In 2007. I placed a deposit on two off plan flats in the best part of Warsaw ( Poland ) at the time the £/Zloti was around £1= Zlt 7.50. ( The cost was around £40k each)
By the time the flats were nearly ready the Polish economy gathered some serious pace and the £/Zloti rate moved to £/Zlt 4.10 while the credit crunch was being incubated.
As a result of the £ becoming weaker the flats became very expensive for me. In order to honour my contract I decided to obtain a mortgage in Poland. Being new to the mortgage market the Polish Banks could not undestand my paper work etc in order to approve my mortgage application and none of the Banks wanted to take a risk.
Due to the above I could not proceed to complete and advised the Developer accordingly. As I had failed to deliver on my part of the contract I was prepared to write off my deposit and did not even demand it.
One fine morning around six months letter I received a registered letter from the Developer’s asking for my bank details so that they could refund my deposit and the legal interest. The amount was returned within ten days or so. I had not even asked for it.
It should be noted that at the time two Spanish Developers were also Developing there namely, Fadesa & Realia. Knowing how they operate & the quality of Fadesa I did not even approach them.
Needless to say that if I need to buy in Poland. I will be buying with some confidence.
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