LONDON, Feb. 24, 2020 /PRNewswire/ -- Tens of
thousands of British and Irish 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.
The British and Irish 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.
Notes to Editors
- Over 100,000 UK residents were affected by the Spanish property
crash triggered by the global financial crisis of 2008.
- There were widespread losses as deposits paid on holiday homes
purchased off-plan were not refunded when developers went
bust.
- In 2015, the Spanish Supreme Court made the developers' banks
and insurance companies liable for these losses, but the limitation
period on these claims expires in October
2020.
- People who register with MySpanishDeposit will be represented
by lawyers from specialist litigation law firm Hausfeld & Co
LLP and Spanish law firm Eskariam.
- Those who believe they may have a claim should visit
myspanishdeposit.com to register.
About MySpanishDeposit
MySpanishDeposit has been set up to help people who lost their
deposits when the developers building their off-plan holiday homes
went bankrupt during the financial crisis. People who register
through MySpanishDeposit will be represented by specialist Spanish
and London lawyers with a
collective track record of successfully recovering deposits on
Spanish property, litigating against banks and bringing large group
actions.
Claimants registered with MySpanishDeposit bring their claims
free of risk from any adverse costs. Moreover, there is no need to
pay legal costs upfront as fees are only payable on success. For
more information, please visit:
https://www.myspanishdeposit.com.
Hausfeld & Co LLP is the London office of leading international
litigation law firm, Hausfeld. The firm has a significant track
record of both bringing large-scale group actions and bringing
claims against major banks. For more information, please visit:
www.hausfeld.com.
Eskariam is a specialist firm of Spanish lawyers with
market-leading experience in winning property deposit claims in
Spain since the market crash.
Their lawyers won the 2015 landmark Spanish Supreme Court case that
made these claims possible and their work in Spain has led to thousands of off-plan buyers
getting their deposits back. For more information, please visit:
https://www.eskariam.com.