Hi everyone
I've searched this forum but can't see anything relating to this - although my lawyer has told me this is very new.
I was persuaded to put down a deposit in 2007 for an off-plan property in Malaga on the basis that i would be guaranteed a mortgage at a good rate so that i could pay the balance. obviously the world has gone to pot since then and i am being pushed to complete on a property where the mortgage has been withdrawn and i can't get one anywhere else.
My brother in law is using an English company BSN to deal with a property issue in Bulgaria and he recommended them to me as they have a very good lawyer in Spain - i don't think I'm allowed to name lawyers?
Anyway, the BSN lawyer has told me that there is a new directive being applied in certain areas whereby people like myself, who have bought on the strength of a promise of a mortgage that has since been withdrawn, can now choose to take their deposit back and cancel the purchase. The developer has to pay this back.
He said it is so new that it is not being applied throughout Spain yet but that will happen eventually. I am ok being in Malaga.
Maybe you have this info elsewhere on your site but I just couldn't find it - but it's definately something people need to know about.