Spanish Property Insight › Forums › Spanish Property Forums › Real Estate Topics, News & Discussion › RTE News report on Costa del Sol property pains › Reply To: RTE News report on Costa del Sol property pains
With more and more licences being revoked, the situation can only have deteriated since the programme was made.
For me, when exactly the programme was made (3 months ago, 6 months ago whatever) is irrelevent.
The importance of it for me is that slowly the corruption is being exposed so hopefully people will go out to Spain with the knowledge that they mustn’t take everyone’s word at face value (i.e. the agents and developers……and some lawyers??) – but to check everything very thoroughly.
And if the SITE model and brochure has a pool and seaview, but the contract has a clause where the developer can change the plans/spec etc. – DON’T BUY.
Personally, I would not sign another Spanish contract EVER unless it had a clause that stated if the developer is in breach of contract/fails to build the development, one finger per month must be amputated until he returns my money.
Sitting on £100,000 since July 2003, not building anything, and not returning our money (unless we accepted its return without any interest!?!) is not acceptable.
I think if the law changed to make the legal interest payable in a Bank Guarantee at least one and a half % over the bank lending rate, it might just stop developers looking at taking deposits on off-plan developments a cheap way of borrowing.
The current rate of legal interest in a Bank Guarantee makes for cheap borrowing for a developer and only encourages this scam.
The three directors of my and Claire’s development co. are sitting on over £6 million of deposits since 2003 ……I wish I knew a couple of London nightclub bouncers who fancied a little ‘moonlighting’ to Spain…… 👿