Banking Law

  • Specialists in Banking law
  • Negotiating on Clausula de Suelo – Mortgage floor clauses
  • Cancellation of Currency Exchange mortgages
  • Mortgage executions – Negotiating mortgage foreclosures
  • Consumer claims
  • Banking litigation

 

 

Spain has a legal structure governing the banking and financial services sector.  This is a body of administrative law and the legal framework incorporates rules and regulations on the control and financing of banks. An important part of the legal framework is the Ley Hipotecaria which is essentially Mortgage and Land Law incorporating the registration of property and inscription and execution of mortgages.

 

In recent years consumers in Spain have had to make claims against the clausula de suelo – a floor or base rate clause – which some banks used to peg interest rates on mortgages above the permitted percentage over Euribor.

 

There have been a number of other financial products and services provide by banks which have caused losses such as currency exchange mortgages; sale of preferential shares and illegal mortgage foreclosures. Some claims can allow for a particular mortgage clause to be annulled whilst continuing with the financing if that is the best route to take.

 

Where clients are not able to continue with a mortgage they can surrender the property directly to the bank – dación en pago – if that is the best option and avoids being pursued for the negative equity. If a mortgage foreclosure is commenced on your principal residence the bank have to negotiate a solution and we can assist with this.

 

We have a specialist in all aspects of banking law with experience in settling claims both by negotiation and by court action. For more information or a private consultation call us on 952 527014 or email on [email protected]

 

Related news

Bank Claims

Filed under : Conveyancing & Property Law, Property

It is now eight months since the government introduced legislation to deal with claims against banks for maintaining interest rates above Euribor by including floor clauses in mortgages. The aim of the system was to prevent a high number of … Continued

We have a specialist in all aspects of banking law with experience in settling claims both by negotiation and by court action. For more information or a private consultation call us on 952 527014 or email on [email protected]