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Spanish lawyers in London

We are committed to delivering effective solutions and to ensuring that you avoid the unexpected and unwelcome pitfalls often experienced by people unfamiliar with Spain's legal system and business culture.

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Buying a bank repossessed property in Spain

As with most economic downturns there are always winners and losers.

When it comes to real estate in Spain, those who experienced financial uncertainty during the economic downturn were often faced with the prospect of losing their homes. Ironically, and despite claims of financial mismanagement, it was the banking sector that was able to make a series of gains through property repossessions during the Eurozone crisis.

So what does this mean for the Spanish real estate sector? Well, it would now appear that banks have a substantial stake in the property market. Those banks are also keen to sell on those properties to recoup recession-era losses. What this essentially means is that in many instances it will be the bank as a vendor you will be dealing with as a potential purchaser in Spain.

Testimonials

My family and I had purchased a property in Fuerteventura just before the market crashed. We bought it with a view to renting it. Due to the recession people weren’t going on holiday as much, so we weren’t getting the rental income to support the mortgage repayments. We were trying to find money to keep the property afloat but it left us in a very tight position financially. When we considered selling the property its value had halved. E&G Solicitors in Spain took on my case and were able to negotiate successfully with the bank to allow a voluntary repossession to go through. With all things considered it’s worked out very well for me and my family. E&G Solicitors in Spain could not have done more to put my mind at ease. The fact that they have solicitors in Spain and the UK who are bi-lingual and have knowledge of the legal system over there is great. I couldn’t recommend them highly enough.

Tony, Derbyshire