To complete or not ? Any advice

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This topic contains 11 replies, has 8 voices, and was last updated by Profile photo of mariadecastro mariadecastro 9 years, 11 months ago.

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  • #52501
    Profile photo of Anonymous
    Anonymous
    Participant

    In 2004 we agreed to purchase off plan in Elviria / Marbella for a “luxury” apartment due for completion Dec 2005.

    Our contract includes a clause stipulating that if we do not complete for any reason a penalty of 10% of the outstanding money (60%) will be charged by the developer.

    The development is still unfinished (possibly will be ready march 2007) and visiting the site last weekend, the quality of the project especially the communal areas is extremely poor. I think the developer is doing the bare minimum to comply with the specification & it is certainly not “luxury” although it is a luxury price ! & we want to avoid litigation costs if at all possible.

    Does anyone have experience in not completing and getting their money back ( minus any contractual penalties ) in a similar scenario ?

    Thanks for any suggestions (I know we have been quite green with this purchase so would appreciate no smart comments but all real help is welcome)

  • #67774
    Profile photo of Anonymous
    Anonymous
    Participant

    mhv
    Did you use a solicitor? Was there a outline of plans e.g how many pools would there be and there location etc as part of your contract and a list of quality etc. This will be a good starting point.

  • #67775
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    Anonymous
    Participant

    What development is it?

  • #67779
    Profile photo of GJ
    GJ
    Participant

    Have you been asked to complete by the developer?

  • #67783
    Profile photo of Paul
    Paul
    Participant

    mhv17, as the development is so far behind I think it not unreasonable to get out so to speak. I would ask your lawyer the position regarding that, were there any penalties placed on the Developers for example?

    Also, do you or the lawyer hold a specifications list, marketing brochure etc which now differs from what you see? If so make your lawyer work on your behalf to pull out for mis-selling. Were you sold this site by a mis-selling estate agent, make sure you look at all your paperwork they gave you when selling to you?

    Finally, many sites are sold in Spain and Bulgaria etc by greedy agents and developers as so called ‘luxury’ developments which turn out to be far from that, it’s vital that people get everything in writing through their lawyers with get out clauses before even parting with a ‘holding’ deposit as the agents will suggest you place in order to ‘take it off the market’ for you, and don’t believe the agent who says that ‘all our directors/staff have bought on this site’ they just lie to clinch deals!!!!

  • #67784
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    Anonymous
    Participant

    @paul wrote:

    and don’t believe the agent who says that ‘all our directors/staff have bought on this site’ they just lie to clinch deals!!!!

    Do you know Paul, someone who contacted me only this week who bought at Green Hills through our favourite EA and who was shown around by the same person as we were(hope you are following this, as we can’t name names! 🙂 ) was told exactly that line. 🙄

    He told us he had bought the penthouse in our block jointly with a friend!!! 😳

    What a lot we have learned since those black days back in 2003!!!! 😉

  • #67785
    Profile photo of Anonymous
    Anonymous
    Participant

    Claire

    we were spun that one as well, according to our agents several of their family had bought on our development. We even had a famous ex- snooker player on our inspection trip, i assume now, that was to complete the illusion of a safe bet!

    As you say, what a lot we have learned.

  • #67793
    Profile photo of Anonymous
    Anonymous
    Participant

    The Development is Marbella Hill View & Yes I am now aware of other disgruntled investors / court cases. The agent was Viva who will not even answer my emails any longer ! The developer blames the agent for errors in the brochure & the documented specification is sufficiently vague to weasle out of any legal challenge I believe.

    Yes there was a delay clause of 3 months, however the developer has produced a long list of mitigating reasons which account for all but a few months & openely said they would go to court and challange any breach of contract claims. I now know they did pay back some deposits over a year ago but have stopped that now.

    I really do not want large legal bills on top of current expenses hence why I want to use the 10% penalty clause if possible as I and My solicitor are not sure that a Judge would fing totally in our favour and could force us to complete even at a lower compensating price.
    Thanks for advice so far.
    Any other ideas anybody

    Thanks

  • #67795
    Profile photo of Anonymous
    Anonymous
    Participant

    I haven’t looked at the full forum but it would appear there are like minded people here http://www.eyeonspain.com/ViewDevNo.aspx?dev=M5

    It would also appear that there is an action group already formed which may help with the cost.

    Good luck

    Regards

    Paul

  • #67814
    Profile photo of Paul
    Paul
    Participant

    👿

    I remember them well Claire, as for that nasty little salesman, sounds like ( Hustle Bark ) I believe he moved on to scam yet more people elsewhere, probably in one of Awful’s so-called ’emerging markets’.

    If Awful’s Directors/managers/staff had bought on all these sites they mis-sold, then they would probably own half the Costas by now, lying toe-rags!!!

  • #67864
    Profile photo of mariadecastro
    mariadecastro
    Participant

    Please, find answers below in blue:
    In 2004 we agreed to purchase off plan in Elviria / Marbella for a “luxury” apartment due for completion Dec 2005.

    Our contract includes a clause stipulating that if we do not complete for any reason a penalty of 10% of the outstanding money (60%) will be charged by the developer. That is if they were not in breach of contract. Not enforcebale in your case. They need to give back to you 100% of your deposit, plus interests, plus expenses.
    The development is still unfinished (possibly will be ready march 2007) and visiting the site last weekend, the quality of the project especially the communal areas is extremely poor. I think the developer is doing the bare minimum to comply with the specification & it is certainly not “luxury” although it is a luxury price ! & we want to avoid litigation costs if at all possible. IN my experience, with this deadline, it is much likely they will settle after strong approach to recover your moneis. NO litigation ususally taken. They know when he can incur in legal costs by the Judge.
    Does anyone have experience in not completing and getting their money back ( minus any contractual penalties ) in a similar scenario ? Yes, we do. Again, do a strong, proffessional approach for money back, plus interests and it is quite possible you will succeed.
    Thanks for any suggestions (I know we have been quite green with this purchase so would appreciate no smart comments but all real help is welcome)

  • #68064
    Profile photo of mariadecastro
    mariadecastro
    Participant

    Please, find answers below in blue:
    In 2004 we agreed to purchase off plan in Elviria / Marbella for a “luxury” apartment due for completion Dec 2005.

    Our contract includes a clause stipulating that if we do not complete for any reason a penalty of 10% of the outstanding money (60%) will be charged by the developer. That is if they were not in breach of contract. Not enforcebale in your case. They need to give back to you 100% of your deposit, plus interests, plus expenses.
    The development is still unfinished (possibly will be ready march 2007) and visiting the site last weekend, the quality of the project especially the communal areas is extremely poor. I think the developer is doing the bare minimum to comply with the specification & it is certainly not “luxury” although it is a luxury price ! & we want to avoid litigation costs if at all possible. IN my experience, with this deadline, it is much likely they will settle after strong approach to recover your moneis. NO litigation ususally taken. They know when he can incur in legal costs by the Judge.
    Does anyone have experience in not completing and getting their money back ( minus any contractual penalties ) in a similar scenario ? Yes, we do. Again, do a strong, proffessional approach for money back, plus interests and it is quite possible you will succeed.
    Thanks for any suggestions (I know we have been quite green with this purchase so would appreciate no smart comments but all real help is welcome)

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