Mortgage cost claim Spain
Update! Supreme court will do a revision of the sentence, more news on the 5th of November 2018. Banks, notaries and buyers are now wondering what will happen and in most cases waiting for news on the 5th to go ahead with the purchase and mortgage.
More news on Mortgage cost claim Spain. The Spanish Supreme Court has changed its judgement, dated from February 2018, through which the Spanish Banks where liable for the expenses of the mortgage constitution (Notary, Land Registry, part of the management fees…) but not the stamp duties (AJD), which is in fact the highest cost of the mortgage registration process.
Stamp duty charges are between 1,5 and 2% of the mortgage liability amount. An example figure for a 75.000,00€ mortgage, these taxes can rise up to 1.500 € in the region of Murcia.
Now a Supreme Court Ruling published on October 16th declares, in short, that the registration of the mortgage is made in interest of the lender, the bank, not the borrower, and it must be the lender the one obligated to carry out the mortgage registration in its own interest which includes the payment of the stamp duties.
This new court ruling is a quite a blow for the Spanish banks. The judgement could affect to more than 8 million mortgages all over Spain.
Yesterday, the banks of Bankia, Caixabank, Bankinter, Sabadell, BBVA and Santander have had a significant drop on the Spanish stock market, anticipating future claims from mortgage customers.
If you have a mortgage in Spain and you are interested in claiming back the mortgage cost, do not hesitate to contact us. We will make a personal and free research of your case in order to calculate the amount to claim and the chances for a successful claim.
Mortgage cost claim Spain
CLAIM MORTGAGE COST TO YOUR BANK
