Decision day for the one million floor clause mortgages in Spain that may have paid an average of €25,000 too much

Decision day for the one million floor clause mortgages in Spain that may have paid an average of €25,000 too much

This week, finally, Spain’s Supreme Court will rule on mortgages that were linked to an IRPH rate, more than six months after Europe left it to the Spanish judges to rule on their legality or lack of transparency. While the standard Euribor rate has been negative since February 2016, the mortgages linked to the IRPH have been paying interest at around 2%. It is estimated that the average cost of overpaid interest payments to these clients could be around 25,000 euros each. The Supreme Court validated the use of the IRPH in 2017, but Court number 38 of Barcelona raised a preliminary question to Europe to enquire about the control […]

Spanish mortgage victory leaves British couple with €15,000 in their pockets thanks to bank compensation payout

Spanish mortgage victory leaves British couple with €15,000 in their pockets thanks to bank compensation payout

Once upon a time a happy English couple (let’s call them the Smiths) who worked very hard in Birmingham all their lives dreamed of buying a property in Spain. One day they decided they had ‘had enough of rain, beer and fish and chips’ and decided to come to Spain to change it for sun, sangria and paella. But they were not 100% sure about it… it was, after all, a big move in their lives, but you only live once, so they booked their flights to Spain. They fell in love with Spain at first glance and their people and agreed to go ahead with the purchase of a […]

Prevention of conflicts in joint ownership situations

One of the most common and most problematic situations which arise nowadays is the conflict among several joint owners of a property. The most typical case is the non married couple who purchases a house and due to subsequent disagreements starts living independently from each other. What happens if Bill (owner of 50% of the property according to the deeds) gets fed up of the property and wants to have it sold to get “his part” back, of course against Grace’s opinion? And what if Grace had paid the full investment on the property (price and costs!) and Bill had not put a cent? Is there any compensation to the […]