* Advice needed* I’ve put down £40,000 deposits on a flat in

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This topic contains 8 replies, has 6 voices, and was last updated by Profile photo of mariadecastro mariadecastro 9 years ago.

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  • #53499
    Profile photo of Anonymous
    Anonymous
    Participant

    Spain, now I dont want the flat, should I lose 40% of my deposit or get a mortgage, carry on with it and put it up for sale?

  • #76458
    Profile photo of Inez
    Inez
    Participant

    If you decide not to complete then you will lose your deposit unless there is aproblem which may enable you to wriggle out of it.

    Is there time to try and sell on the contract elsewhere? Even if you made a loss you may be able to retains some of your deposit money??

  • #76460
    Profile photo of Anonymous
    Anonymous
    Participant

    The contract says I lose 40%, whether I get the other 60% back is another matter, think I could get it all back if the development is not complete by 15th December, so if anyone is in Javea and could give me an update I’d be grateful.

  • #76463
    Profile photo of Anonymous
    Anonymous
    Participant

    I’ll start the bidding for your deposit/contract…….

    £1

  • #76472
    Profile photo of Anonymous
    Anonymous
    Participant

    BLue the develpoment is now pretty progressed my best guess is six months before complete including communal areas. Check your contract I think the 40% may be 40% of the total purchase price not 40% of the deposit!!! In respect of late completions getting this to stick is difficult developers will allways be given some latitude and will claim delays out of their hands such as the recent gota Frio experienced in Javea.

    If you decide to complete and want to keep mortgage costs to a min PM me.

  • #76474
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks Jim You’ve been really helpful, they’re already 6 months overdue for completion. She did say to me I lose 40% of the deposits, I’ll get my solicitor to look at it. If that’s the case what chance do you think I’ve got of getting the other 60% back? Does it take for ever? Do you have to go to court to get it? Again , thanks for all your help.

  • #76475
    Profile photo of Anonymous
    Anonymous
    Participant

    @Blue wrote:

    Thanks Jim You’ve been really helpful, they’re already 6 months overdue for completion. She did say to me I lose 40% of the deposits, I’ll get my solicitor to look at it. If that’s the case what chance do you think I’ve got of getting the other 60% back? Does it take for ever? Do you have to go to court to get it? Again , thanks for all your help.

    I’m certain this will be 40% of your deposit

    When I canceled my contract I spoke directly to the builder bypassing the next-to-useless agent altogether. I was sent a new contract to sign, returned the old one and within several weeks the balance of the deposit was transferred into my bank account. Episode closed.

    However as your build is late, your contract may contain clauses which entitle you to not only your deposit but also some compensation. This was the case in my contract but yours may be different.

    Do you have a copy of your contract in English? If so, you must read through it!

  • #76477
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks Mr Ben, I’d be happy with that, not too optimistic though.

  • #76537
    Profile photo of mariadecastro
    mariadecastro
    Participant

    Have they fully met the contract? Completion date? Bank Guarantees? All facilities? Surface? Quality? All what was advertised in previous publicity?.. If so and you want to cancel, you are entitled to the devolution of the 60% of your deposit of course. No doubts. You can even challenge the 40% as it may be abusive.

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