2 Easy jet flights from Malaga to Luton for 21 st ....23.15 pm

 

Hi all,

 

Hope you are all keeping well,

 

I am writing to detail my position with reference to our purchase of property at La Tercia Real. We purchased a 4 bed Roda on 400m plot back in 2005 for €291000.00 and were given a completion date of June 2007 like many others since then we have been given date after date but nothing concrete. we have never had any correspondence from the developer or the lawyers, furthermore when we purchased we were told we could make changes, this turned out to be untrue as when we went to site and spoke to Sonia we were told that no changes were allowed. On top of everything else the communal area design has changed and is nothing like the original concept we were sold.

 

Peinsa have allegedly told some purchasers that it will take six months to get a refund should they decide to cancel their purchase. I can assure you this is not the case. I wrote to my lawyers (Fusters & Co) and Peinsa by email on numerous occasions and asked them to confirm how to cancel my contract and get a refund, I received an email from Peinsa asking me to reconsider and when I wrote back and told them I did not want to reconsider any further emails reference the canceling of my contract were ignored.

 

By luck I was given the details by a friend of English based Spanish Notary who could help. From there I instructed him to cancel my contract and secure a refund which he did. As I have found out it does not take six months but instead only a couple of weeks. The process is called a “Notarial Demand” and simply means that the Notary contacts the bank directly, rescinds the contract and secures the refund with Interest of 6% in might add. There is no need to contact your Spanish lawyers or the developers. I found it a very hassle free process and it costs approx £1000.00. The problem with the Spanish lawyers is that there are very few “conflict of interest” laws in Europe and in a lot of cases the lawyers are used both by the purchaser and the developer. At one stage my Spanish lawyers allegedly told the bank that I have signed an amendment to contract and therefore I could not cancel which of course was not true. This was the same lawyer that was supposed to be representing my interests in the purchase in the first place.

 

I would advise anyone buying in La Tercia Real to reconsider their purchase. In the current climate there are some fantastic bargains on offer, when we were looking for property in 2005 we looked at La Valle which is only a couple of miles from La Tercia Real. We loved the villas but they were too expensive for us at €520000.00. I am being offered the same villas which are now ready to move into with pool etc for €320000.00. This is a vastly superior development with 5 star hotel, shopping centre, bars, restaurants, 24 hour security, 18 hole golf course etc. I have also been offered a 3 bed 2 bath villa front line golf in Mosa Trajectum with pool for €275000.00 This is only an example of what is on offer in the current climate. Property in Spain is back by as mush as 40% and it has turned into a buyers market.

 

Peinsa have in my opinion treated their customers with contempt from the very start and continue to do so. They should note that their delays have cost purchasers considerable stress and hassle not to mention financial costs because of the Euro exchange rates, at today’s exchange rate my Villa would have ended up costing me an extra £35000.00 because of the delay and that is excluding my deposit. Make your own mind up and if anyone wants more details on how to get a full refund with interest then do not hesitate to contact me.

 

 

Mikey

Hi Mikey
                 We need to know how you managed to get your deposit back cos we dont know where to turn next
                                          Elise

Hi Mike,
Could you let me have the details. Thanks!

Hi Mike,

A few months ago we wanted to cancel so we went to see our solicitor who said that it would not be a problem BUT as our bank guarantee had just run out he recommeded that we wait until it was renewed and then he could just apply to the bank for a refund.

However, Pensa has now put in a clause (an amendment to the bank gurantee) basically it says that if we want to renew our bank guarantee we must sign up to this new amendment which says that we will still purchase the property when it is finished.

We did not sign up to this but have since told our solicitor that we will still purchase it as it was almost fininshed.  This was a couple of months ago and its still not fininshed and as we all know the country's financial crisis has deteriorated considerably and we could now do with our deposit back.

Was your bank guarantee still in place when your solicitor recovered your deposit?

Our concern is that as we have verbally agreed to buy it with our slicitor and it seems that if we still want our deposit back we will have to take him to court. 

Do you think the solicitor you used could do anything for us without taking him to court ?  (Would you pass on his phone number?)

John & Fran

Hi Mike

I also have bought in La Tercia around April 2006. Just like others I asked to have my money back and was told by my solicitor that the only way I would reveive all my money back was to sell the property. I was told if I  was to pull out of the contract I would only get back a small amount. After reading what you have done with the Notorial demand I would like to try and do the same. Im very unhappy at the way Ive been treated by every party.

Can you please give me the details of the way you went about with the refund and who you contacted.

Thank You 

Emma

Hi Mike,

We are another family caught up in this nightmare and would very much like to know who the Spanish Notary was you dealt with and would appreciate ANY help or advice you could give us?.

Thanks in advance 
Claire & Paul Harding.....

Hi all,

It has come to my attention that PEINSA has applied for "Voluntary Liquidation"!

Please PM me for advice and reprecussions.

Kind regards,

Mark

Hi to all

I have checked the registry of companies declared under administration and Peinsa is not in there yet.

If you want to have your contract resolved and it is in breach, you must contact your Lawyer / Solicitor in Spain in order to apply for a voluntary resolution (like Michael Pentland, below) either through a Notary or through your solicitor sending a legal letter (burofax).

If you are like (like Mr. Pentland) you will get your money back, but most likely developers are now trying not to pay back their clients (this is why they apply for voluntary administration) and banks are defending themselves not to pay either by requesting that the contracts are formally resolved either through an agreement or through Court.

If you have any querie, please do not hesitate to contact us and send us a p.m.

Kind regards,

Hi all,

I work for a Law Firm who is representing clients in lawsuits against PEINSA and our Barrister had informed us of this fact.

After speaking to the Barrister for an update last week, he informed me that the Judge dealing with the "Voluntary Liquidation" of PEINSA has rejected the application by them due to not having sufficient debts to grant it.

Please PM me for advice and reprecussions.

Kind regards,

Mark

 

Hi all, has anyone had any luck like Mike did? have you recieved info to start proceedings. In same situation down at Almeria and wondering how to go about trying to claim deposit back. Ant advise will be greatfully recieved.

** EDITED - Advertising **

I think it best to get as many people as possible together to fight the developer. Many other people are doing this on several other developments.

be careful of people promising to get your money back. there is a well known scam targeting people who have invested money in propertys that are in trouble. it has been on tv recently. dont get bitten twice!

Unbeliveable Beadso. When was that? It is just sick that people can take advantage of any situation. I am sure you don't want people to sit back and see what happens.

in no way sit back and do nothing, but there are crooks out there who know people are in a desparate situation and are trying to cash in on it. they promise for a fee they will get ur money returned and of course they dont. just be careful. im trying to find what progamme it was.

Don't you think that this is a great part of the problems with Spanish systems.....COMMISSIONS...get a property recommended-commission, a car, a lawyer, a bank, a restaraunt etc. It is so frustrating for people, but there are good people out here, and reputations recommended by MANY people are always best...

i think your spot on. too many backhanders.

has anyone without bg or with an outdated bg, got their money back?

I am living in Spain and my solicitor lodged my up to date BG with the bank the day after Peinsa stopped building in October2008 and I still have not got my deposit back so I think it is just a waiting game very typical of Spain nothing is done in a rush everything is "manana" but hopefully we should be ok

peinsa have gone into temporary recievership.