floor Tag

Costa Luz Lawyers > Posts tagged "floor"

Are agreements between the Bank and Consumer on Floor Clauses valid?

Very recently, on 15 June 2018, the Supreme Court issued a new ruling on a case relating to mortgage deeds novation modifying the floor clause through an agreement between the client and the financial institution. This judgment declares the nullity of the Floor Clause and the novation carried out subsequently through the signing of the agreement proposed by the bank to the client. What does the case decide? The case raises, as a matter of substance, the application of transparency control to a mortgage loan that included the so-called floor clause and that was subsequently the object of modifying novation. As stated in...

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Q&A on Tourism Rentals in Spain

The rules that as owner you have to follow to rent your property to tourists in Spain are a complete hieroglyph today. What is the law that regulates tourist rental? Currently, there are 43 different Tourism regulations in the Spanish national territory. The City Councils can also add requirements from the competences they have in planning matters. Can the Community of Owners prohibit tourist rental? The Community of owners does not have the power to limit the owner's rights, among which is to rent the property. They can regulate and enforce the statutes that regulate the use of common elements of the...

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Refusal of property keys back by the Bank

What if the Bank refuses to accept my property keys back? Not the end of the story: Monitor and oppose if: (a) Your mortgage deeds have abusive clauses which can stop or void the repossession: anticipated maturity clause, lack of communication of the sale of the mortgage debt to a vulture fund, floor clause, IRPH… (b) The enforcement procedure is being according to Law (c) Value given to the property for auction is correct, mainly if Banks are respecting the minimums established by Law as a barrier for them not to bargain with mortgage debtor rights. In most cases, your pending debt is below the value...

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