Lawyers acting for a Jyske customer have filed a petition against Jyske Bank to declare foreclosure proceedings null and void,on grounds that the valuation was carried out by an unlicensed valuation company, Gibsons Chartered Surveyors.

And whilst the company’s legality was not put under question, their ability to legally provide valid valuations for mortgage loan purposes in Spain was and therefore, acting lawyers have requested, initially, that foreclure proceedings are halted and annulled and will, at a second stage, apply for the mortgage loan contract to be set aside. 

Lawyers acting for the bank have contested the petition by claiming rather confusingly that Jyske Bank A/S London Branch is not Jyske Bank A/S Denmark nor Jyske Bank Gibraltar, and that as a result, they do not come under Spanish laws. This has proven to be a lie.

Also, they have not however contested the fact that only companies authorized by the Bank of Spain can provide valid valuations and insist that, as the loan was “granted” in London, Uk laws apply to the loan.

The repercussions of this could be enourmous for Gibson Chartered Surveyors have worked for Barclays Bank Plc, Newcastle Building Society, Norwich and Peterborough Building Society, Credit Suisse (Gibraltar) Ltd, and ABM Amro Bank when giving out, presumably, hundreds of mortgage loans in Spain.