Completion of Ochando Golf Resort

Hello,I am also an investor in this complex.
I have been informed that completion should be around June 2009,original date was April 2009.
If any of you have any info on local managing agents that have been recommended please let me know.
Regards
S

I have heard that it is more likely to be the end of the year before this project is completed.  Can anyone let me know what the situation is please?

Hi

We are also Ochando (and Lake Eve, Florida) investors and would like to hear from other Ochando investors. We have major concerns about actual market value as opposed to IAP valuation, realistic rental returns to cover mortgage payments. Any other investors please get in touch.

Regards

Pete and Heather

I have purchased an apartment Las Adelfas (3rd floor) - recently heard from developer and IAP that there are no plans to build as only 6 have been sold! Trying to sell me a 3 bedroom one currently being built for the same price as my two bed. I think I just want the deposit back but again it looks as though legal action may be necessary although why this should be if a contract is not going to be fulfilled, heaven only knows!

Anyone else in the same boat? I presume that until the date in the contract for completion has passed (April 2009) the developer can still say that the contract is valid!

Cliff and Sue

Hi, The last thing I have been told from IAP is that the completion date for Ochando Golf has been moved back to Jan 2010, Not sure if anyone has heard anything else lately. Can anyone update us on the situation.

Thanks

In same position as you Cliff. Would like to get out, but IAP not being helpful. Also can't get response from anyone at Plus Advisors- anyone have any current contacts? Their website hasn't been updated for a couple of years..

This is something that I posted on the forum yesterday

Based on the support that lawyers have been given on another development, Fortuna Golf, which has similar problems I suggest that you get independant advice as you have contracts with a completion date but probably no Bank Guarntees

Normally a devloper can overrun by 6 months form the contract delivery date before you can make a claim

Just a quick update form a client who has purchased on phase 1 with a completion date of April 2009

I have been advised the buyer to check their bank guarantee and eventually he discovered that he didn't have one and chased his lawyer and the developer.

I found their response amazing that if he wanted one a condition was that he would have to sign a revised contract agreeing an extended contact date of April 2010 which means it could run 18 months over the original agreed date

The fact remains that he is entitled to a BG under Spanish Law and to get some independent advice o this tactic which amounts to blackmail

If you visitbthe site there is still a distinct lack of construction activity

Again I would urge amy buyers to check if they have a valid in date BG

This is something that I posted on the forum yesterday

Based on the support that lawyers have been given on another development, Fortuna Golf, which has similar problems I suggest that you get independant advice as you have contracts with a completion date but probably no Bank Guarntees

Normally a devloper can overrun by 6 months form the contract delivery date before you can make a claim

Just a quick update form a client who has purchased on phase 1 with a completion date of April 2009

I have been advised the buyer to check their bank guarantee and eventually he discovered that he didn't have one and chased his lawyer and the developer.

I found their response amazing that if he wanted one a condition was that he would have to sign a revised contract agreeing an extended contact date of April 2010 which means it could run 18 months over the original agreed date

The fact remains that he is entitled to a BG under Spanish Law and to get some independent advice o this tactic which amounts to blackmail

If you visitbthe site there is still a distinct lack of construction activity

Again I would urge amy buyers to check if they have a valid in date BG

I am in the same position - due to purchase x2 bed aprt at Ochando Golf with completion scheduled for April 09.  This has been postponed to April 2010.

Have contacted my lawyer Plus Advisors several times regarding the bank guarantee.  First of all they said they needed an up to date copy of my passport to get this.  This was sent in February 2009 but they say they didn't get it.  Now they say that the builder will not issue bank guarantee unless I agree to sign a new contract. 

I was originally told my deposit would be safe and held in an escrew account and that the builder would not get it until completion.  

Would like to hear from anyone else in the same position.  I am considering appointing another lawyer - can anyone recommend one?  Am I right in thinking that it is the lawyer who should have obtained the guarantee prior to releasing funds to the builder?

Any advice welcome.

