Notary Fees and Mortgage Set Up Claims

The Clausula Suelo is well underway and after various rulings, denials, appeals, European interjection and the Spanish Government’s involvement, Banks are starting, slowly it must be said, to address the situation and refund money to their clients. It still by no means is a done deal when you find a Clausula Suelo in your mortgage agreement but it’s a lot closer to being able to resolve the situation than ever before.

During the whole Clausula Suelo debacle, another questionable banking practice came to light and was actually ruled against by the Spanish High Court in December 2015 but, like the Clausula Suelo, has taken time and effort to get claims moving.

The subject of this new claim is the setup costs of taking out a mortgage. While the client is liable for all costs regarding the purchase of a property “Compraventa”, the ruling states that the banks should be liable for the costs in relation to the mortgaging of the property “Prestamo Hipotecario”.

What this means to the average client is the taxes on the mortgage (1.5% of the value of the property), the Notary fees relating to the mortgage and the registration of the mortgage can be claimed back by the client.

An example here is a client taking out a € 80,000 mortgage on a property valued at € 128,400 would be looking at a claim value of about € 3,300, a nice amount of money for clients who have struggled to pay inflated mortgage instalments. This is a low-level estimation, this amount can go up with the price of the house.

However, this new claim is not limited to clients who have suffered through the Clausula Suelo issue. This claim affects anyone who has taken out a mortgage by and large. If you are currently paying a mortgage, you could well be entitled to claim back these charges.

In order to do so however, the official invoices from the Notary are a must, as well as the receipt of payment of the taxes on the mortgage (Modelo 600). NO claim can be handled without the documented proof of payment and the client needs to present this in order to proceed.

Here at Pennick Blackwell we can handle your claim, assist you in getting copies of the invoices if you do not have them and calculate what you may be entitled to. An email in exchange for € 3,000? Contact us today to get the information and let us help you reclaim what you should not have paid.

Prepare with Pennick Blackwell and minimise the risks to your money (and health!)

Clausula Suelo, the consumer’s victory!

Banks, their reputations have suffered in recent memory. No longer are they seen as trusted institutions, now they are pariahs that prey on everyone, no matter what the cost. We saw it with the Global crash, instigated by banks, Icelandic collapse, the English LIBOR scandal and here in Spain, the Clausula Suelo. Wide-reaching scams that caught clients from every walk of life.

If it wasn’t enough to have been swindled, it’s the sheer audacity of the banks to deny any wrongdoing that infuriates clients. Since 2013, we have known that the Clausula Suelo was wrong, the banks were wrong to implement it and clients were due refunds. It has taken the involvement of Europe’s highest court to finally put pressure on the banks and the government to start paying back the clients who have had to pay out much more for their mortgages than they should have.

In the past month, we at Pennick Blackwell have been happy to see our clients start getting the refunds that have been too long overdue. In the past month, we have claimed back nearly € 150,000 for our clients and that is only scratching the surface of this horrid situation. That works out to an average of € 10,000 per client who we have been able to help so far, and more is on the way.

Courts Workload

The courts are working on cases that have not been agreed to by banks. There are no more continuances or loopholes for the banks to exploit. Using a company like Pennick Blackwell, you can be sure that you get the best offer on your mortgage claim against the bank, including interest on the money due back! The banks won’t give interest on your savings but you can claim interest on your own money, taken without cause or reason.

Many of the leading banks in the country are now looking at the Clausula Suelo situation properly and are dealing with the damage it has caused to you, the client. We are delighted to see that offers are coming in but we still have work to do and patience to ask. Some banks are still denying the case, some are giving lesser offers, and we will deal with each as we need to, for now, we wish to rejoice with those clients that have had their reward and remind those waiting, it is coming, and the tide is turning.

YOUR questions, OUR answers

If you have any questions, concerns or issues that you feel need to be addressed, please do not hesitate to contact us for a free reply. Do you feel cheated by your Spanish Bank? Are you looking for a way to save money, little or large? Is your insurance too much or your investment return too little? A little question can mean a big return!

Prepare with Pennick Blackwell and minimise the risks to your money (and health!)