Spanish Court Ruling Gives Boost to ReclaimYourDeposit.com
A legal lifeline has emerged from a Cantabrian
courthouse. The judge deemed the bank responsible for protecting a
client's funds, Caja Cantabria, as having failed in its duty and
ordered them to issue a full refund of deposit and stage payments.
As news of Spanish property fiascos escalate with many embittered
expats losing millions of pounds in deposits for non-existent second
homes, a legal lifeline has emerged from a Cantabrian courthouse. The
judge deemed the bank responsible for protecting a client's funds, Caja
Cantabria, as having failed in its duty and ordered them to issue a
full refund of both deposit and stage payments. ReclaimYourDeposit.com
believes this will set a standard for future cases.
Daren Wallbank, Director of ReclaimYourDeposit.com, comments, "Although bank guarantees were seen as the ultimate in security by
Spanish property investors, we've uncovered many cases where the
guarantee has been promised but not delivered and everyone from the
bank to the lawyer, notary to the developer has seen fit to relieve
themselves of responsibility for the failure. This landmark ruling
shows that the Spanish legal system is prepared to apportion blame and
will not allow property scams to be brushed under the carpet. It gives
us added confidence going forward as ReclaimYourDeposit.com works on
behalf of our desperately out-of-pocket clients."
In Cantabria, the case referred to a client who had paid a deposit
on a property that was subsequently never built. The bank initially
tried to brush off the allegations saying that the bank guarantee had
expired and therefore they could not be taken to task. The judge
disregarded this 'small print' and reminded Caja Cantabria of Spanish
Property Law 57/1968 which asks "to protect the funds paid by the buyer
into a special account and ensure they are used solely for the purpose
of building the property". The court further argued that guarantees
could not expire whilst the purchaser still had no home to show for
their monies.
Daren continues, "Sadly Spanish Law is not based on precedent in
the same way as English Law, but undoubtedly other courts in Spain will
take the verdict into account when faced with similar cases – of which
there are many. It also leaves a question mark over the numerous
expats who have discovered that their bank guarantees were never issued
- it’s still unclear who would be responsible then. Nonetheless it
does send out a clear message that the Spanish legal system is slowly
coming to terms with the terrible treatment of international property
purchasers and provides more than a glimmer of hope to those seeking
recompense for non-completed property in Spain."
No Win No Fee Spain:
ReclaimYourDeposit.com has recently launched a 'No Win No Fee'
service unique to Spain. Providing clients can conform to three simple
criteria - have in their possession the original private purchase
contracts, have proof of payments and finally a contract that has
expired without the property reaching completion -
ReclaimYourDeposit.com will take on their case and try to recover a
disastrous situation.
If you have a disastrous situation that you would like
ReclaimYourDeposit.com to take on and attempt to recover email
info@reclaimyourdeposit.com, visit www.ReclaimYourDeposit.com, or join
our FaceBook Group "Reclaim Your Deposit".
19-01-2011
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