Just one month left to claim for lost Spanish property deposits
There is just one month left for those who lost deposits on Spanish off-plan properties that were never completed to begin legal proceedings to try and get their money back. After 28 December 2020, these buyers will no longer have the option to take legal action against the banks and developers who took their money but never delivered the promised homes. As such, the team at CostaLuz Lawyers is urging any buyer who has not yet taken action to do so without delay.
The financial crisis hit Spain’s property market hard, causing a string of developers to go bust. Buyers from around the world – and in particular from the UK, due to the country’s long-standing love of Spain – suddenly found themselves without the properties they had been promised and without any means of claiming back their deposits.
CostaLuz Lawyers and Keith Rule changed all that in 2012, when they used a 45-year-old law to win a class action for off-plan deposits of almost €1.5 million plus interest and costs. It meant that those who lost their deposits now had recourse to take legal action against the banks who took their funds, as well as the developers.
The CostaLuz Lawyers team, with Keith now onboard, has won 450 such off-plan cases, including 110 in 2019 and 70 in 2020 despite the pandemic closing down much of the judicial system in Spain. Altogether, the CostaLuz Laywers team has won around €22 million for clients who lost off-plan deposits, but time is running out for those who have yet to start legal proceedings.
