Comments for The Lawbird Tribune http://belegal.com/wordpress Keeping up-to-date with Spanish Law Thu, 11 Mar 2010 15:15:33 +0000 http://wordpress.org/?v=2.9.2 hourly 1 Comment on Steep Drop in Euribor Translates into Cheaper Mortgages by raymundo http://belegal.com/wordpress/steep-drop-in-euribor-translates-into-cheaper-mortgages/comment-page-1/#comment-2449 raymundo Thu, 11 Mar 2010 15:15:33 +0000 http://www.marbella-lawyers.com/wordpress/?p=151#comment-2449 Spanish lenders are "reportedly" lending once more: http://www.elpais.com/articulo/economia/banca/reabre/grifo/credito/compradores/vivienda/elpepieco/20100125elpepieco_2/Tes If I were a cynic I would think the above is related to the ECB's move signalling the times for borrowing at 1% are well and truly over for Spanish lenders. Money which they in turn lend at 3% min to borrowers. You really couldn't make it up; the perfect legal way to make money 100% safely with a lovely 2% spread on zillions. Now that the cheap money is over, lenders will have to lend once more (core business) less they want to see their margin revenues taking a substantial hit. They already have enough this year with the mandatory legal provision allocation on depreciating assets over a year which has been upped by the BoS. Spanish lenders are “reportedly” lending once more:

http://www.elpais.com/articulo/economia/banca/reabre/grifo/credito/compradores/vivienda/elpepieco/20100125elpepieco_2/Tes

If I were a cynic I would think the above is related to the ECB’s move signalling the times for borrowing at 1% are well and truly over for Spanish lenders. Money which they in turn lend at 3% min to borrowers.

You really couldn’t make it up; the perfect legal way to make money 100% safely with a lovely 2% spread on zillions. Now that the cheap money is over, lenders will have to lend once more (core business) less they want to see their margin revenues taking a substantial hit. They already have enough this year with the mandatory legal provision allocation on depreciating assets over a year which has been upped by the BoS.

]]> Comment on Steep Drop in Euribor Translates into Cheaper Mortgages by mortgage web loans http://belegal.com/wordpress/steep-drop-in-euribor-translates-into-cheaper-mortgages/comment-page-1/#comment-2439 mortgage web loans Wed, 10 Mar 2010 09:29:19 +0000 http://www.marbella-lawyers.com/wordpress/?p=151#comment-2439 banks know that to survive they need lend money which is why the interest rate is what it was, to entice people and make the un-deciders trust the banks and take the plunge to get a mortgage and home loan. banks know that to survive they need lend money which is why the interest rate is what it was, to entice people and make the un-deciders trust the banks and take the plunge to get a mortgage and home loan.

]]> Comment on Llanera Will be the First Spanish Developer to Exit Receivership by » Promociones Eurohouse 2010: Imminent Receivership - The Lawbird Tribune http://belegal.com/wordpress/llanera-will-be-the-first-spanish-developer-to-exit-receivership/comment-page-1/#comment-2260 » Promociones Eurohouse 2010: Imminent Receivership - The Lawbird Tribune Thu, 25 Feb 2010 09:19:58 +0000 http://belegal.com/wordpress/?p=348#comment-2260 [...] In fact many high profile developers who filed for receivership back in 2007 and 2008 have already announced they are exiting receivership and resume normal trading i.e. Llanera Will be the First Spanish Developer to Exit Receivership [...] [...] In fact many high profile developers who filed for receivership back in 2007 and 2008 have already announced they are exiting receivership and resume normal trading i.e. Llanera Will be the First Spanish Developer to Exit Receivership [...]

]]> Comment on Pssst! Looking For Cheap Spanish Property? by raymundo http://belegal.com/wordpress/pssst-do-you-want-cheap-spanish-property/comment-page-1/#comment-2045 raymundo Tue, 09 Feb 2010 16:38:23 +0000 http://belegal.com/wordpress/?p=384#comment-2045 It's odd timing Platinum you should choose precisely today to write on this matter. Amusilingly enough I was just now reading a similar article written by Justin Aldridge published today Tuesday 9th of February on the EOS forum, which draws exactly the same conclusions as I had done in my post above in 2009: http://www.eyeonspain.com/spain-magazine/death-estate-agent.aspx Without any intention of stirring up controversy on the matter, it has now become self evident in 2010 how hard banks are vying for buyers to unload their property portfolios. To put an example, in the building where we are located, banks closed down branches only to reopen bank-owned real estate outlets (!) such as Aliseda, which belongs to Grupo Popular. They are now advertising properties with huge photographs. As I wrote above, banks will be hard pressed against seasoned estate agents and agencies as the latter will be very professional and service-driven. Whereas banks are using their own employees to show around properties at often overvalued prices with clunky websites. Besides, they are targeting mostly Spaniards, not ex-pats. The one point in which agents do not stand a chance competing is in providing finance. And nowadays, with credit dried-up, everything hinges on this pivotal point. Which is why I concluded that banks were going to become awfully hard opponents from 2009 onwards, never mind other agents. Regarding bank repossessions, I’ve always said there was a lot of hype going on. You are much better off to look around or ask an agent for a decently priced bargain. Repossessions have been mistakenly overrated as the next-big-thing. Maybe I'm partly to blame for my article of 2008 that raised expectations on repos: http://www.marbella-lawyers.com/articles/showArticle/home-repossessions-in-spain-defaulting-on-mortgage Regards It’s odd timing Platinum you should choose precisely today to write on this matter.