Hi Joe

I am afraid that you are joining a long list of people that are unhappy with the service that they received from a lawyer and i can only tell you again what your rights are and yes to seek the services of an independant awter for advice

The law requires that a Bank Guarntee is issued for money paid and that money is held in a seperate escrow account protected by the bank

Outside of that your contract allows yo to cancel the contract and obtain a refund and compensation if the late delivery of the property howevevr in the situation that you are currently in, if anything happened to the builder and  as with the current situation with San Jose, San Antonio and Piensa you become an unsecured creditor having to bring an expensive and lengthy case through the Courts to recover any money

The offer to provide the BG if you sign a new contract amounts to blackmail and very bad practice by the lawyer who should be putting YOUR INTERESTS first, not the interests of the builder as by not providing a BG the developer is breaking the law  

I have purchsed at Ochando golf and have heard it is now a 2010 completion. I have contacted Plus advisors (lawyers) recently via email asking them for advice on getting my money back. They did reply but simply told me to contact my agent (IAP) or my broker.

Due to the economic townturn, the value of the pound and property prices it is unlikey i can complete on this property so i am deserate for any way out of this contract with some or all my money back.

I would like to check if i have a Bank Guarantee, but how can they provide me with evidence that there is one? I would appreciate  a reply from anyone who may know the answer to this. Thanks

The issue of the BG is one that is the responsibility of your lawyer Plus Advisors and they should be able to advise you on this but you will have to be very direct on your approach and make them aware that it is their responsibility

It is a legal requirement that all new properties have a BG issued, agian the lawyer should know this

Also Plus should represent you regarding the claims for a refund as your contract is with the developer not IAP and again the lawyer manages this process, or should do

Chances are based on previous posts that you will not have one and they will ask you to sign an extension to the contract before they will give you one

Dear Mr. Howit, 

The first thing you should inform about it is your qualification in the legal field as you are making toxic statements about the actions of a legal firm from which you have an absolute ignorance about and statements from which we reserve our rights to initiate legal actions against you.

It is very irresponsible from you to discredit others without knowing the story of each one of the cases.

The bank guarantees of Plus Advisors’ clients have been requested to the Developers in different dates and by different means, therefore, I can be sure that Plus Advisors is the legal firm which requested those bank guarantees more often. The story of how the request of those bank guarantees took place, watching always over the interests of our clients, has been explained to all those ones who contacted us as well as to the intermediary Agents.

Ochando S.A. constituted a bank guarantee policy for the amount of 6.800.000 €, amount slightly over the sum of monies paid by all clients who bought in Ochando development, so not issuing the individual bank guarantees could be a very important aggravating factor against Developers in a judicial process. 

We will not provide you any further explanations due to we do not know what sort of interests are you moved on, but I can assure you that we are defending the juridical status of each one of our clients with the independency and professionalism of the legal firm we are. 

At the same time, please be aware that we will not allow you to make any further statements which could insinuate that if our clients sign an agreement the guarantees would not be obtained. We will not allow you to manipulate any of possible extra-judicial agreements to which clients could opt by their decision and with our advice, accusing us of connivance with any Developer. Our only interest is to safeguard the rights and interests of our clients who can solve their problems with or without the judicial via in the best way which could suit them. We would be the ones to advice about the advantages and disadvantages of any of the proposals they may receive, being the clients the only ones choosing the final decision. 

We would recommend to all Plus Advisors’ clients to contact us directly should they have any sort of queries with regards to their procedure.

I can only respond based on the written statements made by a number of your clients, which I am happy to provide you with copies, on this and other developments, concerning the issue and management of the BG process so I believe I know the history in a number of cases

If you believe that you have a case to bring an action gainst me for statements made on a public forum where at no time have I hidden behind an alias and which can  proven from client written statements then please feel free to bring this action which will be defended

Perhaps you should also respond to the issues of the buyers on Fortuna Golf and I am very happy if this becomes a public debate

I have been informed from PLUS ADVISORS (spanish lawyers) that they applied for a Bank Guarantee but they never recieved it. So i do not have one and I was not offered an alternative. Where does this leave me? I would really like my money back at this stage! Do i have a legal right to it back if there is no BG????

Hope someone can help!

Thanks

Paul

Paul you have seen the comments made by the lawyer on this thread

I suggest that you seek advice from another lawyer

Hi everyone.  I am keen to get in touch with all Ochando investors - particularly if you went through IAP.  As I am a new member I am currently unable to send you messages directly, as I need that facility 'enabled'.

In the mean time please feel free to send me a message - I think you should be able to do that okay.

Speak to you all soon

Kind regards

Stefan

Hi again

Thanks to those of you who have sent me a private message.  I have received notification that I have messages but until they enable the private message facility, I am unable to read them.

Regards

Stefan