What is going on?

I read the latest threads with interest. Izzy is off buying the Turkey, Ricman cannot supply enough photo's and glad tidings on progress and as for our friend Mr Inspectahomespain, he came on asking for directions and now seems to be a world authority on all things concerning Spanish property purchasing or bailing out, whichever takes your fancy. Sorry to be flippant guys but you’ve got to smile; no one knows what the hell is going on!

I've been out a few times and can't decide whether it is all going to be ok or whether the phase 1 crew will be left with no neighbours and nowhere to buy the aforementioned Turkey!

Some of you talk about newsletters from the developer. I have seen diddly since I bought through Town and Country, and as for a web site update nothing for months. Yes the developer wrote to our solicitors offering a weak explanation about bank guarantees and the opportunity to move to phase 1 but like our friend Mr Inspectahomespain rightly mentions this offer still has no guarantee of build dates or supporting infrastructure. But surely if phase 1 / 2 is almost there the website should be buzzing in anticipation and using that fact to sell some of the unsold units. This would also give me and other phase 4 hopefuls some glimmer of hope.

If all is well and the developer is not daft, they know many of us are in the dark why don’t they come clean and either update the web site with a clear and guaranteed plan of action detailing exactly what is getting built and when, how many units remain available etc. We have done our bit with our deposits to support the venture, and before anyone says 'well it was only 10%', remember, that’s all they asked for!

Keep smiling!

Hi dbaile

I´m as confused as you are really just trying to put a brave face on things.

I think the development will eventually be great but the lack of information is frustrating but i guess it´s the same on other developments?

Obviously i´ve heard it all from 60% of properties on phase 1 empty and not sold to only 5 available! Then the rumours of will they won´t they build the later phases?

All i can do is keep fingers crossed and hope that everything turns out right in the end which i believe it will.

I do think that the developer should put a line in the sand and say something either confirming or denying the stuff we areall hearing about.

Anyway looking forward to sunshine and peace and happiness (Sounds like i´m auditioning for miss world i know!)

So come on developer man give us some good news to hold our hat on!!!!!!

The problem we see is that if people are pulling out of their purchases (65 out of 105 phase 1 houses up for resale on Town & Property website) then will the banks that finance big projects like this pull out of building the remaining phases after phase 1?

will the residents be left with builders supply electricity and water - this usually happens in Spain as the plots wont be 'adopted' by the local council as its unfinished - then no LFO's or certificates of habitation will be issued. This means that you will be left in an unfinished development for a very long time, will the houses then be illegal? I dont know, but if they are they will never re-sell. If the community centre is not there then there is minimal rental potential, but I suppose the surroundings are splendid enough for the few residents there to make some sort of life.

The best advice we have taken on board in Spain is to never use the developers legal team as they will have a conflict of interest - always representing the wishes of the developer - and the main clincher is to never complete without the LFO/cert of habitation.

Believe me - if you do (complete without said documents), you will be in limbo for a very long time, trust us we speak from experience.

Ask the questions - do you trust your agent/developer? Why is information not forthcoming? Would the developer leave you in the lurch? Have you checked our their track record?

What are your options if it does go wrong?

Unfortunately over the past 6 months we have become experts in the area of completion as we get on average 20-30 e-mails per week from what I call distressed buyers looking for ways to get out of contracts

The LFO advice is spot on, developers often try to force and bully uneducated buyers into completing with all sorts of comments for example the Town Hall legally has to provide this in 6 months, not true. 

They often say that the buyers benefts as they get free water and electricity but the problems reallly start when the LFO is not issued, and it is not automatically granted, and then as with developers Technologica they don´t pay the bills and everybody gets cut off.

The property is not legal without the LFO,banks often will not give you a mortgage and it should not be rented, but if it is in place the buyer often has no legal ground not to complete

Buyers should make sure that they have a valid bank guarnatee in place, issued by a well known bank and please make sure that it doesn´t run out as they are normally valid for a set period

The really ffustrating thing here is that this looks to be a well planned development in a good location attractive to buyers in my area, Torrevieja, who are looking to move away from little Britain to inland areas, hence the reason for the large advertisment in this weeks Leader

We have available a Q&A guide which we have just updated with information on completions and other usefull information like details of local markets shopping centres, IKEA, the big DIY stores

You can get a copy by e-mailing me at info@thesnaggingforum.com



 

