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Help getting back deposit
Hi all, has anyone managed to get a deposit back on a resale property and if so how hard was it. Long story short found property paid €6000 deposit SUBJECT TO MORTGAGE. Now we can’t get the mortgage, agent is not is not taking no for an answer and is arranging for us to se another one of their contact banks next week. Have been to the lawyer they recommended in the beginning and they are no use. I think they are all in it together! We see it is not affordable now on our pension and can ill afford to loose this money. Anyone have any suggestions! Also the agent sat in on our first interview at the firsts bank. Can I tell her not to on the second one? |
Re: Help getting back deposit
Hi. You need new legal representation. The deposit or 'Reserva' is subject to Spanish law and is not similar to a deposit you may make in the UK, it is far more binding than that.
New legal representation as I said, you will not really sort it yourself if I am honest. Can you just freeze anything else you are doing? Best until you have a trustworthy Lawyer. As a general rule, NEVER use a Solicitor recommended by an Agent trying to sell you property. This subject has been hammered on this site, and you are probably right, they ARE in it all together if I am honest. That's nothing new here. I am sorry for this stressful time, wish you would just stop everything that would dig the hole deeper until you have an independent, trustworthy Lawyer who comes recommended by BUYERS, not Agents . |
Re: Help getting back deposit
sorry to say, I think your deposit is gone.
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Re: Help getting back deposit
More details please. you paid the deposit meaning you signed contrato arras? I'm afraid if that's the case and you don't specify what kinda mortgage you deem acceptable then yeah you might lose your deposit if you don't continue this mortgage process.
If you think the other bank will also reject then just go with them. I'm guessing they want you now to cancel now yourself and lose your deposit. |
Re: Help getting back deposit
If you get out of this mess now, my advise for you next time is to first hire a good lawyer that does all the due diligence process before you put any euro, that is before you sign the contrato arras. It's worth making that investment if you are going to get yourself in a long term financial obligation there.
The maximum they'll charge is 1.2% of the transaction if it goes through. If things don't work out for whatever reason (and there could be many..) then you lose (from my experience) the 1500-2000 euros that you paid upfront as part of that 1.2%. |
Re: Help getting back deposit
Originally Posted by shirl
(Post 12642283)
We see it is not affordable now on our pension and can ill afford to loose this money. |
Re: Help getting back deposit
they are non-refundable deposits i think? same as if the seller pulls out, its a double indemnity isnt it ? they would of had to give you 12,000.
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Re: Help getting back deposit
You are in Spain not the UK. If you paid the money to the estate agent then it's goodbye for ever. In any case who ever has the money owns it, that's the law in Spain.
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