Forfeiting Off plan property in Spain- Help!!

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This topic contains 2 replies, has 3 voices, and was last updated by Profile photo of Anonymous Anonymous 10 years, 1 month ago.

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  • #52417
    Profile photo of Anonymous
    Anonymous
    Participant

    Can anyone help us we have been sold an off plan property and like many people we are not able to complete as the projected figures do not add up so my question is if we do not complete apart from losing our deposit I have been advised by our lawyer that there is a strong possibilty that we will be able to recover 50% of our deposit in court . Does anyone have any experience of this ???? If so can you advise

    In addition , how does this affect our credit rating in UK ?

    Also has anyone bought in Benahavis and been able to receive decent rent ? Our property is on a golf course and is being completed at the end of the month , please can anyone help us as we stand to lose a very heavy deposit

  • #67210
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello,

    If you are going down the court route, you will have to wait for ever. My criminal case has been in the courts for 2 year 8 months and the developer has not been arrested yet. His declaration consisted of a pack of lies despite having all the proofs in place. This developer has had our 130,000 Euros since May 2003.

    This gives you an idea of what the Spanish legal system is about.

    I wish you every success in whatever you do but I can only speak from experience of the courts in Spain.

    All the best,

    Lizi

  • #67220
    Profile photo of Anonymous
    Anonymous
    Participant

    Errm, how is that possible ? By “projected figures” you mean you have run out of money ?

    I haven’t read your contract, but unless the developer is in a breach of contract, if it’s you that can not complete then not only will you lose your deposit but also between 25-100% of the downpayments you have already done. The exact penalty (percentage) will be in a clause in your contract.

    If you think, or your lawyer, that you can walk away of a contract without losing any money and on top of it recovering 50% of your deposit I believe you are sadly mistaken. You are pinned by a contract to purchase.

    For this to work out the developer must be in breach which you haven’t mentioned in your post.

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