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Mostrando entradas de octubre, 2018

HIGH COURT TO HOLD A PLENARY ABOUT MORTGAGE TAX ON 11.05.18 / EL SUPREMO CONVOCA UN PLENO SOBRE EL IMPUESTO DE LA HIPOTECA PARA EL 05/11/18

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High Court to meet in plenary session to analyze & clarify the effects of the judgement about the mortgage tax.
The widespread impact of 2018.10.16 judgement, and it's effects for borrowers will be revieweb and decided on a plenary session on November 5th, 2018.
Press Report from High Court about the plenary meeting being hled in two weeks.



Why is this unusual plenary being held?
We would advise you not to start proceedings. Firstly, to avoid unnecessary legal expenses that you would have to pay if finally the judgement doesn’t apply to your case.  Secondly, because most of the courts dealing with mortgage expenses cases are suspending proceedings until the plenary session releases its conclusions about the effects of the judgement.
What would it happen after the plenary’s decision?
Our Law Firm will keep you posted about the details of the decision through another newsletter, which should allow you to know if you are elegible for a refund of your mortgage expenses.
If after reading …

BANKS TO PAY MORTGAGE TAX, AFTER HIGH COURT NEW PRECEDENT / LOS BANCOS PAGARÁN EL IMPUESTO DE LAS HIPOTECAS, SEGUN EL TRIBUNAL SUPREMO

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This is going to be an important date for all those who are still paying a mortgage, or just payed the last installment four years ago, because High Court has changed its criteria and set a new precedent: Bank must pay stamp duty tax for the mortgage, which varies from 0.5% to 1.5% depending on the Spanish Region.
The main legal reason given for this decision is that the Bank is the only party on the mortgage who is actually interested in signing the contract in a notarially certified deed to get it registered, to secure the repossesion if the mortgage it's unpaid.

Therefore the Bank must pay the stamp duty tax for the registration. This means that mortgage borrowers could retrieve what the paid for the mortgage tax (from 0.5 to 1.5 on loan amount), plus other expenses, like notary fee, land registry fee, surveyor fee, arrangement fee and management fee. You can download this important judgement here:
Sentencia 1505/18, de 16 de octubre, de la sección segunda del Tribunal Supremo
We a…