Thousands of Britons who lost large deposits on Spanish properties which were never built have been offered the prospect of reclaiming their cash.
An estimated 100,000 British property buyers put down cash deposits totalling as much as £4bn on “off-plan” Spanish properties that were never completed.
The money was committed during the years of the Spanish property boom, which ended spectacularly in the financial crisis of 2008.
Many Spanish property developers went bust, with thousands of sites incomplete.
In December 2015, the Supreme Court in Madrid ruled that Spanish banks should be held jointly responsible, along with developers, for buyers’ lost cash.
Gary Hitchcock is just one of the many British people who invested in a Spanish property.
In 2003 he paid £89,000 towards a two-bedroom luxury villa in Marbella.
In 2007 Mr Hitchcock went to see the partially-completed property and was unable to find out when it would be finished.
The developers were also unable to secure a “First Occupancy Licence”, a vital document that is needed by homeowners to connect water and electricity supplies.
The property was never completed and he was unable to get his money back from the developers.
Initially he sought legal help to help fight his case. He later reluctantly decided he couldn’t afford the risk of financing legal action where there was no guarantee of success.
Mr Hitchcock, 57 and from Nottingham, had almost accepted he would lose the cash until he heard about the recent judgement.
He is now one of the many investors hoping to get a refund in light of the recent judgement.
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