“Favourable” Exchange Rate Increases Off Plan Deposit Money Returned in GBP

Euro and Pound Capture

If you were ‘lucky’ enough to pay your deposit by converting Pounds to Euros then you are in for a pleasant surprise when your money does come back. With the exchange rate now being much loser to parity than it was, you will get more pounds back for each Euro.

I appreciate this does not help the many people from Ireland that were buying off plan and I have known quite a few of those. However, the most people that I know of did pay by converting from GBP.

As an example, if the exchange rate was say 1.42 (can you remember those days!) and you paid a 30,000 Euro deposit, this would have cost you around £21,000 GBP. Now if you claim say a payback of net 21,000 Euros (after fees etc) and there is say a conversion rate of 1.05 at that time, then I get £20,000 GBP back which is not far off my original investment after fees.

So the exchange rate at the moment in that sense is being very kind to us and helping us out here! At least something is on our side! I have seen this help some in our group massively. Especially if you can claim legal interest on top of the capital repayment (so other posting about this).

This is however not to mean that we go throwing our deposit money away by taking on a lawyer who is over-charging us for their services. I know a lot can come on strong trying to justify their fees. And I need to inform you about that as well later as there is a great variation in such fees. I think it more reflects greed for profit and the overheads and middlemen involved than it does value! Don’t get me started on that one!

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