# Ow



## jelliskite (Feb 19, 2017)

Hi, 

I wonder if you could help me please. 

Around 10 yrs ago I purchased a property in Spain and a letting company managed the renting of the property. After around 1yr of ownership I received a letter from the bank to say the property had fallen into technical default. The letting company had gone bankrupt and had not informed us. The mortgage had not been paid for nearly a year. I spoke to the bank and they where not willing to negotiate and informed me it would be repossessed. So I walked away. Recently I contacted the Spanish solicitor about the property and he informed me that he still had the deeds and that I now owned the property outright.

I am going to contact him again tomorrow but I wanted to know, is it possible that I can now own the property? Does the bank have a certain time to repossess maybe and if not then the property passes to the owner? 



Thanks for you help.



J


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## cermignano (Feb 9, 2017)

I think you need to get professional advice. Hope somebody with similar experience also comes on. I cannot see anybody becoming outright owner without having paid for the house in full. Could be wrong. Keep us posted


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## jelliskite (Feb 19, 2017)

Thanks for your reply. Yeah find it odd also. Looked through the law and not seeing anything as of yet allowing me to keep the property.


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## xabiaxica (Jun 23, 2009)

It doesn't sound right at all.

As I understand it, even if you 'walk away' you still owe the debt to the bank. 

If the bank then sells it, the sale price is deducted from the debt - but you don't own it any more.


I don't know though, if there's a time limit for repossesion.


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## Horlics (Sep 27, 2011)

jelliskite said:


> Hi,
> 
> I wonder if you could help me please.
> 
> ...


No point whatsoever in you asking here, IMO. Talk to your solicitor, he/she has the answer.


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## jimenato (Nov 21, 2009)

jelliskite said:


> Hi,
> 
> I wonder if you could help me please.
> 
> ...


Good result if it's true!!

Never heard anything like it but the Spanish rules on such things are often arcane in the extreme.

Good luck with it.

Talk to your solicitor.


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## Pesky Wesky (May 10, 2009)

Maybe they are getting back in touch with you so they can land you with a few bills...


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## trotter58 (Feb 8, 2017)

Pesky Wesky said:


> Maybe they are getting back in touch with you so they can land you with a few bills...


That was my thought. 
Have the bank been in touch directly?, or just through the agent? I would be very wary if you still owe a significant debt on the property.


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## Overandout (Nov 10, 2012)

I suggest consulting the Registro de la Propiedad.

They have to tell you who the owner is. The cost of the consultation is low, around 15 Euros I think.


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## baldilocks (Mar 7, 2010)

Guys/gals will you please read the posts before answering. The bank didn't get in touch. The OP got in touch with the solicitor him/herself and this was what the solicitor told him/her.


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## Pesky Wesky (May 10, 2009)

baldilocks said:


> Guys/gals will you please read the posts before answering. The bank didn't get in touch. The OP got in touch with the solicitor him/herself and this was what the solicitor told him/her.


Yes, I realised that after had written my post. Still, I would go ahead with caution because if there are any bills (and let's face it, there will be) if he is the owner he will be liable for them. I think the idea of going to the register to see who the owner is is the best idea.


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