Tag archives for Premier GRoup

BILBAO APPEAL COURT UPHOLDS THE ILLEGALITY OF THE SLM MORTGAGES

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Photograph: Registro Civil

The Appeal Court in Bilbao has upheld last year’s ruling by the Court of First Instance 11 in Bilbao and determined that  mortgage loans granted by Surrenda Link Mortgage (SLM) to invest with Premier Group should be declared null and void.

The appeal ruling confirms that operating without a license is a grave infringement of one mandatory regulatory framework of great importance: the financial services sector. As a result, they order the maximum possible sanction -nullity and voidness- to those illegal activities. For the Appeal Court, acting in this manner

deprived the claimants of any guarantees, which the current legislation envisages to ensure there is complete information with regards to the evolution and situation of the financial entities so that, in this respect, they can limit or prohibit those practices or deals that increase the risk of insolvency or lack of liquidity, and reinforce the resources required to attend to those risks, thus avoiding harm to applicants…Preamble of the Stock Exchange Act of 26/1988).

The Appeal Court goes further than the original ruling and fully corroborates and endorses the allegations of the claimants that the widely publicized Inheritance Tax benefits are false, emphasizing that such conduct is deceitful.

Finally, the higher Court reaffirms the allegation by the claimants that they had no financial experience, a fact not challenged by SLM.

SLM’s choices are to accept the ruling and not interfere in the cancellation of the mortgage loans or explore filing an exceptional appeal with the Supreme Court, a possibility only accepted in very specific cases.

Litigants expressed their satisfaction over the performance of their lawyers Lawbird Legal Services.

 

SLM Decision Still not Official

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Having the Appeal Court notified the parties that by the end of June they would have resolved the appeal to the Equity Release “Bilbao case” ruling, it is almost October and there is no official notification.

This is not unusual and should not be interpreted in any particular sense.

We eagerly and optimistically await the decision from the Court.

BREAKING NEWS: BILBAO COURT NULLIFIES 12 SLM MORTGAGE LOANS WORTH 6 MILLION EUROS

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Image result for Juzgados de Bilbao

Court 11 in Bilbao has invalidated 12 Equity Release IHT mitigation mortgage loans sold to the public by SL MORTGAGE FUNDING NÂș1 LIMITED.

The Court orders the diverse Land Registries to remove the charges with immediate effect and nullifies, alongside, any and all contracts signed by borrowers with the Cheshire-based lender.

In addition, the Court has resolved that borrowers will not have to return any advance payments made by the lender and will be entitled to the return of any disbursements made as a result of these contracts.

The Court found that SL MORTGAGE FUNDING NÂș1 LIMITED operated an illegal lending and investment service and likens it to a “civil fraud”, as it did without clearance from the Spanish banking and financial authorities and concludes that the lender deserves the maximum possible penalty, as per article 1306 of the Civil Code.

More to follow.

S.L. Mortgage Funding NÂș1 LTD Responds to Claim

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Surrenda-link Sell Your Endowment

Surrenda Link Mortgage Funding has formally responded to a claim filed by a number of victims of the Equity Release and have, fundamentally, denied any responsibility in selling anything but an English loan guaranteed with a Spanish mortgage.

Surrenda Link argues the following:

  1. That the victims were not resident at the time of taking out the loan.
  2. That the “product” is not a complex one but a type of “reverse mortgage” that almost all Spanish banks offer -without them being accused of tax fraud-.
  3. That claimants were correctly advised of associated risks by their lawyers and financial advisers.
  4. That the “product” and its promotional literature was offered to financial advisers (IFAs) based in Spain, who were hired by the claimants, at their own peril.
  5. That SLM and Premier did not offer, via joint venture, any financial product to the claimants.
  6. That this mortgage loan is fully valid for IHT mitigation purposes, in accordance to a report prepared by a “prestigious” lawyer, Carlos Albiñana, who has dreamt up a theory whereby if you take out a loan on your house to acquire a Ferrari, your children can certainly deduct this loan for IHT purposes. In his defense, we can argue that he was just too lazy to submit an enquiry to the Tax Office, as ERVA did in 2013.
The Court has ordered the parties to appear at the Bilbao Court of First Instance on the 11th of November of this year.
Lawyers for claimants are currently analyzing the allegations submitted by the defendant having noted that the acting lawyer, Gunter Helding, boasts in his published CV  being the
designer of a financial product involving mortgage loans for a British investment firm.
Can we safely presume that he is referring to THE PREMIER GROUP and SURRENDA LINK? We most certainly can.
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