I have been looking at this forum for a while now, and have never done a posting but feel the need to say something about the negativity and rubbish that is being written which probably puts the fear of God into some readers.
I live here in Spain and have done for the last two months.  I visit the site on a regular basis and constantly see progress being made.
Firstly, where on earth are some of these people getting their information from???  For example, 'Azzie and Fran', I think you may have misunderstood the Town and Country website resales.  The resales listed are over all 5 phases not only phase 1 as you mentioned.  Arent these resales inevitable?????  It has been my understanding from the time I purchased my villa on Phase 2 that many buyers were buying for investment purposes, therefore isnt it likely that there will be resales on this developement as with any developement.  Why do people make this such a negative thing to be happening???    I also think that you probably have your information wrong about the amount of properties left to be sold!!!!
Does everyone who uses this forum actually have a villa at Finca Parcs?  I get the impression that a lot of postings are there to put the fear into some of us.  Well it doesnt scare me anymore.  I must have had a sensible moment today and I picked up the phone and called the developer for them to explain what is going on.  Why dont some of you do the same, instead of gossiping and summizing about the future when as some of you stated you dont really have a clue whats going on!!!  
Im positive the commercial centre will be going ahead, isnt the infrastructure and ground works already ready for this.  Also the infrastructure is already in for phase 3, wouldnt the developer be silly not to continue building, or do they just want to throw their money away?
On a separate note, dbaile your posting made me laugh.  Good luck Izzy with the turkey.  Im just sorry I wont be living there at xmas but will join you shortly after for easter eggs!!!  I look forward to your responses.  Faith.

Hello Faith,

Or should we say Blind Faith...exuse the pun.

Do you believe every thing you are told.

Its not negative postings on here.....merely warnings.........dont fall into traps others have been badly advised about, its not a game......check your developers form!

Well said Faith! - There's too much negativity on this forum and most of it comes from people who aren't buying.

On a recent visit to site I saw Las Higuericas progressing at 'full steam'.

People need to remember why they decided to buy a property in the first place - this development is in a unique, beautiful and peaceful location; the drive to the site from the coast takes you along motorways past numerous other developments; these only leave me realising what a fantastic location it is we're buying in -  I'm not surprised people from Torrevieja are interested in relocating there; I've already had numerous enquiries from friends living in that location asking if they can rent occasionly to get away from 'Little Britain'.

LET'S ALL REMAIN POSITIVE!!!!

I've been watching this site for quite some time now & I have to say I agree with Faith. It seems to me that we have two types of people, the Purchasers who want a house to live in & the Speculators who want to make a quick buck.

Unfortunatley the latter seem to be the more vocal!

These people have been driven by Investment Companies & Agents to put their 5% down & then sell before completion to make a profit. Now reality has struck and there is a slump in the Spanish housing market combined with a credit crunch in the UK, and the quick re-sales are not there. As completion nears, and reality proves that it does, then Investers are stuck with a Contract that they can't sell and it requires the remaining money to be found. PANIC!!!

I realise that there are probably some serious purchasers out there who are worried about the financial implications of completion, as this project has taken so long and in that time their personal circumstances could have changed. To those I offer my simpathy and can only suggest that they talk to the Developer and explore any available options.

To the rest of us (maybe foolhardy) purchasers, I am on phase 2 and will join Queenbee in her easter party. Those on phase 1, I hope they turkey is enormous.

Regards to all   Waterman

Azzie and Fran, I for one will not excuse the "pun" as you put it!!! Some of us use our own names on here (and do not expect to be made fun of) as we do not have anything to hide, unlike other people on here who are bored with their lives and feel its their god given right to make everyone elses buisness their own!!

Two Simple questions to you,  1.Are you buying here?
                                                        2 If so have you been to the site?


I will be very suprised if either or the answers are "yes"

Mark.

** EDITED - Removed at poster's request **

Dear all,

I read with intrest the listings relating to when,and if and what will be delivered on this site,i am a purchaser on phase 2 and can only really comment on my experiances on the site,when i originally paid my deposit i was told that my house would be ready mid oct 07,every subsequent date i have had has come from myself chasing agents and developers for updated information,which has taken weeks and sometimes months,i am spending 250k on a dream family holiday home that all my family are looking forward to but information flow has been terrible,i dont know what other people are used to when buying properties,but my experience has been very poor,any way my main concern that i am hoping someone can answer is when will the commercial area/sports area/communal swing pool be finished,i bought predominatly on phase 2 because i was told the these areas would be finished at the same time,i have asked my agent some 2 weeks ago and despite speaking to them on the phone there ansewr is that they are waiting on a reply from the developer(i would have thought this question could have been answered in 10 seconds,but obviusly not)


Hopefully some one will be able to give me an ansewr??

Who is your agent ?   They shoiuld have been able to answer your questions straight away,  if  you do not want to name an shame drop me a PM.

