To be honest I do not know where to start! Just want to tell you a story about ordinary working class people who simply wanted to top up a defunct pension pot to help pay off a mortgage on retirement.
Not investors by profession, but aware of the possible profit by selling offf plan. Some property advisors in very reputable newspapers were saying “get in now” and especially Marbella how could you lose? We went out with our brains intact not left in the airport and were shown 3 properties. We chose the one with the “Marbella postcode” this was our guarantee supposedly.
We remortgaged to supply our deposit( I know wrong move! but lots of other people did the same thing). Completion was for 2005. As late as Sept/Oct 2004 we were being told by EA’s financial expert how lucky we were, prices where we had bought would probably reach 260,000 euros by completion in July 2005 in fact they could see 300,000 euros the way things were going, enough to pay of the Spanish property and even the English mortgage. You can imagine how smug we felt how lucky was that more than we had expected!
Unfortunately, on a return visit in March 2005 to meet up with EAs to consider putting the apartment on the market before completion or as I have found out since- flipping.We met up with a manager from the nameless company and were informed that there was no way we would sell for 260,000, in fact properties were going for 210,000 to get rid of them and in a nut shell the s…. had hit the fan. We were then told they would charge 26% commission to sell on our behalf.When my husband telephoned their financial guy he denied everything he had said at the meeting in 2004.
After sleepless nights due to worry we had to make a quick decision and decided to go ahead with the sale and sit tight for a couple of years and then sell. No problem there then. Wrong.
Guess what? on our first holiday out in the summer of 2006 we were met with the news that our apartment was illegal and without a habitation licence. We spent 3 days with EAs and our Lawyer.
We were then informed last year that our complex has been legalised on the new PGOU and our developer has offered land as compensation.
Huge sigh of relief or maybe not.
In the mean time no one is buying and especially without LFO and the euro situation is pathetic.
We do not know how much longer the PGOU is being poured over before we get that piece of paper and we retire in 5 years time with two mortgages.
I am glad the Marbella Mayoress has stated that she is against ordinary buyers having to pay for their licences because there is no way we would or could if it came to it.
We just find it apalling that after the way people in our position have been treat we don’t seem to be able to get information as to what stage they are at in getting the PGOU through, in this country there would be a department somewhere to ring, so if anyone can speak Spanish and has an insight as to who to ask please do so.
It also rankles with me when I see buyers being accused of being greedy,
professional investors yes, but not ordinary people like us.
I also find it distastesful and upsetting to see comments from people on this forum who are “licking their lips” waiting for the bargain which will come at someone elses misery and distress.
Our ex Lawyer told us in 2006 on a visit (regarding the illegality) that once the Investors who were panicking and asking silly low prices for their new builds left the market the prices would stabilise. Looks like they still have not finished picking the bones yet.
On a last note I agree with some of the posts, we were let down by Estate Agents/Developers and more apallingly by Lawyers who were supposed to representing our interests.
We have also been let down by MEP’s who keep trotting out the same weak garbage that they can not interfere, what about Human Rights?
We have a British Ambassador who has reassured the Marbella Mayoress that Marbella’s reputation has not been damaged by all of this.
Is this women for real where has she been for approx. three years?
Please exuse anything you find incorrect/silly etc believe me from where we are sitting things could not get any worse or maybe some of you out there know something else!!!!!
In the meantime anyone interested in 2 bed 2 bath apt. furnished Lovely sea views etc etc etc that all exclusive Marbella post code, habitation licence pending some day, somewhere.Cost 199,000 euros 2002 (yes we know now don’t we probably overpriced by 30%) any sensible offer-well you have to laugh!!!!!!!!!
Thank you for reading.