Following a very frustrating number of weeks since the period of grace expired for Aureus/Sea Golf Mediterranean in which time we have been demanding information from the developer and developer´s lawyer regarding the conditions for compensation for late delivery or alternatively the right to cancel mentioned in your private purchase contract we have finally received a reply.
We put a deposit on a offplan property near Gibraltar in 2004 and received the following news about 3 weeks ago –
Next Century do not have sufficient funds to finalise completion due to debts owed to them from their parent company Bluestorm. They have therefore opted to complete under judicial administration which has been approved and a lawyers office appointed to carry out the administration.
The lawyer´s office in question has dealt with a number of other developments under judicial administration and a considerable number of our clients have completed through them with no major problems, in fact relations between our offices is very good. From this past experience I can inform you that until February 2007 when they expect to be able to begin work on this development you will not be able to sell or cancel your contract and once they begin to deal with Aureus you will only be able to complete according to the names on the private purchase contract, changes will not be admitted.
Does anyone know what the chances are of the property ever being completed – have we lost our deposti? Any info would be good! 😕