Home » News » 130,000 Brits owed £5.3bn in Spanish bank payouts, says Amanda Lamb
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130,000 Brits owed £5.3bn in Spanish bank payouts, says Amanda Lamb

Ruling by Spain's highest court clears way for cash for Brits stung when Costa developments went bust during noughties.

Nigel Lewis

amanda lamb spanish payoutQueen of property TV Amanda Lamb (pictured, right) says over 130,000 British people are owed substantial Spanish bank payouts following a landmark ruling by the country’s Supreme Court.

Approximately half a million Brits have bought properties in Spain in recent decades and such was the gold rush that at one point several well-known UK estate agents had overseas property sales people based in branches.

The market has picked up again, too, and British buyers in 2015 made up 12.7% of all properties sold in Spain.

The A Place in the Sun presenter says those who believe they lost money following the financial crash of 2008, when many people who paid in advance for newbuild properties lost their deposits when developments went bust, should contact legal firm Spanish Legal Reclaims, who she is working for.

The company has launched a campaign to help Brits recoup the estimated £5.3 billion in payouts due from Spanish banks to UK investors. Monies owed range from £10,000 to over £500,000 per claim, it says.

Spanish Legal Reclaims has launched the campaign using research published in partnership with the Centre for Economics & Business Research (CEBR) which shows the total pot of money to be repaid is £3.3 billion higher than previously thought as more claimants come forward.

Developers were meant to safeguard buyers’ deposits and stage payments for properties in separate escrow accounts but many didn’t, and now the Spanish Supreme Court has ruled that those affected are due refunds, plus interest, from the banks who backed the developers.

“The allure of Spain goes far beyond sun, sea and Sangria as many Brits invest significant sums in affordable holiday homes,” says Amanda. “Many of these buyers had fantastic experiences and will continue to do so but for others, the property crash brought their holiday home dreams to a grinding halt.

“Spain remains an attractive opportunity for those looking to invest, and there’s a new window of opportunity for anyone who lost out first time around to reclaim the money they are owed.”

More information from www.spanishlegalreclaims.com

February 28, 2017

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