Tens of thousands of British residents who lost out in Spain’s massive property crash ten years ago are urged to act now to seek restitution before the chance to do so is lost for good.
Brits have historically invested heavily in Spanish property, with an estimated 400,000 having a place in the sun to escape to. But just over a decade ago, the global financial crisis struck, leading to property developers across Spain going bankrupt. More than 130,000 sun-seekers lost the deposits for their off-plan holiday apartments. Records show that this was on average €40,000 per family, and often much more.
With builders out of business, for years no one could do anything to get their money back. This changed in 2015 when lawyers won an important victory before Spain’s Supreme Court which ruled that developers’ banks and insurance companies must repay any lost deposits they had not properly safeguarded.
Research shows that there may be up to 100,000 Brits who may still be able to get their money back. However, time is running out for those affected. Claims must be properly filed in the Spanish courts by October 2020.
The lawyers supporting MySpanishDeposit are helping consumers who lost their deposits on their dream holiday homes. They will bring all claims in the Spanish courts on a risk-free and cost-free basis.
“Many people in Spain have already claimed and received thousands of euros back, but most in the UK, Ireland, and other countries outside Spain have not. If they don’t take action very soon, they will unfortunately lose the opportunity to do so” says Lianne Craig, a London-based partner at Hausfeld & Co LLP, one of the two law firms acting for clients who register with MySpanishDeposit.