Property Deposit Reclaim In Spain

UK Police Involved in Spanish Deposit Alleged Scam Case
Tuesday, February 15, 2011

See the article below that I have just been made aware of. I wonder how many similar cases there are out there. I am involved in one that sounds very familiar to this one!....ie UK agent taking deposits against Spanish off-plan property then money 'disappearing'. Well, we are looking to get a case going too like this one....awaiting a proposal from the lawyer I met in Marbella last week.

kingofspain999@googlemail.com

Published: 15th February 2011 *Overseas agent speaks out over fraud claims

The agent at the centre of allegations over an alleged £43 million overseas property scam has spoken out for the first time.

Colin Thomas, director of Ocean View Properties is currently being investigated by Staffordshire police and the UK insolvency service following the collapse of his company in 2009.

Ocean View Properties sold off-plan units on a number of developments in Spain, Morocco and the Dominican Republic, most notably on the Estepona Beach and Country Club on the Costa del Sol. However, after taking deposits averaging around £80,000, some of the deposits “disappeared” and the developments were never completed.

Speaking through his lawyers Mr Thomas blamed the developer for the situation currently being faced by investors who lost their money.

“The sooner the truth is out — about the actions of Ricardo Miranda in Spain, the Dominican Republic and Morocco through the actions of lawyers currently suing Ricardo Miranda on behalf of investors who have lost money paid to him — the better.”

Mr Thomas insists he has co-operated fully with the legal team leading representing investors who have lost their deposits.

“In representing Mr Thomas we can say that he has always been happy and willing to assist in all actions that are being taken against developer Ricardo Miranda” his representative said.

Unfortunately this case is an all too familiar one. Investors’ make deposits in good faith but as the money is not put into an escrow facility, it is not protected. When some of the money “disappears”, the agent and developer blame each other…

The result is negative publicity for the industry and an erosion of trust that affects future sales for everyone.

A quote from an investor on legal forum, Belegal.com sums up the situation concisely:

“Whatever the final truth is…. I do know never to invest in property I can't see and touch and what a painful lesson that was”.

It is currently not a requirement for membership of the AIPP to insist off-plan property deposits are put into protected client accounts.

Source: Global edge

0 Like Published at 8:33 PM Comments (0)

Civil Claim for Deposit Return: What did I get for my money?
Wednesday, February 2, 2011

Having spent several thousand Euros to get a decision against a developer and an order to pay I thought the matter was over...well it was only just beginning! Only in Spain!

We then had to pay more to go through the process of setting the debt against some of the developers properties since they had no liquid assets (apparently). So these specific properties got identified and then basically someone else came along also assigned their debt against the same properties! So what we had identified for security of what they owe which leaves us with no security now as there is no equitly left for us there! If only the solicitor had said that such a risk existed then I think I would have thought twice about taking such action in the first place.

So then then the solicitors did a check to see what else there was to go for and found there is nothing. Therefore they thought that they should call a creditors meeting so that we can secure at least 25% of our debt as a priority over other debts the company has. Good idea, but in practical terms if I get 9,000 of the 36,000 I am owed and then I take off all their legal fees I am just going to be left with a few thousand meaning all this time and effort and expense was a waste! I might as well have done nothing!

I suppose a challenge against the banks is a harder one to win without a bank guarantee but at least if it works we get the full amount plus legal interest for 6 or 7 years or whatever it will be by then.

kingofspain999@googlemail.com

Please also see my sister blog under 'Intersting Links' on the right hand side here...

0 Like Published at 9:40 AM Comments (1)

What if the boot was on the other foot?
Tuesday, February 1, 2011

With all the recent postings about reclaiming our 'lost' deposits it would be interesting to consider what the situation would be if lots of Spanish had invested in the South of England in so-called off-plan projects that never happened and the English developers and banks kept their money!

Don't you think it would have reached the European Parliament by now?

I just wonder how this can all be kept away from the politicians and public at large in the UK since so many people have been affected.

Maybe it is something to do with country cultures...not as though I see the Spanish as get up and go types of course. Just maybe we in the UK are more accepting of things when they go badly wrong.

I mean I have seen people in the Action Group I am with today just say 'forget it' and leave behind 28,000 Euros in Spain, probably money remortgaged from their home as well (like me).

What is wrong with us? Why can't we get a result on this outrage?

kingofspain999@googlemail.com

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