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Looking for any advice as I am unable to complete on my property in Costa Blanca. This is due to my marriage falling apart and our subsequent divorce. have paid 50% (125.000 euros) and are due to pay the rest on completion. Fortunately this has been delayed due to the LFO not being given yet. developer won’t help us. Are we able to sell the contract ( although i guess no one would buy it) at a reduced rate. Does anyone have any suggestions? Otherwise it looks like I’ll have to just lose the money already paid.
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Firstly you need to read the contract and see what it says in terms of rescinding or transferring the contract – do you have a Spanish Lawyer?
I don’t think anyone in their right mind will buy the contract if there are any question marks surrounding the development in terms of licences or planning permission etc. The other issue is have you bought an attractive unit? – good views – redeeming features etc because there’s a lot of off-plan rubbish that will not sell in the current market.
Certainly EUR125k is a lot of money to have paid and just to walk away from. If you decide to complete and somehow manage to raise the necessary funds then bear in mind that it’s quite likely the contract price on completion will exceed the current market value. What you need to do is work out your completion costs and costs of sale based on a heavily discounted realistic value to see if it’s worth trying to complete and then sell. But bear in mind if you go down this road you could be left holding the property and financing mortgages/loans and liable to community fees and local taxes etc – but it might be possible to rent?
Approach friends and family and be realistic on the price you want for the contract – i.e. don’t expect anywhere near what you have paid. Also is the contract in both you and your husbands name and are you both agreeable to trying to resolve this not so little matter?.
There is also a Private Sales section on this forum so it might be worth posting details etc and see if anyone makes an offer. A while ago on the forum someone mentioned a company that trades in contracts http://www.contracts4trade.com/ I don’t know anything about them but could be worth a phone call.
Bottom line is try everything and anything but don’t get yourself in to more trouble as a consequence.
Good luck!
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Sorry I’ve taken so long to reply. The answer is no, I have’nt any good news at all. Although compared to other people’s problems ours aren’t too bad.
We have decided to just wait and not pay anymore money,yet. Our house is complete and the infrastructure is also almost complete too. Many people already live on the urbanisation without the habitation certificates. They have done for nearly 2 years now. So although if we could have got our money back and started afresh elsewhere we could have saved money. Ultimately we chose this urbansation because we wanted to live there and we still do. Thanks for your interest and help. 🙂
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