Sometimes foreign citizens who buy or want to buy a property in Spain, do so without knowing the Spanish rules, and that many of the things that in their country are normal or taken-for-granted, in Spain work in a different way.

In today’s article we talk about the mortgage loan and some basic issues that buyers should take into account:

-If you need to obtain the mortgage loan to buy a property in Spain, it is highly advisable that if any private purchase contract signature, or book, etc. condition it to obtain approval of the loan by their bank, pointing out that if not adopted, parties will be returned the money handed over, resolving the contract by mutual agreement. If not so, and the Bank finally does not grant you the loan you can see before a legal claim against her for breach of contract, loss of the quantities delivered, claim for compensation, etc.

-Is very important, to study, compare and check not only the interest rate on the loan, but also in the rest of the terms, conditions and economic commissions, such as: the fee, appraisal fees, commissions early total or partial cancellation, etc. because they can be a large amount.

-Contrary to what happens in other countries, you should know that valuation appraisal that do the Bank, to determine the value of the property, and therefore the amount of the loan granted, does not in principle relevant in your agreement of purchase and sale, and therefore will not affect the price agreed with the seller.

.-In addition, in recent times, banks “invite” their customers to hire a series of insurance, that have an influence on the real cost of the mortgage loan as important as the agreed interest rate. Although legally, if they grant you a mortgage loan you are required to take out insurance on the property, naming the bank lender as benefit, you are not obliged to take out such insurance with the insurance company of the Bank, they can do it with any other. Similarly, banks, offer improvements in conditions, subject to the recruitment of other types of insurance including life, home, etc. Therefore, if the obtaining of the loan is conditional on the hiring of any insurance, it is essential to compare with other similar insurance cost, because the actual cost of loan can be increased significantly.

If you want to sell or buy a property in Spain with professional and specialized advice, contact us.

The information provided in this article is not intended to be legal advice, but it simply transmits information related to legal issues.

The 650/2012 European regulation, ratified by Spain and many other countries, entered into force on the 1782015 day. According to this regulation, the law applicable to inheritance or succession is (in principle) of the country in which the testator has its usual domicile at the time of his death.

But as we have said on many occasions, you have the ability to opt out of its national law, the law of their country, to make it applicable to his succession.

We wish to clarify at this point that many people are being informed that all Spanish wills made in advance must be changed, and does not, depend on the cases, as the 6502012 regulation foresees a transitory, provisions relating to wills made before the 1782015.

But, it is essential to know, that if you have their Habitual residence in Spain, whether they are Spanish, English, Scottish, French, German, etc., and have no Testament concerning their property in Spain, his succession in Spain shall be intestate (without a will), and according to the new European regulation, apply you Spanish law, as the law of their habitual residence at the time of the death.

You should know that in a successions intestate (without a valid will) in Spain, inherit:

1. first the children and descendants (grandsons, etc.), and in their absence,

2. in second place, parents and ascendants (grandparents, etc.), failing that,

3. Thirdly, the spouse.

In addition, if the deceased has descendants and ascendants, your spouse will have a right of usufruct (usage and fruit as long as you live, but not right of property) of 13 or 1 2 of the inheritance, depending on if you inherit together with the descendants, or ascendants of the deceased.

Therefore, if you have your residence in Spain, and does not want to apply the rules of succession intestate Spanish, and prefer to apply their national law, because you want that his wife or husband has more rights, or because you simply don’t like sharing laid down in Spanish law, is vital, essential that you do a relative to their property in Spain will so you don’t die intestate, and not to distribute the inheritance as designated in Spanish law.

For any questions about Testament, inheritance in Spain, please contact us where we will be happy to assist you.

The information provided in this article is not intended to be legal advice, but it simply transmits information related to legal issues.

At García Enciso Lawyers, we are proud to be able to say that up to now, we have won 100% of our claims on behalf of our clients against Bankia, for their IPO and shares sale in 2011.

It is very gratifying to see that the Spanish courts understand that in the IPO of Bankia, the information provided by this entity to potential investors, presenting themselves as a solvent bank with significant profits and good future expectations, did not correspond with the reality of BFA-Bankia. This inaccurate information led clients to buy shares of Bankia by mistake, had they known the reality of Bankia’s situation, they would never have invested.

Here at García Enciso lawyers, in line with our commitment to defending the rights of consumers, and especially the rights and interests of the expatriate community in Spain, we want to help those affected to claim against Bankia, with the lowest possible risk and cost, and the greatest guarantee of success.

We want to help:

. – Small investors (less than 2000 €)¸ to claim without charge against Bankia. By law in claims for less than 2,000 €, it is not mandatory to use a Lawyer or procurator, therefore, we would claim in your name, and only charge our fees if you win . If you lose, you would still not have any costs, since you would not have to pay our fees. It is a claim without risk therefore.

.-Remaining investors (from 2001 € to 250,000 €), we would only charge fees if you win the procedure, and these fees would be recovered from Bankia. Therefore, if you win, you will recover the money invested, plus interest, and Bankia must pay your lawyers and solicitors. If you lose (which is possible, but it has not happened to us), you will not have to pay us, but you may be asked to pay the costs of the lawyers of Bankia.

Therefore, all investors in shares of Bankia, should know:

.-That there is still time to claim.

.-That according to official statistics the vast majority of claims have been ruled in favor of consumers.

.-That if you invested € 2,000 or less, you can claim without any risk, even if you lose, it will not cost you anything.

.-We have won 100% of our claims against Bankia.

Therefore, if you invested in shares of Bankia, which now have virtually no value, we can help you get your money back plus interest, so contact us

Legally the basis of these legal claims can be found in the article 1261 of the Spanish Civil Code, which says that to have a contract, they must concur in the 3 requirements: there must be consent of the Contracting Parties, must be an object that is subject of the contract, and must be a cause of the obligation. Lack or defect in any of these requirements, according to the article 1300 Cc could cause the cancellation of the contract.

On the deadline to claim they have the affected, article 1301 of the cc. says that nullification will last 4 years, and in cases of error, fraud or falsehood of the cause, this period shall begin from the consummation of the contract.

The Spanish Supreme Court, has qualified for this type of legal action since when should be understood that they begin counting the 4 years, in various statements like the number 769 of 2014, and others of 2015 as the number 376 and 489, making it clear that within the 4 years does not start from the hiring of the product (upgrading) , but since the consummation, or in his case, from the moment in which the affected person has knowledge of the existence of the error or deception, i.e. since it happens a deed by which the plaintiff can meet depending on the product concerned, the existence of a circumstances to make the contract voidable.

In the case of actions of Bankia, we understand that the term of 4 years, must start running very soon, since may, 2012 when the annual accounts of the Bank be reformulated and investors got to know the real situation of Bankia, which would give us a deadline of at least until may 2016 to claim.

In cases of sales of banking products toxic, within 4 years, must start from the customer realizes, for example, that the product that was sold to you is not an ordinary deposit but a product of risk, or that you cannot retrieve the investment made, etc.

If you have any questions on the subject, do not hesitate to contact us