete construction.
The more robust element of the law was that the bank where the client money was held was to supply a Bank Guarantee to each of the clients that protected them should the developer fail to complete construction in a timely manner or cease trading, which sadly was the case for many investors.
This law was largely ignored or forgotten until the test cases of 2012.
At that time, Martin, and a few like-minded Solicitors tested the law with their own clients’ cases. Most of the cases were deemed too complex for the first level of Spain’s legal system and were passed up to the ‘2nd instance’ or Appeal Courts. Although some were successful at this level, there were some issues that had been resolved by The Spanish Supreme Court.
After the initial results in the lower courts, various Solicitors began to submit more cases, and as the respective judgments proved successful the range of eligible claims widened. As an example, Abolex has enjoyed a 100% success rate on all but one case that have gone to trial.
Late in 2015, the final issues were resolved by the Supreme Court – all in favour of the claimants – and they issued statements of clarity on the judgments. This has opened the way for thousands of people in the UK, Ireland and Spain to claim their money back.
Two years ago we set up an exclusive agreement with Martin’s company – Abolex Abogados – to combine the marketing and audit skills of Reclaim in Spain with the proven legal expertise of Abolex.
The result is that we now work together on all aspects of your claim and represent you in court, taking the strain away from you.
We currently represent more than 900 couples or individuals reclaiming in Spain – so the chances are that we already have clients on your development who deposited money with the same bank.