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Thread: Dissolution of Joint Property Ownership in Spain

  1. #201

    Default

    Hello Jason,

    Yes, you can arrange a dissolution of the joint property ownership and pay the lowest tax - please note this tax has been recently increased; in Andalucia is now set at 1.5 %. However, we do not recommend you to regard this transaction as a solution to your problem, as the bank will still be the only responsible entity to determine if the properties are accepted in exchange of the debt. Also, be aware that the process is not as simple as delivering the keys to the property at the bank; the bank has to sign a Public document at the Notary accepting the deal to formalize the agreement that indicates they accept the properties as payment. Therefore, we believe the dissolution transaction will not change the current situation.

    We recommend you to talk to the bank and try to negotiate to get to a temporary agreement or change the mortgage conditions, while trying to rent out the properties, if you are not ready to let all properties go.

    Regards,
    Patricia Martin
    Legal Assistant at Lawbird
    Check My Profile

  2. #202
    Bryan
    Guest

    Default Dissolution of Joint Property Ownership in Spain

    We have a property which is jointly owned by three brother and two sisters .We are using the joint dissolution deed to transfer the ownership to one sister.The question arises what should be the value of the new escritura in the name of the new owner.One opinion says the law is the escritura should be the original value is that right ?

  3. #203
    Junior Member
    Join Date
    Sep 2013
    Posts
    2

    Default

    Hi

    I have a property in Spain in my sole name and also another property 50% owned by myself and my estranged husband. After selling our assets in England we moved to Spain in 2008. However, we separated 3 years ago. My husband has not contributed to the upkeep and bills of the properties in the last 3 years. I now live back in England with our two teenage children in rented accommodation.

    He lives with his 92 year old mother and will inherit her house and very healthy savings on her demise.

    As I put over £70,000 of my personal money into buying the 50% owned property, we informally agreed that I would use the proceeds from selling both properties to buy a house in England for me and the children. We are now going through a divorce and he is now saying that he wants the 50% owned property in it's entirety. His solicitor is saying that they will issue proceedings for a Financial Order to resolve the matter.

    My question is, can a Court in England rule that I have to relinquish my 50% of the property. Can an English Court take into account property that is owned and governed under Spanish law and include within a divorce settlement.

    Any help or advice greatly appreciated!

  4. #204
    Philippop
    Guest

    Default Dissolution of Joint Property Ownership in Spain

    Hi I have a house in Spain and have a mortgage on it my wife fell ill 12 years ago so we came back to England we carried on paying the mortgage for another 3years then we couldn’t afford it so we stopped paying it since then my wife has passed away and the bank want 30 00 euros but her name was joint so she owned 50 percent I thought the house had been repossessed but apparently it hasn’t I have no money to pay this sum what can be done

  5. #205

    Default

    Hello Philippop,

    The fact that the bank is claiming an amount of money doesn´t mean the property has actually been repossessed and auctioned; you should find out what has happened with it. Probably, it has been taken to auction but the funds obtained were insufficient to cover the debt and they are claiming the remainder. This is possible according to the Spanish regulations: the sale at an auction as a result of a bank repossession does not serve as total cancellation of a debt and the bank can claim the remainder is paid by the debtors.

    Should this be case, and in the event you actually have assets in Spain or abroad, we recommend you to negotiate with the bank and agree to pay the remaining debt as if you fail to do it, they can seize other assets in your name to recover the debt.

    Regards,
    Patricia Martin
    Legal Assistant at Lawbird
    Check My Profile

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