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wingrovebuyer
wingrovebuyer, Senior Solicitor
Category: Property Law
Satisfied Customers: 737
Experience:  Bachelor of Laws (Honours); PG Diploma in Law; Member of ALA; 9 years' experience
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I have a property in Mallorca that I can no longer afford the

Customer Question

I have a property in Mallorca that I can no longer afford the mortgage on and I am planning to hand the keys back. The mortage is substantial (negative equity).

What precedent is there for Spanish banks to pursue UK homeowners through the British courts?
Should I be prepared to file for IVA?
Submitted: 4 years ago.
Category: Property Law
Expert:  wingrovebuyer replied 4 years ago.
Hello. Unfortunately, the Spanish bank could pursue you for the balance of the debt through the English courts. However, if the negative equity is relatively small, they may agree to write off the balance in return for you voluntarily handing over the property. You'd sign an agreement with them, and that would be the end of the matter. They may do is because it limits costs and timescales for them, so it is attractive to them, as well as to you. Hope this helps!
Customer: replied 4 years ago.

can you recommend a UK solicitor who can assist with communicating with them (they have UK solicitors) to draft such an agreement?


 


Thank you for your response it was helpful.

Expert:  wingrovebuyer replied 4 years ago.
Thanks. I'm afraid we can't recommend a firm, but if you look up your local Law Society online or in the Yellow Pages, and give them a call, they should be able to suggest a couple of firms who could do this for you.
Customer: replied 4 years ago.


Thank you

Expert:  wingrovebuyer replied 4 years ago.
No problem - please don't forget to leave a rating if you haven't done so already. Best of luck.
Expert:  wingrovebuyer replied 4 years ago.
Hello. Would you mind leaving a rating please, or JA won't pay me for helping you. Thanks!

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