April 1, 2008 at 1:09 pm #53822
Hello there eveyone,
My name is Issie and i am currently doing my dissertation on how corruption in spanish politics has affected the property market. My heart felt sympathy goes out to all that have been affected. I have just moved from Gibrltar watched as everything unravelled over the years. Anyone who would like to tell me their story or have any information that would help me with my dissertation would be so much appreciated.
April 1, 2008 at 2:21 pm #80422
Why stop at the politics. Are you going to cover how Gibraltar benefited from it.
April 1, 2008 at 2:26 pm #80423
I haven’t just stopped at the politics, i have discussed collusion between developers,lawyers, estate agents etc. Didn’t realise how deep rooted it was!!horrified in fact that people are actually capable of stooping that low for financial gain! No, currently just focusing on how the market will be affected as that is my thesis.
April 1, 2008 at 2:48 pm #80426
Sadly people will scoop to what ever level it takes. This has nothing to do with Spain, USA, UK etc, etc.
In order to control it. The Government has to introduce timely, effective controls and its there implimantations. The guardians of this control have to be accountable they should be men/women of the highest honour. Lack of it gives a country a bad name and the systems perpetuates itself and as a result creating all kinds of problems and not only in the economy.
I am afraid Spanish company/management have created this reputation in a very short space of time. In UK, Abbey the Bank was taken over by Santander group is known as Shabby, BAA the same situation, very senior people at the top management have left. There is talk about the breakup of BAA, Ferrovial was contracted to do”Warsaw” airport, this has been taken out of their hands and given to a German Company to see it through. If you read any of the forums on Morocco, you will not miss the hands of Spanish management there as well.
Here you have enough to prepare for a Phd.
April 2, 2008 at 1:19 pm #80453
I would so grateful, would nice to hear anyone stories, rants, opinions, etc…please!!!
April 2, 2008 at 1:48 pm #80455katyBlocked
Just read this forum, more than enough for a thesis 🙂
April 3, 2008 at 4:16 pm #80470InezParticipant
Hi Isssie – here is one for you. Yesterday I spoke to a lady with a property in Manilva. There are 3 fases in the development and she ownes one is fase 1. Pais for with 80,000 sterling cash and the remainder on a mortgage.
Due to financial pressure she wants to sell and asked about auction BUT whilst fase 2 and 3 have their lfo’s, hers doenst! She has been told by her lawyer she is stuck, cannot sell and has no choice!
I cant auction it and she doesnt want to walk away from the cash they have put into it
So, they are paying a mortgage on an illegal property, they have been told thier fase was built too close to the raod and they will not get the lfo!! But perhaps in time their developer will recompense the town hall in order to get the lfo
However, it seems thier developer is about to hit the wall!
Many are in this situation, cannot sell, but the banks gave them finance to buy! The banks should have been a lot more aware in their due dilligence as how can they lend on an illegal build – and expect someone to pay for it?
I have advised her to go to a good lawyer and issue action against the lawyer halding her purchase, the developer and the bank to see what will happen. SOmewhere down the line surely its fraud to provide something that in fact does not exist and to charge for it.
Hope that helps
April 3, 2008 at 6:52 pm #80476
Following Inez post it gets better. 🙂
Think I can guess which developer this is and dont think he will have the money to compensate the council.
Now how can money compensate the council for allowing an illegal build by corrupt brown paper bag officials and a Bank that issued useless guarantees to protect the buyer to ensure they have a completed and legal property ,
Now these Banks then lent money on these illegal properties with these worthless guarantees and now if you want to sell on, guess what ? THEY SAY THEY ARE ILLEGAL PROPERTIES.and wont lend on them so you cant sell em,
Not only this matters anyway as the Spanish Government say that as these properties are illegal you cant live in them or rent them out or sell em anyway.
Now the buyers used solicitors(who liked the ole back hander) that are regulated by the Spanish authorities and should anything go wrong they have the courts that will issue justice but they too luv the ole brown paper bags so things just dont appear to get resolved in favour of the buyer.
Now this will really crease ya as there are those that say these stupid people have only themselves to blame as no one made them buy.
Now it doesnt stop here ,oh no it doesnt as there are talks that if the developer cant come up with a compensation package to make these properties legal so the banks will lend against them then the purchaser will have to pay or their stuck with illegal properties not withstanding the fact that the government still wants their dues.
Now I know that this may not apply your article as to be honest who the hell would believe such a stupid and far fetched story anyway,
Just Frank 8)
April 4, 2008 at 8:40 am #80489
So the Bank Guarantees are worthless then?
So if you have any illegal property, you can not sell, rent or do anything to receive finances lost? And because the Banks were lending on illegal properties, there isn’t a legal standing for the purchaser?
WOW. This is bloody awful.
April 4, 2008 at 8:57 am #80491
Issie, forget a dissertation. 😉 Think more in terms of writing books…Vols. 1-10. As you say, the corruption and the problems it brings about is b****y awful.
April 4, 2008 at 10:35 am #80496
Forgive me LittleIssie, but if you are writing a thesis I assumed that it would be research based, after all that’s what a thesis is, a statement of your research. Without wanting to sound like your tutor your methodology should be either inductive or deductive. That is, you should have either something to test (deductive) or you are looking for something to test (inductive).
You seem to have started from a deductive premise “corruption in Spanish politics has affected the property market” i assumed therefore you have a theory that Spanish Politics is overly affecting the Property market in someway, just to say politics affects the property market in a country or state is way to wide and the answer is “it does” in any case.
I understand you (depending on your methodology) may not want to enlighten us at this stage what your research to date has shown. Even so your request is a little open ended, maybe you should be asking more specific questions in order (i assume) that we might provide anecdotal evidence to support (or question) your theory. I would suggest to ask whether we agree with a statement or not, or comment on a particular premise. I’m sure you would find more useful that a “rant” which to be honest will be of little use to your research. Plus there are pleanty of rants on the board anyway.
April 4, 2008 at 10:41 am #80497katyBlocked
Yes, good points.
April 4, 2008 at 4:21 pm #80522InezParticipant
Its a little lighter than that Izzie – you can rent the property! Just not sell it and may face a large legalization fine in the future!
April 7, 2008 at 7:45 pm #80604
I have a deposit on a property which I personally paid for a 100% bank guarantee.( Didnt rely on developer or Bank)
Now the Banks acknowledge that I have not been supplied a product as per plans with my 25 m2 garden missing and I have a case.
The developer who is 3 years late also admits that they have failed to supply as per contract however they have instructed the Banks not to pay out on the guarantee.
To be fair and bless em they have not insisted I complete,I have a court date in 2009 and they say they wish to settle out of court for 10% of my deposit.
Now here are many saying that there is no justice in Spain and we should all celebrate this wonderfull example of just how the system works.
Now where do monkeys stuff their nuts and how do you say F-ck Off in Spain.( Just for reference Izzie of course )
Hope this is not considered a rant.
Just Frank 8)
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