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