Expats “Lock up And Runs” Increase On Spain’s Costa del Sol & Costa Blanca At An Alarming Rate

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Expats

“Lock up Runs” are increasing by the day by British ex-pats as they shut businesses on Spain’s Costa del Sol & Costa Blanca leaving landlords in despair with empty premises.

Landlords are in despair on Spain’s coasts as British ex-pat business owners pull down the shutters and run for home.

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According to property owner Micheal Issac based in Puerto Banus at least 20 “Lock up and runs” are taking place per week leaving landlords with piles of legal red tape and further expense.

Issac, who’s taken 20 years building up his property empire in Spain, after making his first millions in the UK redeveloping properties and retail estates says landlords now are feeling the pain as the economic crisis hits after the Coronavirus pandemic. He also appeals to tenants to avoid locking and running and to instead be open with property owners of their plans, Issac said:

“I appeal to all ex-pat business owners to be open and frank with landlords and not to just “leg it” and disappear into the night doing a moonlight flit”


“The red tape it leaves behind is horrendous for us landlords, we can’t just take possession here in Spain and re-let out, it takes sometimes years to regain control of our own properties”

“At least 20 “lock and runs” as we call it are taking place now each week, tenants under pressure from rents and leases, as well as banks and town hall financial obligations feel the best option is to just pull down the shutters overnight and jump on the next flight home to what they feel is safety”


“Whilst it may be the easiest option for them, and I do feel sorry for their plight, it hasn’t been their fault Spanish business is crashing card, I urge everyone and not just my tenants to come forward so we can work out the lease and the easiest way to terminate it legally”

“We don’t care who you are running from, just don’t leave us the landlords in the lurch, business right now is tough enough for everyone”

As the lock-up and run syndrome increases across Spain by the week Issac tells how he fears more and more.

“Fuengirola port alone, 5 cases, up in Benidorm I know of 19 cases and many more elsewhere too, and it’s only going to increase I fear as more businesses fail through no fault of their own, yes Spain is in an awful financial position and it’s in my opinion only going to get worse until the middle of 2021, but have some consideration for the landlords you leave behind – many properties we won’t be able to re-let next year because we still won’t have got through the courts to regain possession of our own properties, Spanish law is far different to that of the UK”

“There’s no light at the end of the tunnel for many, I fully understand that totally, I have 80% of my remaining tenants on reduced payments, rather than lose them, I’m trying to assist but if you really feel the need to go because of the pressures, speak to us we aren’t going to bite but don’t just run for safety”

“I don’t just speak for myself, but all landlords across the coast”

Meanwhile today the Euro Weekly News spoke to a couple back in their hometown of Stratford gave their account after shutting up and catching the first-morning flight back to Birmingham airport, the couple who didn’t wish to be named for fear of reprisals told how they disagree:

“It’s all very well landlords saying that but they put the squeeze on for rent payments that added to the pressures, we had no choice like many others we know, the lockdown was a killer and then the restrictions made it even worse, landlords didn’t give breaks, they put the squeeze on, we didn’t know if we were coming or going, and the sleepless nights of thinking what to do or how we could face the next day were torture, as soon as we opened up in the morning everyone we owed money too was on the phone or calling in, including landlords, the squeeze and pressure tactics applied were just too much, we owed and still owe the Spanish bank 28,000 euros, Town Hall 4,000 euros, suppliers around a grand and rent was behind a few thousand too, there was no way we were going to pull it back all at once, nobody was giving breathing space – we had no choice to do as others lock up overnight and run for home,” they said

“We took a huge sigh of relief when we landed on home soil, we lost our 24k we paid out for the restaurant and bars lease but the release of the pressure now is immense”

 




12 COMMENTS

  1. Can you blame them ….. No business since March but landlords want their rent … standing orders on electric gas water Suma all to be paid….. with what .. it will take years to pay … They have cut their losses.. Landlords want it all ways You do well they stick your rent up …..

  2. They remain liable for their debts. They are not “safe” just because they are back in the UK, they can still be chased for these and taken to the courts here.

  3. As the Pandemia is Growing in Britain..
    The UK Government is trying to destroy the Spanish Reputation Holidays in a very malicious way as usual..
    Spanish Government is condemning this Malicious Act with the purpose to avoid British people spending Holidays in Spain Beautiful country to spend Holidays..

    This malicious critics from Britain had been passed to the European Parliament..

    • Seriously, you think it is malicious to make a country subject to quarantine that has 5 times the infection rate of the UK?

      As for passingit to the european parliament, there is no such thing. If you mean the eu parliament then good luck with that, by the time they get around to dealing with it the transition period will be over and they will not be able to do anything aboutit.

  4. Its like you Michael milked and made your Money in the UK, not sure if you paid your dues here and than run to Sunny Spain and now giving lectures is a bit rich. How about returning to the UK and helping us rebuild the UK after Brexit.

  5. So this man who has made his millions from the property market is saying that these people should be honest with their landlords and says in the same breath, it’s not as easy to take procession in Spain as it can take years?
    He’s just thinking about himself and losing his millions!
    If the Coronavirus hadn’t caused this flight Brexit certainly will!
    And is anyone surprised????

  6. Whatever happens to us is our own choice(to a certain extent). Today i remeber a small story that i would like to share here(its mythological fantasy but expalins our mindstate).
    Once a man died and was presented to LORD’S court by “messengers of death”. He was asked that if he would like to go to hell or heaven.
    The man asked, “What is the difference?”
    “Let me show you both?” Replied LORD.

    When taken to heaven he found that all souls were dizzy, weak. Upon asking for clarification LORD took him to the place where food was served. LORD explained him that here the rule is that no one is allowed to bend their elbow to insert the food into their mouths. Now everyone is strughling to feed themselves without bending the elbow, which is not possible at all & That’s why they end up being more weak”.
    Now its time to see hell. When the man entered hell, he saw that all souls are really happy, healthy and hardworking?.
    He was astonished and asked the reason for this difference. LORD replied, “Let me show you”. LORD took him to food court & he was astonished to see that all souls were actually feeding the person next to them. This is what is called sharing & caring.
    Now like I mentioned before this is just a fictional story. But the truth is that this story reflects our states of minds.

    Actually the phrase sharing is caring is mistakenly considerer as caring for someone else. Actually sharing means caring our ownselves. That’s what the phrase sharing is caring means.

    Instead of landlords just crying when they suffer the pain of losses because they are not getting rents, its better if all landlords start sharing the pain(if they are financially stable) by letting go of the rents till everything comes back to normal or atleast charge the minimum (if landlords are financially not stable). This way the tenants, instead of bearing the losses in this situation, will continue to be there with a hope
    that one day everything will come back to normal & money starts flowing again. Economy will grow and so dies everyone.
    Sorry for the lengthy messages and sorry if i hurt someone’s feelings. But this is what i feel.
    Regards

  7. As I lost my business to this virus, I live in UK I carnt run away and hide I’m now left with depts no shop impossible to start again
    Will take me years to pay off.

  8. It is not malicious, Spain is currently recording 5 times the cases the UK is. And by the time your precious eu parliament have decided on anything we will be well out of their clutches.

    We as the UK have spent many years holidaying in Spain, it is petty squabbles like this that will put people off. There are far better places to go.

  9. It is tough on the immigrants are with the downturn in trade due to the virus.
    They should be able to work something out with their landlords instead of creating vthis mess.

  10. I wonder if the comment section would be so understanding if it was Asain business owners that were doing the exact same thing, but in the UK.

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