Abogados de Alicante

Alberto Cañizares
24 de abril de 2018
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Floor Clause. Unfair Mortgage Terms in Alicante, Spain.

As lawyers specializing in unfair mortgage terms, we can say that unfair floor clauses in mortgages in Alicante continue to be as relevant as ever in this province , even several years after the landmark Supreme Court ruling of the 9th of May 2013.

Many of the banks based in the province of Alicante continue to refuse to return money to their customers as a result of overcharging. Good proof of this is that we continue to file many lawsuits every week before the Court of First Instance, requesting the elimination of Floor Clauses and the return of sums unduly paid as a result of the same.

Foreign Citizens Harmed.

Many British and other nationalities (French and German mainly) have suffered from the inclusion of this unfair term in their mortgages between 2000 and 2015.

Both the Supreme Court and the Provincial High Court of Alicante have maintained their firm decision to eliminate the Floor Clause and order banks to return any amounts that the mortgaged victim had paid as a result.

The fact that many clients did not speak Spanish compounds the lack of information given by the bank to its client, reinforcing the invalid nature of the clause.

Floor Clauses Lack Transparency.

The reasons for the elimination of the Floor Clause continue to be the same, namely, the lack of transparency on the part of the bank when explaining to the mortgage applicant that the Floor Clause had an effect on his or her main obligation i.e. the monthly repayment of the mortgage loan. This little clause, usually included in the third clause bis of the mortgage deed, was included for the exclusive benefit of the bank and to the detriment of the mortgage customer.

The consequences of the ruling are: the return of all sums improperly charged by the bank; the bank to pay court costs; the mortgage customer would also not have to pay his solicitor/barrister fees... that is, he could apply for the elimination of the Floor Clause at zero cost. No win no fee.

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Companies and Freelancers can also cancel their Floor Clause.

The Courts have made it clear that  both companies and the self-employed can cancel their mortgage's floor clause . The current Spanish and Community regulations have put an end to unfair terms imposed by the bank.

European Directives and Spanish law allow for the cancellation of a Floor Clause, providing that such a clause has been imposed by the bank without respecting the contractual good faith required.

 Specialist Lawyers in floor clauses in mortgages in Alicante.

Hundreds of our clients have been recovering their money for years. We are   specialist lawyers in Floor Clauses in Alicante and leaders in the Province. We have achieved success in hundreds of rulings. Some have set judicial precedents - see our Press Room.

As lawyers specialized in Floor Clauses in Alicante we would like to emphasize that it is only necessary to follow the appropriate legal route in order to obtain a judicial ruling against the bank for the return of all amounts unduly charged as a result of the nullity of the Floor Clause. We know the Law and we know the Courts that apply it.

If you want to read more about floor clauses in mortgages in Alicante, click here.

If you have any questions about floor clauses in mortgages in Alicante, send us an email to info@canizaresabogados.es. If you prefer, leave us your contact information here and we will be in touch.

Cañizares Abogados Law Firm / Lawyers and solicitors.

Banking and consumer Law.

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T 966.37.77.93 – 966.08.64.52 / info@canizaresabogados.es

Avda. Aguilera 38 – 4ª planta. 03006 – Alicante. www.canizaresabogados.es

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