Amusilingly enough I was just now reading a similar article written by Justin Aldridge published today Tuesday 9th of February on the EOS forum, which draws exactly the same conclusions as I had done in my post above in 2009:

http://www.eyeonspain.com/spain-magazine/death-estate-agent.aspx

Without any intention of stirring up controversy on the matter, it has now become self evident in 2010 how hard banks are vying for buyers to unload their property portfolios.

To put an example, in the building where we are located, banks closed down branches only to reopen bank-owned real estate outlets (!) such as Aliseda, which belongs to Grupo Popular. They are now advertising properties with huge photographs.

As I wrote above, banks will be hard pressed against seasoned estate agents and agencies as the latter will be very professional and service-driven. Whereas banks are using their own employees to show around properties at often overvalued prices with clunky websites. Besides, they are targeting mostly Spaniards, not ex-pats.

The one point in which agents do not stand a chance competing is in providing finance. And nowadays, with credit dried-up, everything hinges on this pivotal point. Which is why I concluded that banks were going to become awfully hard opponents from 2009 onwards, never mind other agents.

Regarding bank repossessions, I’ve always said there was a lot of hype going on. You are much better off to look around or ask an agent for a decently priced bargain. Repossessions have been mistakenly overrated as the next-big-thing. Maybe I’m partly to blame for my article of 2008 that raised expectations on repos:

http://www.marbella-lawyers.com/articles/showArticle/home-repossessions-in-spain-defaulting-on-mortgage

Regards

]]> Comment on Pssst! Looking For Cheap Spanish Property? by Platinum http://belegal.com/wordpress/pssst-do-you-want-cheap-spanish-property/comment-page-1/#comment-2044 Platinum Tue, 09 Feb 2010 15:07:50 +0000 http://belegal.com/wordpress/?p=384#comment-2044 Most of the bank repossessions in Spain owe the bank far too much to actually be a bargain and no way are they cheap compared to the many distressed sales there are out there. You are much better off looking at a distressed property than go through the banks after their repossessions, 1) because of the money that the property still owes the bank (example - 120,000 euro property 2 years ago, todays value 80,000 euro - with the property still owing the bank 100K+)!, 2) All the very best repossessions get snapped up by bank employees, 3) Admin fees payable to the bank in question. Most of the bank repossessions in Spain owe the bank far too much to actually be a bargain and no way are they cheap compared to the many distressed sales there are out there. You are much better off looking at a distressed property than go through the banks after their repossessions, 1) because of the money that the property still owes the bank (example – 120,000 euro property 2 years ago, todays value 80,000 euro – with the property still owing the bank 100K+)!, 2) All the very best repossessions get snapped up by bank employees, 3) Admin fees payable to the bank in question.

]]> Comment on Government Reports That Smoking Will be Banned as From Next Year in Enclosed Premises by raymundo http://belegal.com/wordpress/government-reports-that-smoking-will-be-banned-as-from-next-year-in-enclosed-premises/comment-page-1/#comment-1819 raymundo Fri, 15 Jan 2010 15:24:42 +0000 http://belegal.com/wordpress/?p=461#comment-1819 Hi Klaus, No, unsurprisingly it hasn’t been settled yet. The Government has now decided to delay it until June/July this year due to the fearce opposition. Autonomous regions such as Andalucía have threatened they will pass their own law on the matter bypassing the state law which will effectively negate it. Andalucía’s Junta (which ironically belongs to the same political party as the Government) find it absurd that barely 3 years after the owners of restaurants, bars etc had to pay large amounts to adapt to the amended smoking law of 2006 it will be for nothing as I has already pointed out in my blog above. There's huge dissension even amongst their own ranks, let alone everyone else. http://www.intereconomia.com/noticias-gaceta/sociedad/andalucia-pide-al-gobierno-que-se-permita-fumar-los-locales-acondicionados?page=1 There's huge opposition from businessman: http://www.infohoreco.es/noticias/detalle_noticia/-/asset_publisher/O6cV/content/los-hosteleros-intensifican-sus-criticas-contra-la-ley-anti-tabaco This frankly may not be the best of times to implement this law. Regards Hi Klaus,

No, unsurprisingly it hasn’t been settled yet. The Government has now decided to delay it until June/July this year due to the fearce opposition.

