I can see that there are a number of disgruntled folk on here complaining about OVP. My wife and I are now joining you.
The purchase price of the apartment we agreed to purchase is 300,000. we paid 110,000 deposit plus all the IVA.
There was aguaranteed developer’s mortgage of 70% when finished to finalise the purchase. The developer is offering 147,000 which makes the value of the property 214,000. This means that more cash deposit is required or a high %age mortgage which means if you can get it you will probably pay a premium in terms of higher interest rates.
The property is substantially smaller that advertised in their brochure and the extortionate furniture pack does not satisfy the needs of 6 occupants eg only 4 can dine at the table and there is only 1 two seater settee. Hardly “sumptuous” as they describe in their brochure!
I realise that property prices have taken a tumble however since we paid the deposit in 2004 there were a couple of years of growth before the crash. As with everyone else OVP do not answer correspondence unless you are very forceful. (I have the mobile phone numbers of the MD and another boss). They pass the buck to the developer.
We were originally told completion would be in December 2006, which they denied but would be Dec 2007. Since Dec last year the exchange rate has plummeted so we are squeezed in all directions. Had the developer finished on time……
Anyone in the same position with any ideas?
Not quite sure what you mean.
The developer has a guaranteed mortgage with Cajasol Bank. They are offering this or a replacement with Sabadell-Atlantico for almost the same amount.
Also look through your paperwork for starters and see if you have anything mentioning the word “Aval”. This is will be about a bank guarantee to get your money back if the property is not finished on time or doesnt have a license of first occupation.
Post back any info you can find. There are a lot of people here that can help you.
While I have no wish to be antagonistic i would suggest you have a really good read of older posts on this forum regarding you situation. I say this as many other have posted similar issues to the ones you have and forum members have responded at length. These issues from what i can see include:
Buying off plan.
Late completion
Bank guarantees Licence of first occupation (LFO)
Legality of build
None delivery of promises
Bad advice from lawyers
Falling prices
Inability to obtain a mortgage.
Cancellation of purchase contract.
I suspect the lack of response from others so far is down to not knowing where to start, as you will need to have the answers to some of the questions above before anyone can help.
I think a great deal is going to depend on what you actually have in writing e.g.:
Contracted build size vs actual build size.
Promised completion date vs actual completion date.
Mortgage of 70% of 300k vs 147k mortgage offer.
Agreed furniture package vs delivered furniture package.
etc etc.
As Katy asked, have you a bank guarantee (nothing to do with any mortgage but a guarantee taken out by the builder with a bank that guarantees your monies during the build phase up until completion (have a search thru this forum if your are unsure what this is)? Do you have your own independent lawyer acting for you who may carry more clout with the developer than you as an individual does? Are there any other buyers on the same devt in your position?
Thank you all for your comments. I think the only answer is to engage the services of an independent solicitor. Has anyone done this and if so can you recommend one to me who is up to speed with kind of thing?
I would recomend Maria De Castro, she is acting for a lot of O*P clients. she has an excellent reputation & knows the dark side of that company. You will find her through google and she also posts on eyeonspain.com.
good luck
I think if you try and avoid OVP then you might feel a bit better about your purchase – for instance, there are lots of furniture places out there that will provide full furnishing and install for a lot less than the company recommended by OVP.
I went out in June and stayed at Manilva Beach for a week, went up and viewed the apartment (I actually thought they were looking quite good) and organised a very nice furniture pack (leather sofas, flat screen TV/DVD etc etc) for less than half the price that OVP were charging but the same quality! There are lots of companies in Duquesa that will do this and it’s actually quite painless.
Unfortunately the interest rates and the Euro have both gone against us as you say – I’m just going to try and get as much rental as I can to soften the blow.
Hi.
Said company/ies are starting to stack up C.C.Js so it may prove prudent to get your solicitors to check this out before spending more money on legal fees.
With no Bank Gurantees which in my opinion are pretty worthless any way the chances are looking pretty slim.
My opinion is someone is going to call them out sooner rather than later.
Deposits will be lost and thats a sad fact when they do go belly up.
However that may be the ones that have lost the least.
Dont know how it works in Spain with regards to liquidation but may be there is an opportunty to complete at a lower price.
Perhaps it may be a good idea to have the contracts checked out in case there is an issue of not completing is deemed as a debtor on one or two of the developments
Other forum threads mainly have been shut down.
Good luck to all involved.
Just Frank 8)
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