Problems investing off plan

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This topic contains 13 replies, has 5 voices, and was last updated by Profile photo of Anonymous Anonymous 11 years, 6 months ago.

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  • #51005
    Profile photo of Anonymous
    Anonymous
    Participant

    As explained on the phone, we have had a 3 year nightmare experience having trusted ****** and their recommended lawyers ***** in Marbella.

    The sales staff and Managers lied to us about projected returns before completion, lied about the Building Licence delays, lied about what was not being built on adjacent ground, lied about values, specifications, costs involved, mortgage information,and a lot more and failed to point out the many pitfalls involved.The lawyers did not advise us on major implications in the contract either before asking us to make payments. They have a huge turnover of staff so speaking to the original people involved is very unlikely so there is no continuity. Some staff buy on the same developments and compete with clients when trying to re-sell. Some also try to pick up distressed sales from customers cheaply prior to completion. Looking back their sales tactics were quite pressurised, and once they had made the sales, they appeared to ditch us and had it not been for my persistance we would have had to complete on two apartments that they said they could sell on in months not the 3+ years it took.

    I have met other investors of **** with similar experiences, and I would not recommend them or their lawyers to anyone. My phone number to compare experiences is 01580 242852.

  • #58024
    Profile photo of Anonymous
    Anonymous
    Participant

    As already mentiuoned above, I have had the usual experience of the estate agent telephoning every day to sell me an apartment but once I had bought I could not get hold of them to find out how my apartment was progressing. I have recently contacted Investor Partners and am now hoping to sell this apartment as I find it too difficult dealing from afar and not being able to find out from anyone whether the development has started, is progressing or has even finished!!

  • #58029
    Profile photo of Anonymous
    Anonymous
    Participant

    @Patricia wrote:

    As already mentiuoned above, I have had the usual experience of the estate agent telephoning every day to sell me an apartment but once I had bought I could not get hold of them to find out how my apartment was progressing. I have recently contacted Investor Partners and am now hoping to sell this apartment as I find it too difficult dealing from afar and not being able to find out from anyone whether the development has started, is progressing or has even finished!!

    🙁

    Patricia

    Feel free to call me on 01580 242852 or send an e-mail either through Mark on this site or to: paulgiahux@hotmail.com if you wish to discuss anything. I’ve learnt a lot by my experiences and may be able to help you and others with similar problems.

  • #58031
    Profile photo of Anonymous
    Anonymous
    Participant

    😡

    For anyone wishing to invest in the Costas del Sol and Blanca you would be well advised to read the article of the 12th September 2004 in the Sunday Times either online or back copy, regarding the Company I cannot mention here! Be Warned!

    Paul

  • #58034
    Profile photo of Anonymous
    Anonymous
    Participant

    Here’s the link for anyone who wants it.

    http://property.timesonline.co.uk/article/0,,14052-1260342,00.html

  • #58035
    Profile photo of Anonymous
    Anonymous
    Participant

    @anonymous wrote:

    Here’s the link for anyone who wants it.

    http://property.timesonline.co.uk/article/0,,14052-1260342,00.html

    👿

    One thing the article did not mention fully was the incestuous relationship between Estate Agents and their recommended lawyers. On no account should you use their lawyers who they say are impartial and they will also try to dissuade you from using a law firm based in the UK. There are some good ones here who have their own abogados in Spain and can complete transactions quickly and less expensively, for example CMH Spain based in Tenterden, Kent.

    The Estate Agent exposed in the Sunday Times which you can access in the above link uses a couple of law firms you should avoid at all costs on the Costa del Sol, they are so in each others pockets. E-mail me or phone to get their names, my details are on original posting above.

  • #58224
    Profile photo of Anonymous
    Anonymous
    Participant

    👿

    Watch this space!

    It’s high time the Spanish Govt. was told to investigate this Company and similar scammers on the coast including their lawyers.

    A start would be http://www.mir.es who are Spains Ministry of Interior, maybe http://www.britchamber@britchamber.com the UK chamber of commerce in Spain plus any other tv and newspaper channels both in the UK and Spain.

