Spanish Repo threat with implications in the UK

silvercar

elkab2009 wrote: »

It is a very expensive procedure for a bank to repossess a house, I understand in the UK it costs a bank about £30k (I maybe wrong) to repossess a house. I would imagne it would also be costly in Spain as well. I agree that it surely would have been in the best interest of both parties for the bank to just accept the keys but that's bureaucracy for you.

regards,

elkab2009

In the UK, going to court to get a repossession probably costs under £1000 including court costs and the legal costs involved. Maybe another £500 (?) to get baliffs to go into the property and to turn off services.

You then have the legal costs of the sale and estate agency costs, but these would occur whether possession was voluntary or not.

In any case all costs would be charged back to the former owner.

Bromley86

Googling something like "spanish repossess mortgage" throws up the sort of thing your relative needs. Not that it makes happy reading, but forewarned and all that:

http://www.marbella-lawyers.com/articles/showArticle/home-repossessions-in-spain-defaulting-on-mortgage

elkab2009

Bromley86 wrote: »

Googling something like "spanish repossess mortgage" throws up the sort of thing your relative needs. Not that it makes happy reading, but forewarned and all that:

http://www.marbella-lawyers.com/articles/showArticle/home-repossessions-in-spain-defaulting-on-mortgage

Thanks for that Bromley86,

Very interesting reading!

regards,

elkab2009

Trollfever

One final thing to say about selling property in Spain is that the market, especially in the resort areas, is quite tough. The almost uncontrolled building boom has led to large companies developing many resorts with low prices, big marketing campaigns, lavish receptions and events to lure the foreign buyers. This competition makes it hard for the private seller and you will have to compete with them, probably on price, so be realistic about your aims.

From:

http://www.owningabroad.co.uk/SellingPropertyInSpain.html