Gardens of Manilva Finished - so what's everyone decided to do?

Having just read the clipping left re OVP - I really don't know what to do.

Gardens of Manilva is now finished and having been up there in October, it looks very nice. However, we are now being asked to complete before the leisure centre is built, with no guarantee that it will ever be built and we're paying top prices from 4/5 years ago....with the Euro going against us MASSIVELY!!

If I pull out now, I absolutely believe that I will never get my money back - I'd have to write it off.

If I proceed, one of my concerns is that no one esle proceeds and the development will be largely empty, with insufficient funds to manage it properly! It's expensive, so I'll have to hang onto it for a number of years or sell at loss..........................might as well take the loss now and save myself all the wory and hassle???

What's everyone else's view? Has anyone decided they are going to proceed to completion?

Elle 1

If you are going to complete do make sure there is a licence for occupation otherwise you are dead stuck.

Jojan

Elle,

I am also purchasing on GOM on Phase 3, which is also completed. Occupation licence is applied for with January 09 expected for it to come through.

Yes prices are high and euro is expensive at present, but if you are happy with your appartment and the site, which I am, then you should in my opinion complete. You will then secure your deposit/investment and have a property that will in time return good capital appreciation like the past, just maybe not as fast .

The more people that complete, the quicker the development will becomean active community of buyers and then decisions about further enhancements to the site like the promised leisure/amenities can begin - the land is there and any devleoper who has potentially over 400 residents would like commercial businesses on the site im sure - Manilva Costa would do the builds im sure if most purchasers complete as they own the land now.

I met with the Developer 3 days ago on site and viewed the site. OVP are still in discusisons with the developer and met with them last week.

Has anyone else been to the site recently now its mostly complete and what are your thoughts?

http://www.oceanviewpropertiesonline.com/

Click on pdf file under Gardens of Manilva.

This was posted on another forum.

Seems that emails to OVP are "being rejected" today

does anybody else know about structual problems on certain apartment blocks on phase 1/2. holding up the occupancy license?

On Phase 1 & 2 there are certain blocks that have had structural problems, namely cracks in the walls, and the Town Hall engineers refused to grant FOL until this is completed. So at the moment no FOL is granted altough there are some blocks completed, but under Health & Safety if the FOL is granted then the other blocks still being finished are classed as a building site.

With respect to completing this is a big question. Basically after four years or so we have all funded the deposit however without a commerical centre, roads etc etc it means that you complete and then the rental returns will be minimal as no one would want to rent on an unfinished complex, so you would have to fund it further until real completion, which could be anytime but certainly not in the next few years. With the euro almost 1 to 1 with the pound then you would be looking at approx £1000/month for all costs, so with little or more realistically no rent this is some gamble.

For us we are going to cut our losses and try and get some, well try for all of the deposit back, but basically limit ourselves before we go into financial ruin.

Is anyone taking OVP to court in the UK, and if you are who are you using?

Hi, do you (or anyone else) know exactly which blocks in Phase 1/2 have the structural damage and have been refused the occupation licence.   

ref. solicitors can anyone recommend a spanish lawyer with existing GOM clients to see where we all stand on what is a daily growing list of problems

what problems are you experiencing with GOM - Have you bought on the site?

occupation licence has been applied for for all 3 phases.

At GOM Blocks of Phase 1 that are not completed are; 4-5-6-10-11-12, when these were inspected by the Town Hall engineers for the FOL they had serious cracks etc, so they had to be repaired, which is ongoing. The FOL has been applied for but will only be granted when all blocks are complete.....did hear maybe March 09 but not too sure and this date, but for sure it will not be this year!

Oops forgot to say that Solicitors that are wanting our business and are clued up on what is what at GOM are;

• Pacheco & Asociados - we are using these
• Lawbird
• C-International
• GCE Abogados

Each now seems to be charging something around 6000euros so not cheap!

I had a feeling Pacheco & Associates are recommended by OVP?  I must be mistaken, are they independent?

I'm interested how you know about the licence.  My lawyer says that if the licence is rejected it is a private matter between the developer and the town hall and I wouldn't think the developer would make it public.  I would be really interested to know where I can get this information.  Also where did you get the information about the March 09 completion date - did this come direct from Vera Mates?  Obviously the further away the better if you are using late delivery as a reason for cancellation so any further info on this would be much appreciated.

