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José M.
José M., Attorney
Category: Spain Law
Satisfied Customers: 5732
Experience:  Spanish Attorney
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I own a property in Spain with my parents ( mortgaged,

Customer Question

Hello, I own a property in Spain with my parents ( mortgaged, 3 way split. ) my parents lived in the property but now both have died and the property and mortgage are now my responsibility. The mortgage and local authorities out there have told me I have to pay inheritance tax of 55,000 euro. I don't have any money to pay this. The mortgage lender and solicitor in Spain says I can reject the inheritance tax and hand over the keys but would still have to pay my part of the mortgage which they say is around 100,000 euros. This makes no sense. They say I could sell but because of the current market, the property is not worth what is owed. Would bankruptcy be my only solution, it's not what I want but don't know what else to do. There was no life insurance taken out by my parents.
Submitted: 10 months ago.
Category: Spain Law
Expert:  José M. replied 10 months ago.
Hi there
Your solicitor is right, and the chance to leave the inheritance left is probbaly the best
If you can no pay the mortage and taxes, if you do not pay, the bank could take the propiety but they will have to take a hard legal way againts you
Legal way were you could deal with them and let the propiet being sold out at court to you
I mean that you could deal with the bank to stop paying and let them take the propiety by an easy way, and then sell it to you
The chance could be better for the bank also, beacuse they do not want problms with you neither the propiety, they want money and you coul give them some
Chech for the best solicitor you could pay with experience dealing with banks and start the procedure leaving the inheritance and stop paying the bank
Thank you I will be here if you need more help

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