touristic housing Tag

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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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Touristic housing to be controlled by Communities of owners

The communities of owners will be able to prohibit by a majority of three fifths the establishment of tourist apartments in their building, against the rule of unanimity which has been required until now. The Secretary of State for Tourism, Isabel Oliver, announced on Monday the modification of two key laws on housing to regulate this phenomenon. Oliver highlighted the intention to "separate short-term rentals and rentals for tourist use", and to giving communities of owners the power to decide on their properties and "what can be allowed". For this purpose, the urban lease law and the horizontal property law will be modified....

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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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Starting a business in Spain? Choosing between Limited and Autónomo

There are different economic, legal or images sake reasons in order to choose between one or other form of trading. You need to choose the legal form that best suits your needs. Disclaimer: In the case of a self-employed, the liability is unlimited while limited liability companies´ liability is limited to the capital. Thus, when a limited company goes bankrupt, only respond with his possessions, and never will with the properties of their owners. Financial requirements: A limited requires a minimum capital of € 3006.00. Taxes: Self-employed individual can obtain directly the benefits of their business and be taxed in the...

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Help in foreclosure procedures

The Advocate General of the Court of Justice of the European Union (CJEU) has recently issued his expert conclusion on five questions referred by different Spanish Courts, the Supreme Court among others, in regards to early maturity clause contained in mortgage contracts. What is an early maturity clause? It is a clause by which Bank can claim the whole debt just after a minor default (one installment) by the mortgage debtor What did Spanish Courts ask the European Court? In an scenario where a foreclosure procedure was started after many unpaid mortgage installments BUT based on the existence of a clause on the mortgage...

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What a foreigner must know to buy a property in Spain

To buy a property is not an easy task, but if you know the steps to take, and get the right advice from the suitable person, you could obtain a big advance in this section and definetly a safe option to not to be wrong at the moment of buying a property The purchase of property abroad continues being a guideline at historical highs of property purchase by trimester of years before and has rised up to a 15% by international investors Each person who has decided to invest in property in this territory must know all alternatives and prices to avoid...

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List of all abusive clauses that a mortgage may contain

Clause of limitation to the minimum interest rate (floor clause): It is usually located in the stipulation 3 bis with the denomination. "Límite a la variacióndeltipo de interés variable” It usually coexists with another upward limit (or ceiling). The abusiveness of the clause due to imbalance arises when there is a disproportion between the floor and the ceiling so that it is the Bank that is covered against the mortgagor. 87% of mortgage users were not informed by their bank of the inclusion of said clause Multi-currency clause: The Supreme Court, in its Judgment of November 15, 2017,...

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