Spanish homebuyers urged to make most of off-plan claims deadline extension

  • New hope for buyers who lost deposits for Spanish off-plan homes
  • Deadline for taking action against banks extended to 28 December 2020
  • Nearly 850 claims from developers and banks now won by CostaLuz Lawyers

Buyers who paid and lost deposits on off-plan properties in Spain have fresh hope, as the country has extended the deadline for such claims from 7 October to 28 December 2020, due to the COVID-19 pandemic.

Now, the team at CostaLuz Lawyers is encouraging homebuyers who were going to miss the October deadline to take advantage of this last chance to try and recover their money.

The issue relates to those who paid deposits on off-plan homes that were subsequently never built due to developers going bust. They are now able to make claims against the banks who partnered with the developers, provided their claims are in by 28 December 2020.

“The stress of losing a deposit on an off-plan property in a foreign country is immense. However, there is now considerable precedent for such monies being repaid by banks. As such, I would urge anyone who has lost an off-plan deposit to take action before the December deadline. It’s not too late to try to get your money back.”

Keith Rule, CostaLuz Lawyers

CostaLuz Lawyers is a pioneer in this field. Having researched the issue since 2008, they filed their first off-plan deposit lawsuit against a property developer’s bank in 2011. In 2012, they won the case, with a landmark ruling resulting in a payout of nearly €1.5 million for the 47 buyers they were representing.

“It is a wonderful thing to be able to give hope to buyers who thought their hard earned money was gone for good. It’s even better to see their faces when we tell them that the courts have ruled in their favour and that the banks must repay them. Time is running out to make claims though, so buyers do need to act fast.”

Keith Rule, CostaLuz Lawyers

Keith himself was part of that first off-plan deposit class action back in 2011/12. In fact, he was the instigator of it, working to bring the other 46 claimants on board to benefit from CostaLuz Lawyers’ expertise. Following the successful 2012 ruling, he took up a role with the firm and has worked as a core member of their team ever since.

The team has now successfully won nearly 850 claims from Spanish property developers and banks, with a further 500 in progress and 100 pending outcomes. Since that initial case, CostaLuz Lawyers has worked with more than 1,500 clients from the UK, Ireland, Spain and other European countries.

 

For more information, please contact CostaLuz Lawyers’ UK office on +44 1908 635 111 and speak with Keith. To speak with Maria in the Spanish office, call +34 956 092 687 or you can visit www.costaluzlawyers.es