In this latest blog post we go through all the important details regarding the new Mortgage Law, that came into place on June 16th of this year. This regulation, which comes after a delay of more than 3 years, is there to protect consumers in 3 fundamental aspects: avoiding evictions, lowering mortgage repayment and forcing banks to pay formalisation expenses.
However, is this new law efficient enough to adapt to EU regulations?
Last month, on the 1st March 2019, a new Law took place that affects properties, especially when renting.
This is classed as an urgent measure due to a deficient property market, especially in the rental sector.
One of the main benefits, that hasn’t changed from the previous Law, is that valid contracts that aren’t registered in the Property Registry (Registro de la Propiedad), are still protected in respect of third parties. This means that, if there is a sale on a rented property the tenant is always protected.
If you own any assets in Spain, you might want to consider getting a Will sorted. A Will or testament is a legal document by which a person, the testator, expresses their wishes as to how their assets are to be distributed at their passing.
It is understandable that UK citizens living in Spain are worried about what will happen to their right to reside in Spain after Brexit.
Currently, Spain houses the largest community of British citizens in Europe with more than 300,000 people registered as living here, although there are also an unknown number of British citizens who are not registered. Plus, a significant number of Spanish people reside in the United Kingdom, approximately 150,000.