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Sir Geoff Hurst Seeks to Recover over €525,500 in Spanish Off-Plan Property Claim

December 6, 2016

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·        World Cup star paid a €298,000 deposit on Spanish holiday home in 2004

·        Hurst one of thousands to lose property and deposit following 2007 Spanish housing crash

·        Hurst has instructed Fernando Salmerón - the first lawyer to achieve a ruling in Spain obliging banks to return deposits - to present his case in the Spanish courts

·        Ex-England striker urges other investors to reclaim losses from Spanish banks

When Sir Geoff Hurst put down a deposit of €298,000 for a holiday home in Marbella, Spain, in 2004, it was supposed to offer an enjoyable retirement for him and financial security for his family. Investing in off-plan property ahead of the peak of the Spanish housing boom in 2006, Sir Geoff considered himself ahead of the game, with the developer, DUJA, promising to hand over his house in Marbella’s ‘Aloha Royal’ resort by 2007.

However, by 2008 there was no sign of the new home reaching completion and with the event of the housing crash, the bank financing the development, pulled the loan, bankrupting the developer and ending construction. Hurst lost both the property and his down payment, since a guarantee on his deposit was never provided by the bank.

This is the devastating story of thousands of Brits who purchased holiday or retirement homes off-plan during the Spanish housing boom (2004-2008). Foreseeing the crash, Spanish banks stopped issuing guarantees, which served to protect buyers’ down payments, leaving many of them thousands (and some, millions) of pounds out of pocket.

Based on his property expertise and success rate with cases of this nature, Hurst has chosen Fernando Salmerón (director of law firm, Bufete Salmerón) to present his case against the Spanish bank who financed the development.

Salmerón was the first lawyer in Spain to achieve a ruling obliging Spanish banks to return deposits to victims of the off-plan property crisis. The historic verdict, which was awarded in December 2013 in Seville on behalf of two separate clients, was reinforced by the Spanish Supreme Court in December 2015.

“Now three years on from the 2013 cases and one year on from the Supreme Court ruling,” says Sal merón, “there are still thousands of Brits who are unaware that they can get their money – as well as interest and legal fees – back. Those who are aware might be wary of entering into overseas legal battles or may doubt that they can win their case against big banks.

“However, victims from all over Europe are successfully recovering their deposits. Bufete Salmerón alone has to date recuperated more than €5.3 million on behalf of clients who are not in possession of a guarantee.

“With a 100 percent success rate in completed cases, our aim is to ensure banks are made accountable and return what they have essentially taken away from unwitting buyers. The banks that are responsible are already siphoning off funds exactly for this purpose, so it is important that those affected claim what is rightfully theirs.”

Currently handling a further €2.5 million worth of claims on behalf of British clients, Bufete Salmerón offers unique and innovative services to provide peace of mind to affected Brits looking to present a claim. The firm: 

·        Assesses every case individually and offers a free valuation within 24 hours

·        Allows clients to throughout the process

·        Will to discuss cases with individual clients

Clients can expect to recover their money within 6-12 months of their case being presented in court. In terms of costs, Bufete Salmeron offers two options - an upfront fee of fixed amount plus a percentage of the claim on winning the case, or a no win no fee option based on a percentage of the claim.

The scale of the problem:

It’s estimated that in 2006, at the peak of the property boom, 4,000 Brits placed deposits on off-plan properties, with a value of up to €400 million, making the average loss for each investor around €100,000.

This figure, provided by one of the biggest perpetrators - Spanish bank, SAREB, which pulled finance on approximately 600 developments across Spain (the number of properties varies with each resort but is usually anything between 100-300 properties per development) – indicates that up to 30,000 Brits may be affected (off-plan purchases continued well up to and into 2011 before slowing down), totalling an estimated €3 billion lost to Spanish banks.

A victim? Your rights and what to do:

Affected families or individuals are eligible to claim repayments for the entire value lost plus interest at 6% per year and legal fees.

Bufete Salmerón offers the following advice: “If you bought a property with the aim of using it as a primary or secondary private residence, you are eligible to claim a refund for any down payments made, whether or not you are in possession of a guarantee. Gather all relevant paperwork, including contracts, receipts and correspondence with the developer, and get in touch with a specialist property lawyer who handles cases of this nature.”

Bufete Salmerón was the first Law Firm who won a sentence against the Bank where the purchaser it was a Company (not an individual person)

Looking to buy in Spain? The current situation and important DOs & DON’Ts:

In Q2 2016, 13 percent of buyers of Spanish properties were foreigners, of which 20 percent were British. The demand for Spanish housing continues and it’s important that Brits go through the right channels and get the right legal advice to ensure they don’t lose out in the future.

“Buying off-plan in Spain isn’t risky if you make sure you’re protected”, says Salmeron. “There are some key considerations, however, before entering into any agreements: Make sure the developer owns the land and has a licence to build; make sure you are given your guarantee upon providing any down payments (this is issued by the bank financing the development but given to buyers by the developer); bank transfers are always preferable to cheques and never pay deposits using cash; seek the advice of a specialist lawyer to ensure there are no abusive terms in your agreement – some developers have been known to pass on taxes to clients that don’t correspond to them.”

