What’s next?
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Once your Application form has been referred to our Spanish Lawyer we will need to gather the evidence to submit the claim. The most important document here being the Mortgage Deed. Normally, if you have the deed, we are able to submit the claim to court within 10 weeks. Dependent on Court waiting times you should be refunded within 9 months.
​​​To continue with your case, regardless of whether you can supply the deed, the solicitor needs a Power of Attorney which will allow him to request any other documents that he needs to quantify the claim and to act on your behalf. We will arrange this for you. All you need to do is attend a local Notary to sign the document. The POA is specifically for your claim and does not give the solicitor any other rights.
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The Notary will charge between 100 - 120 Euros for this service.
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Do you have a claim and what can you claim back?
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In almost all cases, anybody that had a Spanish Mortgage before 2019 will have paid set up costs and other fees. These can be refunded.
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Several fees that you paid in advance can be recovered. These include 100% of the arrangement fee, 100% of any management fee and 100% of valuation fee. You can also claim back 50% of your notary fee.
The vast majority of mortgage holders had been charged an arrangement fee of between 0.5% and 2% of the mortgage value. This would have been paid in cash, added to your mortgage so you may not even have noticed that you were charged it. Any claim made will also seek to recover these costs. In addition to these costs we will also apply to recover the interest you are owed. This interest is normally sufficient to cover the cost of the case which leaves you with the capital awarded from the Court.
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On an ongoing basis, you may have had an abusive clause in your deeds that stopped your mortgage premiums from dropping in line with the European Interest rate; or you may have paid an upfront life insurance premium of which any unused amounts can be reclaimed.
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Finally, there are clauses in nearly all mortgages that dictate you will have to pay an exit fee when your mortgage ends and disproportionate fees if you fall into arrears.
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To help us arrange an appointment for you please complete, and submit, the form below: