Congratulations
Your claim has been successfully registered with your mortgage provider and it is now time to quantify your claim prior to submission to court.
The aim of your claim is to recover all the fees that have been deemed illegal, and nullify any clauses that will cost you additional fees in the future. In each successful case you will also receive interest on your recoveries.
What’s next?
To continue with your case the solicitor needs a Power of Attorney which will allow him to request the documents he needs to quantity 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.
The Notary will charge between 100 - 120 Euros for this service, but we are in the process of negotiating a lower price on your behalf.
Do you have a claim?
For your mortgage to be agreed by your bank you will have paid for ‘standard’ services that, under Spanish and European law, you should not have been charged (see below). These can now be reclaimed. Each case is different and once we have obtained your deeds and associated invoices our Spanish solicitor will be able to quantify the amount of claim for you in detail.
What can you claim back?
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.
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.
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.
To help us arrange an appointment for you please complete, and submit, the form below: