This week has seen unprecedented Supreme Court action that has unleashed all kinds of mayhem on an internal level, not to mention the consequences this has had on the financial sector. Over the past few years we have seen thousands of court cases revolving around the financial sector and their methods when it comes to granting mortgages. The primary issue was in relation to the infamous Floor Clause inserted in mortgage agreements (in many cases without advising the mortgage holder!) but a Supreme Court ruling in favour of mortgage holders obligated banks to reimburse any benefits obtained which could be a few thousand euros per case. The secondary issue and the one this article referrs to has to do with reclaiming the Stamp Duty paid on the Mortgage Deed.
Property rental is a booming business on the island with many people subsidising their income by renting out any additional properties they may own, however, as with most matters, there are many legalities that the majority are not aware of and we are going to tackle one that is almost unheard of. Even though most contracts are drafted on regular A4 paper, some of you may have noticed upon signing your contract that stamped paper has been used but may not have really questioned the reason why.
