Anyone considering pulling out?

Can you please post new website for Valle romano

I have called in to ask how to proceed in order to contact Valle Romano and they told me that

If you wan´t to get updated information on the project you should visit             valleromano es

If you wan´t to send your updated contact details or contact the developer go to     valleromano net

This message was last edited by donnag on 08/06/2009.

Is Lexland the lawer you signed up with at the begining?  We did and I have been quoted 2,900 Euro however this is all refundable if the case is won.  At this time the judge has ruled the insurance company have to pay out based on a couple of cases so far however the insurance company have just appealed but I it has been advised  that it seems unlikley that the judge would overturn the initial judgement.  I am waiting for confimation that money has changed hands with the insurance company before I hand over any money.  I am also surprised by tha call from Katie as when I spoke with her she also only had good things to say about the development.

Hi All

I was contacted by ******* last week , they said they got my details from **** ***** to my surprise.

They told me they could get back my full deposit  plus intrest of around 6k.

They also said they could do this within 10 weeks. The only cost to me would be €950 up front with no further fees.

I have forwarded all that they sent me to my Lawyer to see what he makes of it all.

Regards

Alan

Has anybody got any news about getting their deposit back?

Donna

I have received no news on getting the deposit back.

The latest news I have received is that the Golf Course is opening in November and I am seriously thinking about buying a Golf Family Membership to add value to my investment. 

Hi All

Anyone heard anything about any money returns lately.

All gone a bit quiet.

 I was at a meeting in Newcastle on 27 May with several other investors.

A spanish lawyer was present and offered to take on termination of any contracts based on the failure to meet completion date (and not the commencement date as has been discussed at length here).

Can anyone who attended that meeting and/or hired the lawyer to revoke their contract please get in touch please.

TIA Mike

Thanks Mike

Please keep me up to date with any info you recieve on this.

Regards

Alan

Hi

Just come across this blog site.

I have been reading some of the posts and I can confirm that we were told that as the development was given a tourist licence it was a condition that the Hotel Management was put in place. There were 2 rental guarantee schemes apparently.

the first one offerred a higher rate with no personal use and the second one offerred a lower rate with (I think) 8 or 9 weeks personal use which is the one I was going to take.

I understand that the Insurance policy would pay out if the development started late or was finished late but the Insurance company's argument was that it should only have to pay out if it finished late. However, accroding to Lexland the Court has agreed that it should pay out for starting late. My apartment was due to complete Spring 2009.

I have used Lexland for a business transaction recently and it has not gone well. Thier fees appear to be extortionate and I cannot see how the fees they wish to charge for actioning an Insurance policy can be justified.

Has everyone who bought used Lexland or are there other solicitors who have been used and are familiar with this case?

I would have expected it would have been pretty stratighforward to action an Insurance policy once the Court has decided the Insurer is liable. I was also told by Lexland that we would be entitled to recover costs and interest and compensation for (stress!). If the Court has decided that the Insurer is liable then surely it would be a simple matter of submitting a claim form to the Insurer? 

Stuart

Stuart,

I am using Lexland and I have been advised altough the court had advised insurance complany to pay out the insurance company have the right to appeal which they have done therefore this is back with the court who apparently have a backlog which is why it is taking so long for final confirmation. 

I did also question the fees and I was advised the fees applied are by the Spanish Bar Association schedule of fees and that the total fees paid are based on the total amount claimed.

If you have any further informaiton then please do let me know.

Regards

All,
I have personally used the solicitors in question, to date and found them to be very expensive for the services provided, especially in respect to the initial costs involved with purchasing at the development. Most of the initial cost was reduced significantly by obtaining items such as an NRE certificate myself and forwarding on.I have since again asked for advice and information on pulling out and it appears to be the standard response you all mention with no guarantee after initial outlay to start proceeding.

Being skeptical since the solicitor was recommended by the development, I forwarded the contract to an independent Spanish solicitor located in the UK who read over the contract free of charge. From an independent view it was suggested that the contract/ insurance policy was written very vaguely and it could easily be swung in the insurance companies favor based upon all dates being approximations, leaving us out of pocket for such fee's to start proceedings. What they did say was that come 30th June 2010 it was clear cut that the development is late and the insurance company would have no choice but to pay out.
 

Given that the Spanish property market is now slow, I have suspicions that certain solicitors are looking for revenue from other sources to keep them in business.

I am keen to get my money back, however just have a suspicion that we will have to wait till at least June 2010 if they do not meet this contractual deadline or will end up with the property that we signed up for, The negative side to that being it is not as easy to get mortgages as it was in 2007 and greater deposits will be required especially if the mortgage lender does not agree with the initial valuations due to the slump in property prices.

If anyone knows different, or can add a positive spin on any of my concerns then please advise as the excitement of this venture has now been lost.
 

To whom it may concern,

 With regards to the question whether it is possible to execute the insurance policy for late commencement of the works without waiting for late completion and all the confusion that the different opinions of clients are generating, this is not something vague but very clear and concrete since Lexland has already obtained favourable Court resolutions on their actions. In this sense the first claims we have filed against Grupo Vitalicio Seguros (The insurance company) already resulted in resolutions in our favor issued by the Court of Barcelona nº 13 along with a ruling order forcing the insurance company to pay plus legal interest plus legal costs of the proceedings all of these based on late commencement of the works and not late completion. The judge has also instructed the embargo of Grupo Vitalicio Seguros account in order to ensure the payment.

 Therefore beyond the different opinions of buyers, other lawyers or even Lexland’s opinion the important and relevant point here is that there are already several Court resolutions in line with Lexland’s opinion, that is, many insurance policies have been executed based on late commencement of the works and under identical circumstances. This is a fact that can be checked with Lexland and the different Courts where an important numbers of proceedings are being instigated by us on behalf of our Clients. I trust the above is clear enough in relation to this issue and all the different opinions.

 Please do not hesitate to contact me for any queries with regards to this matter.

 Kind regards,

 Jennifer Grant

Dear Jennifer

We had a good chat yesterday and you explained the current position.

Could I just clarify your point "that is, many insurance policies have been executed based on late commencement of the works and under identical circumstances."

Are these insurance policies related to this development or other developments?

Stuart

Dear Mr Robertson,

With regards to your post below please note that all insurance policies to date have been executed for late commencement of the works and that they are all related to the Valle Romano development.

Kind regards,

Jennifer Grant

Does this scenario apply for all completion dates? i'm aware that some contracts on the VR development had a completion date of April 09 and some with December 09

Jennifer,

I understand all below and it is quiet clear, however as the insurance company have appealed the claims does this not mean that it is possible for the courts to change the ruling?

Dear all,

Regardless to which is your completion date all properties were supposed to commence their build works in 2007 and we have evidence that they did not.

With regards to the opposition of the insurance company with regards to the rulings in our favour please note that they are opposing on the basis that the buildworks started on time, we have evidence that this is not the case and therefore see no reason as to why the judge would change the initial ruling in our favour.

Kind regards,

Jennifer Grant

Jennifer,

When you say Building works is this not quite a general term I.E could this mean when someone is onsite digging a hole or is this when the apartment foundations started or is this the site in General like to club house.  Surley for the people who have a completion date of Spring 2009 would not have the same start date as someone with a completion date of Spring 2010 as to me this would not make sense.  Can you just help me understand the tern Building works as I would imagine that the insurance company have a different idea in this term otherwise they could not appeal?  Also for the people who's completion date has been exceeded and wanted to start proceedings with the insurance company would it not be very clear cut to just claim based on completion as there would be no need to mention commence date?