No win, no fee service launched for investors in Spanish property

 
The services is in response to demand and to qualify clients must be able to satisfy four criteria; having the original private purchase and reservation contracts, having a bank guarantee or insurance bond certificate, having proof of payments and having a contract that has expires without the property being completed.
 
Reclaim Your Deposit, said it has found that 20% of all enquiries it receives relate to Spain. Director Daren Wallbank, said the service allows property investors the chance of making a claim against a developer without the risk of high upfront costs.
 
‘It’s often the legal costs that provide the biggest hurdle for people who have already invested their life savings into a Spanish holiday home and really have no spare liquid funds available to them,’ he explained.
 
‘The reason we’ve selected Spain for this particular service is that we feel it provides a large enough pool of claimants, has good client protection in the form of bank guarantees and insurance bonds and also a fair legal system which should give us a strong chance of deposit recovery,’ he added.
 
‘We’ll only take on clients who can conform to four criteria in terms of paperwork. This paperwork is all a legal requirement and should be to hand for all clients, although many developers and lawyers failed to provide it which in itself is a cause for legal action,’ he added.
 
Currently Spain forms 20% of all registrations with ReclaimYourDeposit.com followed by Bulgaria on 19% and Dubai on 15%.
 
In Spain ReclaimYourDeposit.com will target either the development company or the financial institution involved in the project and keep 30% of the reclaimed proceeds in the event of a successful action, subject to a minimum of €15,000.