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.
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.