  • #58225
    Profile photo of Anonymous
    Anonymous
    Participant

    quite agree with you paul, IT IS high time the spanish government got to grips with what is going on with the property scandals there.

    there is a researcher that is interested in complaints re. AIFOS jonathon.davenport@granadamedia.com

    also the yorkshire post would like people to contact re any complaints about this company, preferably people from yorkshire but not essential.

  • #58228
    Profile photo of Anonymous
    Anonymous
    Participant

    Sadly Folks I don’t think you’ll get much (any) of a response from the Ministry of the Interior. The only thing that will do the job properly is consumer-power. We’re working on that.

    In the meantime if you do have a real grievance against a developer or agent and want to lodge an official complaint then you need to go to the local office of the Instituto Nacional de Consumo. But to go to them you need proof of some sort of wrongdoing.

    Find your local office here:
    http://www.consumo-inc.es/directorio/interior/omic/omic.htm

    Mark

  • #58270
    Profile photo of Anonymous
    Anonymous
    Participant

    Whilst it would be a good idea to ‘name and shame’ certain companies and staff who blatantly mis-sell in Spain, it would also be useful if there was an available list of the ‘good guys’ whether agents, lawyers or developers. Is there any chance that this could happen so as to give purchasers more protection?

    If purchasing, I now think it would be a good idea to insist on ‘time penalties’ both from the agent who sells, as well as the developer, which might focus their minds a bit more honestly when trying to take deposits. Ask for any sales spiel to be put in writing with a ‘money back proviso’, and get an independent lawyer not one they suggest.

  • #58272
    Profile photo of Anonymous
    Anonymous
    Participant

    @anonymous wrote:

    😡

    For anyone wishing to invest in the Costas del Sol and Blanca you would be well advised to read the article of the 12th September 2004 in the Sunday Times either online or back copy, regarding the Company I cannot mention here! Be Warned!

    Paul

    Can you pm me the info please?

  • #58273
    Profile photo of Anonymous
    Anonymous
    Participant

    @paul wrote:

    As explained on the phone, we have had a 3 year nightmare experience having trusted ****** and their recommended lawyers ***** in Marbella.

    The sales staff and Managers lied to us about projected returns before completion, lied about the Building Licence delays, lied about what was not being built on adjacent ground, lied about values, specifications, costs involved, mortgage information,and a lot more and failed to point out the many pitfalls involved.The lawyers did not advise us on major implications in the contract either before asking us to make payments. They have a huge turnover of staff so speaking to the original people involved is very unlikely so there is no continuity. Some staff buy on the same developments and compete with clients when trying to re-sell. Some also try to pick up distressed sales from customers cheaply prior to completion. Looking back their sales tactics were quite pressurised, and once they had made the sales, they appeared to ditch us and had it not been for my persistance we would have had to complete on two apartments that they said they could sell on in months not the 3+ years it took.

    I have met other investors of **** with similar experiences, and I would not recommend them or their lawyers to anyone. My phone number to compare experiences is 01580 242852.

    Can you get in touch by e-mail or pm please? I would like ot exfchange info. Thanks.

  • #58275
    Profile photo of Anonymous
    Anonymous
    Participant

    frankn20,

    The relevant link to the expose on this Company is on this page which you can click on to, it is a S. Times article. There is also another link to the most recent S. Times article which Mark has posted.

    Alternatively you can email me on paulgiahux@hotmail.com and ask me your questions and I will reply.

  • #58281
    Profile photo of Anonymous
    Anonymous
    Participant

    Interesting thread. What it strange is that even though the companies mentioned (or not mentioned!) here are have so much negative exposure, people STILL buy from them!! Why??

    Mind you, living in the Costa del Sol for a year now has taught us that you really can’t trust anyone here! There are a lot of desperate people who will do anything for money. You really have to be careful.

    I have had dealings with some of the supposedly “good” agents and even some of those are not what they seem!

    But, let’s keep exposing the known bad ones at least and hopefully help the future buyers.

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