Reply To: Los Lagos What to do?

#70032
Anonymous
Participant

Ann

Yes, you are being foolish, but I understand the position you and all of us are in. I am at the same point you are right now. The problem with completing is unless you intend to enjoy using the apartment and are unconcerned about values then as an investment it is a white elephant – of that there is no doubt. I have a Marbella based professional (unbiased) opinion that Los Lagos could take up to 5 years just to get the value to the amount we paid for it and that’s in good market conditions. Given this to be the case, I would much prefer to get out of the deal – but how? My current lawyer tells me there is a case to take the developer to court for not completing on time and gives me around an 80% chance of success. The problem is I don’t trust the Spanish legal system and am fearful of wasting even more money on this strategy. From information available from other forum members I spoke with another (highly recommended) lawyer who basically said the same thing. I questioned both about the opportunity for us all to come together and take a class action, but am told class actions are not used in Spain!! – Mmm – could this be lawyers preferring to run as many individual cases as possible to increase fees?? Maybe I am too cynical but my experiences have made me this way.

Both lawyers I spoke with said the development WILL be licensed. The process of licensing will begin after the May election and at worst will take 18 months but likely within a year. This, I believe, has motivated the developer who is now beginning to play hard ball by threatening to cancel the contracts and retain deposits. Lawyers tell me he would be entitled to do this once the development becomes licensed. Like you Ann it seems the only safe option is to complete (foolish as it is) and take the apartment hoping that the stigma of Los Lagos in particular and property values in general improve meaning we make money on the investment instead of losing money. I would be interested to know how other members feel?