Ricman,

do you work for finca parcs?? or are you associated to development ? what date have you been told?my agent is select properties,who i belive are telling me the truth in that they cant get an answer out of the developer,however i may be wrong,but all i want is dates,naming or shaming is not an issue as all i want is my villa with all the amenities promised.

Any info from anyone would be appreciated

Dearneside,  firstly we are very surprised to hear that you do not know anythiing about us, we send regular Newsletters and Updates on our services to your agents who assured us that they send these to their clients, we do have some of their clients registered with us directly !  We are not allowed to give out exact details on EOS about our business as that will be classed as commercial advertising, all we can tell you is although we work closely with the developer we are a privately owned company that has been set up purely to provide all of the aftersales, property management services etc for Las Higuericas Finca Parcs and we are on site meeting with clients on a daily basis.

We will PM you with our contact detials and will be more than pleased to answer any of your questions.     

i do have all your details,which are more easily obtainable than any queries regarding site construction,i am a bit loath to spend my limited time & resources looking into yourselves providing me with your advertised services on the basis that i have had 7 completion dates from when i first paid my deposit,hopefully i will get from the developer all that has been promised and to the revised timetable,if this is the case then i will contact you closer to the time.
You have still not given an answer to my original querie   "when will the commercial area be startted/completed"i note your comments that you work closley with the developer and would assume that this is a fairly straight forward question,and await your reply, (hopefully quicker than my agent!!!)

Have sent you a PM we were only trying to help you, no need for this sarcastic reply  !!!

 

Dearneside

As the originator of this thread I will tell you what I have been told by my agent Town & Country. The developer has paid the builders for phase 1 & 2 and thus there should be a guarantee that all property and infrastructure for this phase will be completed, when, remains to be seen. HOWEVER, this does not include the comercial centre or provision for any 'services' shared pools, sports stuff etc.

My agent had no idea when the shared facilities would be delivered. This is why I chose not to move from my phase 4 plot to phase 1 / 2. It is clear to me that the investment in the commercial centre, given the fact that the developer had put in millions to date, with little return, is well down on the priority list. But. like you say we all bought a package, not just individual homes. So it is on the developer to state its position. Again given that the goal post have been moved on bank guarantees, it would seem the purchasers have very little in the way of recourse. That said phase 1 and 2 are coming on, and the developewr is still showing commitment to completion, whether that will be JUST 1 & 2 or the whole site, again remains to be seen and again I assume is totally dependant on the developer getting some money in on phase 1 & 2 completions

To be fair to Ricman, they are stuck in the middle, as the flow of info from the developer is dreadfull, the latest web update again gives nothing concrete. Ricman has been great in advice on on-site facilities management but cannot and rightly is not placing any dates on the developments completion etc, as they like the rest of us are dependant on the developer.

That's as much as I know, and hope it helps in some way. The frustration is huge, because one day it will, I am sure be one of the finest developments in Spain - might just take a while!

Keep smiling...

Many thanks for that,i actually bought on phase 2 because the agent advised that the commercial centre etc would be completed when ph 2 was complete.what do you  mean with regards "bank guarantees

Thanks


Paul

 

Hi

Not all bank guarantees have been issued. Mine certainly has not. When I bought the advertised offer clearly stated a bank guarantee, but if never arrived. I assume you have yours?

Basically as I am informed the guarantees are not being issued for my phase as they are dependant on a building license being issues by the town hall. This building license stipulates that the house must subsequently be constructed to completion within 18 months. So the catch 22 is the developer cannot guarantee when my house will be completed (goes back to your point on so many 'missed' completion dates)  and thus will not apply for a building license, because, yep you've got it, then they have to build it with 18 months. and thus without the license the bank will not issue a guarantee.

No one mentioned this when I bought in 2006, there was just the 'BANK GUARANTEE' sweetener slapped all over the web site!  

With regard to the construction of the commercial facilites the information that we had been given back in 2006 was as follows,  Clearance of the land for Commercial Area would start along with the construction of Phase 2,  this is happening now.  Construction of the centre would start during the construction of the properties on Phase 3 and had to be finished by the end of the project with phase 5,  at no time had we been told that the facilites would be open with phases 1 & 2.  What company can afford to open a business within a commercial centre without a good supply of clients to support the services ?   We have been living in the local area for a few months and contrary to belief the area actually has everything that you could possibly need, plenty of good shops, bars, restuarants, sports facilities, fishing, nature walks, great weekly market, railway link, excellent shopping in Albacete, and best of all lovely genunine friendly people.