4 steps to getting back your refund

RedTower Law specialises in getting back your lost deposit.

We partner with our lawyers in Spain to manage the entire process of reclaiming your money – dealing with the courts, the property developers, the banks and anyone else we need to in order to win your case. Our team has helped over 1,000 clients and has a 99% success rate in Court.

The Spanish legal system supports genuine claims but the process is challenging since the banks will of course usually fight back. RedTower Law will fight hard to gain back your full lost deposit (plus interest and any other claims you might not even be aware you are owed).

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Spanish Law 57/68 enables you to claim back deposits from the banks, rather than the property developers. The law states that banks holding deposit payments must protect them.

Initially, many of the banks refused to pay out on claims, but by 2016 the Spanish Supreme Court definitively ruled that banks must pay out on valid claims made against them for the return of money deposited on failed off-plan or severely delayed Spanish property developments. This has opened a window of opportunity for tens of thousands of possible claimants.

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Any person, regardless of nationality, who deposited money as part or full payment for a property in Spain that was not built (or was built late), is eligible to claim.

There are some exceptions, but the law protects the large majority of those who have lost money in Spain in this way.

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Yes, most claims need to be presented to the courts before October 2020.

The sooner you start your claim – the better.

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We claim your deposit and interest accrued since the date you paid it.

Favourable exchange rates and the accrued interest claim mean that in some cases you could receive back more than you put down, even after deduction of our fees.

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If you have a valid claim that goes to Court, there is a 99% chance that you will get your refund.

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As most of these claims go through the Spanish court system, they take on average 18 – 24 months from when we receive the completed paperwork.

Claims that are settled without the need to go to court can be quicker.

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If you have them, we ask you to provide:

1) your purchase contract;

2) evidence of your deposit payment (bank statement, receipt, bank transfer, etc).

We do not need your papers to be the originals: a scanned copy or photo using your mobile will be sufficient (simply send to: team@redtowerlaw.com).

We can often progress claims without this paperwork. However, the more information and documentation you can provide, the quicker the process is likely to be. If you are concerned that you don’t have any documents or want to discuss us trying to obtain this on your behalf, please call us on +350 200 66 007 and our friendly Customer Services team will take your details so our lawyers can investigate for you.

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We offer a no win-no fee service - you only pay us if you win your case. The total amount you will be charged by us is 39% of the payment made to you by the bank.

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This is quite common – to have taken the developers to court, but still be awaiting a payment. This does not impact on the claim we pursue for you, as this will be against the bank where you paid your deposit, and so is a new claim.

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