Affected Brits can contact Fernando Salmerón to receive a no-obligation assessment of their case. Please visit

SIR GEOFF HURST SEEKS TO RECOVER OVER €525,500 IN SPANISH OFF-PLAN PROPERTY CLAIM

·        World Cup star paid a €298,000 deposit on Spanish holiday home in 2004

·        Hurst one of thousands to lose property and deposit following 2007 Spanish housing crash

·        Hurst has instructed Fernando Salmerón - the first lawyer to achieve a ruling in Spain obliging banks to return deposits - to present his case in the Spanish courts

·        Ex-England striker urges other investors to reclaim losses from Spanish banks

When Sir Geoff Hurst put down a deposit of €298,000 for a holiday home in Marbella, Spain, in 2004, it was supposed to offer an enjoyable retirement for him and financial security for his family. Investing in off-plan property ahead of the peak of the Spanish housing boom in 2006, Sir Geoff considered himself ahead of the game, with the developer, DUJA, promising to hand over his house in Marbella’s ‘Aloha Royal’ resort by 2007.

However, by 2008 there was no sign of the new home reaching completion and with the event of the housing crash, the bank financing the development, pulled the loan, bankrupting the developer and ending construction. Hurst lost both the property and his down payment, since a guarantee on his deposit was never provided by the bank.

This is the devastating story of thousands of Brits who purchased holiday or retirement homes off-plan during the Spanish housing boom (2004-2008). Foreseeing the crash, Spanish banks stopped issuing guarantees, which served to protect buyers’ down payments, leaving many of them thousands (and some, millions) of pounds out of pocket.

Based on his property expertise and success rate with cases of this nature, Hurst has chosen Fernando Salmerón (director of law firm, Bufete Salmerón) to present his case against the Spanish bank who financed the development.

Salmerón was the first lawyer in Spain to achieve a ruling obliging Spanish banks to return deposits to victims of the off-plan property crisis. The historic verdict, which was awarded in December 2013 in Seville on behalf of two separate clients, was reinforced by the Spanish Supreme Court in December 2015.

“Now three years on from the 2013 cases and one year on from the Supreme Court ruling,” says Sal merón, “there are still thousands of Brits who are unaware that they can get their money – as well as interest and legal fees – back. Those who are aware might be wary of entering into overseas legal battles or may doubt that they can win their case against big banks.

“However, victims from all over Europe are successfully recovering their deposits. Bufete Salmerón alone has to date recuperated more than €5.3 million on behalf of clients who are not in possession of a guarantee.

“With a 100 percent success rate in completed cases, our aim is to ensure banks are made accountable and return what they have essentially taken away from unwitting buyers. The banks that are responsible are already siphoning off funds exactly for this purpose, so it is important that those affected claim what is rightfully theirs.”

Currently handling a further €2.5 million worth of claims on behalf of British clients, Bufete Salmerón offers unique and innovative services to provide peace of mind to affected Brits looking to present a claim. The firm: 

·        Assesses every case individually and offers a free valuation within 24 hours

·        Allows clients to throughout the process

·        Will to discuss cases with individual clients

Clients can expect to recover their money within 6-12 months of their case being presented in court. In terms of costs, Bufete Salmeron offers two options - an upfront fee of fixed amount plus a percentage of the claim on winning the case, or a no win no fee option based on a percentage of the claim.

The scale of the problem:

It’s estimated that in 2006, at the peak of the property boom, 4,000 Brits placed deposits on off-plan properties, with a value of up to €400 million, making the average loss for each investor around €100,000.

This figure, provided by one of the biggest perpetrators - Spanish bank, SAREB, which pulled finance on approximately 600 developments across Spain (the number of properties varies with each resort but is usually anything between 100-300 properties per development) – indicates that up to 30,000 Brits may be affected (off-plan purchases continued well up to and into 2011 before slowing down), totalling an estimated €3 billion lost to Spanish banks.

A victim? Your rights and what to do:

Affected families or individuals are eligible to claim repayments for the entire value lost plus interest at 6% per year and legal fees.

Bufete Salmerón offers the following advice: “If you bought a property with the aim of using it as a primary or secondary private residence, you are eligible to claim a refund for any down payments made, whether or not you are in possession of a guarantee. Gather all relevant paperwork, including contracts, receipts and correspondence with the developer, and get in touch with a specialist property lawyer who handles cases of this nature.”

Bufete Salmerón was the first Law Firm who won a sentence against the Bank where the purchaser it was a Company (not an individual person)

Looking to uy in Spain? The current situation and important DOs & DON’Ts:

In Q2 2016, 13 percent of buyers of Spanish properties were foreigners, of which 20 percent were British. The demand for Spanish housing continues and it’s important that Brits go through the right channels and get the right legal advice to ensure they don’t lose out in the future.

“Buying off-plan in Spain isn’t risky if you make sure you’re protected”, says Salmeron. “There are some key considerations, however, before entering into any agreements: Make sure the developer owns the land and has a licence to build; make sure you are given your guarantee upon providing any down payments (this is issued by the bank financing the development but given to buyers by the developer); bank transfers are always preferable to cheques and never pay deposits using cash; seek the advice of a specialist lawyer to ensure there are no abusive terms in your agreement – some developers have been known to pass on taxes to clients that don’t correspond to them.”

Affected Brits can contact Fernando Salmerón to receive a no-obligation assessment of their case. Please visit www.bufetesalmeron.com/en.

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