Property Mallorca olive press
www.theolivepress.es
www.theolivepress.es
February 2018
Issue 6
February 1st - February 14th 2018 Mallorca - Living Inspiration
9
We give your dreams a home
Tel. +34 971 23 85 84 www.engelvoelkers.com/mallorca Are these the most photogenic pools in Mallorca? Leading London agent picks its favourite Instagram pics on the island SEE PAGE IV
SOLDIER ON C OURTS in Spain have vowed to speed up mortgage floor clause claims for 2018. It comes after 165,000 suits were submitted last year, but only 3% (5,000) were dealt with in court. The severe delays are the result of a government decision to only allow 54 purposefully built courts to deal with all mortgage floor clause cases, causing a ‘judicial bottleneck’ that leaves
Fight for justice on mortgage floor clauses to get easier this year people waiting years before being repaid what they owed for overpaying their mortgage. But Spain’s General Judicial Council has announced an additional court covering cases in the Canary Islands
and Fuerteventura, as well as increasing the amount of judges to 50 and hiring more civil servants to help process the lawsuits. Lenders are purposefully not helping the cause, having rejected some 650,000 clients who attempted
to claim directly with their banks. Some reports claim they are proposing token funds, or offering to cancel abusive clauses by private agreement and replace them with high-fixed interest rates which are just as bad as the floor clause rate. Spain’s General Council is now calling for the special courts to be scrapped, arguing for a ‘more effective’ plan to avoid the ‘total collapse’ of the Spanish judicial system.
Victory bonanza
ANOTHER five Irish investors have won their deposits back via the Spanish courts. All of them had invested in off-plan developments that never got built. The judgement is one of over 200 won by Reclaim in Spain and the lawyer Martin de la Herran, of Abolex, over the last two years. “Martin is confident of all cases being successful - he will not take a case to court unless he is 99% certain of winning,” victim Ollie Reel told the Olive Press. “The claim is against the banks (not the developer/agent) and people just have to provide the correct evidence to make a successful claim.” In the latest case, each of the claimants got their deposits back plus 29% interest. “We expect many more victories this year,” added Reel, from Armagh, in Northern Ireland.
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