Autonomous regions such as Andalucía have threatened they will pass their own law on the matter bypassing the state law which will effectively negate it. Andalucía’s Junta (which ironically belongs to the same political party as the Government) find it absurd that barely 3 years after the owners of restaurants, bars etc had to pay large amounts to adapt to the amended smoking law of 2006 it will be for nothing as I has already pointed out in my blog above. There’s huge dissension even amongst their own ranks, let alone everyone else.

http://www.intereconomia.com/noticias-gaceta/sociedad/andalucia-pide-al-gobierno-que-se-permita-fumar-los-locales-acondicionados?page=1

There’s huge opposition from businessman:

http://www.infohoreco.es/noticias/detalle_noticia/-/asset_publisher/O6cV/content/los-hosteleros-intensifican-sus-criticas-contra-la-ley-anti-tabaco

This frankly may not be the best of times to implement this law.

Regards

]]> Comment on Government Reports That Smoking Will be Banned as From Next Year in Enclosed Premises by Klaus K http://belegal.com/wordpress/government-reports-that-smoking-will-be-banned-as-from-next-year-in-enclosed-premises/comment-page-1/#comment-1813 Klaus K Fri, 15 Jan 2010 01:06:02 +0000 http://belegal.com/wordpress/?p=461#comment-1813 It seems like this issue is not settled after all: http://www.theleader.info/article/21145/spain/national/spain-split-on-smoking-ban/ I really hope for a compromise. Total smoking bans are so correct and boring :-( It seems like this issue is not settled after all:

http://www.theleader.info/article/21145/spain/national/spain-split-on-smoking-ban/

I really hope for a compromise. Total smoking bans are so correct and boring :-(

]]> Comment on Non-Paying Tenants? No Longer an Issue by Pierce http://belegal.com/wordpress/non-paying-tenants-no-longer-an-issue/comment-page-1/#comment-1530 Pierce Wed, 16 Dec 2009 15:06:16 +0000 http://belegal.com/wordpress/?p=402#comment-1530 I have let my spanish apartment for 1 year which expires soon. I have notified the tenant but they claim that they have the right to stay for 5 years. The contract clearly stipulates the "ONE YEAR" term after which the tenant is required to vacate the property, and if both parties agree to extend the contract, then a new contract will be written. What is the point of the 1 year stipulation if the actual term is 5 years? Does the recent law amendment correct the situation? I have let my spanish apartment for 1 year which expires soon. I have notified the tenant but they claim that they have the right to stay for 5 years. The contract clearly stipulates the “ONE YEAR” term after which the tenant is required to vacate the property, and if both parties agree to extend the contract, then a new contract will be written. What is the point of the 1 year stipulation if the actual term is 5 years? Does the recent law amendment correct the situation?

]]> Comment on Government Reports That Smoking Will be Banned as From Next Year in Enclosed Premises by Raymundo Larraín Nesbitt http://belegal.com/wordpress/government-reports-that-smoking-will-be-banned-as-from-next-year-in-enclosed-premises/comment-page-1/#comment-1365 Raymundo Larraín Nesbitt Tue, 24 Nov 2009 10:06:36 +0000 http://belegal.com/wordpress/?p=461#comment-1365 Dear Klaus and Jim, There is no official confirmation on the Government amending the Smoking Law other than the Health Minister's public declarations. I must add that it's not unsusal for the Spanish Government to announce legal measures just to test the waters which may not be carried out at a later date. If there was a huge public outcry they may change thier minds as in many other issues. So perhaps we are being carried away until this new law is actually enacted. Regards, Dear Klaus and Jim,

There is no official confirmation on the Government amending the Smoking Law other than the Health Minister’s public declarations.

I must add that it’s not unsusal for the Spanish Government to announce legal measures just to test the waters which may not be carried out at a later date. If there was a huge public outcry they may change thier minds as in many other issues.

So perhaps we are being carried away until this new law is actually enacted.

Regards,

]]> Comment on Government Reports That Smoking Will be Banned as From Next Year in Enclosed Premises by Jim http://belegal.com/wordpress/government-reports-that-smoking-will-be-banned-as-from-next-year-in-enclosed-premises/comment-page-1/#comment-1361 Jim Mon, 23 Nov 2009 20:34:30 +0000 http://belegal.com/wordpress/?p=461#comment-1361 I've booked non-refundable flights for next year but if they go ahead with the ban they can swivel, I'm not going! I’ve booked non-refundable flights for next year but if they go ahead with the ban they can swivel, I’m not going!

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