July 2, 2008 at 11:01 pm #54132
I bought a place in 2003 to be completed in 2005, it wasnt and there was a big concern over the LFO as the builder built on some land he should not have. Some spanish investors got their money back during 2006.
Last October I wrote to the developer + my solicitor notifying them that I wanted my 40% back + interest. I heard nothing from any party.
This all went nowhere and my solicitor eventually told me he had difficulty getting the bank guarantee even though it was in the contract that one was in place. I have since received a letter in the last week from the developer (first ever communication in 5 yrs) to say I must be at the notarys office on July X to complete the transaction.
What are my chances of getting the 40% back as the development was 3 yrs late, builder is saying its not his issue that the town hall made a mistake on the LFO which I know is crap.
Do you feel it is worth a trip through the courts on this after all the LFO was granted and so many are worse off than me.
Having said all this if the LFO was granted in 2005 I would have been in a better position to sell at a small profit rather than now at a substantial loss.
July 3, 2008 at 1:04 pm #85000
be carefull its costing me 14,000 euros to take my case all the way to appeal with no real garentee of winning. if i lose i`ll only get about 5,000 pounds back out of £43,000
and its taken since november 2006 to get to appeal stage this can take up to a further 18 months im told,
there are many people in the same positition as you.
it does seem to me the the spanish legal system is having a bonanza time with all these cases, first the builders take your money then the lawyers take whats left.
but i supose its always been that way.
July 3, 2008 at 6:40 pm #85023
I have read your previous posts and your situation is exactly like mine, did you change solicitor in the end?
Mine has been non responsive up to now, like you I heard nothing from anyone for two years, I send 10 mails to my solicitor and ring him 20 times and I heat nothing.
I am due to meet with him early next week for the first time and it should be interesting.
Did you try to negotiate a better price on the apartment after all if the development was late and the price has dropped there sould be some give and take?
I do not think my solicitor ever saw the BG so maybe that is another avenue to persue.
Thanks for the reply.
- The forum ‘Property Questions & Answers’ is closed to new topics and replies.