Thanks

Hel

Hi Hel,

Yep you are right about Pacheco & Aosciados that they did come from OVP but they are very independant, as I have spoken at length with them and I believe they can do a very good job for us. Do you remember a few years ago that OVP wanted us to use Conveyancing Spain, well they went pete tong and then Pacheco who worked with J. Olleros & Asociados took this on at GOM as they had worked before with OVP. Also Pacheco is well in with Vera Mates and all whereas other Solicitors are just sniffing trying to get the business, remember conveyancing in Spain is really quite at the moment so they are looking at other areas such as litigation.

For completion for late delivery you have to go six months past the date, so OVP informed us April /May 08, so we should be OK and when it goes longer than all the better. The March 09 has come from word on the street, and as it was said to be September 2008 then who really knows.

Problems on the apartments at GOM that I know are: no shwoer in toliet and Developer has offered 1,000euro compensation and m2 floor area much smaller than plans. Where's the swimming pool?

I know that lots of people like us are looking not to complete, and other are looking to go for it, and good luck, but it would be great if we could all channel our resources into a few Solicitors to get our deposit back, how this would work I have no idea.......anyone with a cunning plan???

Hi tywyn08 - that's exactly what we have been thinking.  We are using one of the four solicitors mentioned below.  We are thinking of pulling out but want to get as much of the deposit back as possible.  The reasons for not going ahead are increasing by the day and surely the law is on our side? 

We have been told that the developers view is -

1.  If you are going ahead with completion then they confirm you have paid a deposit

2.  If you want to pull out then the developer denies having the deposit (it is up to us to prove that OVP sent our deposit to the developer). 

This seems highly suspicious (especially as the two parties had a meeting recently).  Has anyone else been given this impression?

Has anyone got a signed copy of the original contract (i.e signed by both yourself and the developer)? - as was advised by OVP.

If our only option is to complete - then we should all stand together as one and complete at a price we all agree with.  The delays have caused this situation.  If we had completed in Sept 07 then we wouldnt be having these discussions.

Hi Anne15,

You are right in what you say regarding the monies and Developers view. The problem is that when Conveyancing Spain started no one got a signed contract back from the Developer via OVP, due to the scam that OVP were trying to pull on us all. The other seems to be getting Vera Mates to acknowkedge that the Developer has your money for your apartment, as OVP just paid millions at a time to the Developer with no reference to buyers or property, at first she did acknowledge but now got wise. Also the Developer only has a max of 50% of the deposit as OVP held onto the other, which is where a UK solicitor would be needed to seek the remainder monies.

if you complete and cannot pay the mortgage then the banks will come for thier money and then your UK assets (your house) could be at risk.

If we had of completed in Sept 07 then it would have been very different...the Developer has offered a reduced price, in our case 7,000euros but I think it is missing at least a 0, to make it 70,000 euros reduction would seem fairer.

The options are to get your Solicitor to send a Burofax to the Developer and terminate the contract or just complete.

Hi we have also purchased on this site.  I know it is all bad news really.  Howevr, does it have to be???  I must say we have been to the site and we think it looks really nice (I have high standards !!!).  Admitedly we have not been inside but the outside and the views are fab.  It is a tough financial time but we are not letting OVP or anyone else run off with our hard earned cash why should we???  My opinion is to stay strong and refuse to complete until a better deal is offered.  The more people that do this the better.  After all if the developer had finished on time we would not be in this mess.  If he cant hold on then the bank will take over which could be good news.  Also, no matter how bad things get everyone wants a holiday.  Thats what the majority of people work hard for.  It is all persoanl really.  We never wanted to make a quick buck.  A holiday home on a beautiful coast was and still is enough.

My advice is we are all too near to give in and take a loss!!!  Stand up and refuse to complete on the crappy terms offered.  If we all do the same he will have no choice !!!!

I wish all GOM purchsers a happy and prosperous 2009 !!! (It can be if we all stick together)

Hello all,

Fairly new to all this,. so posted about getting together to confront the developer for a reasonable price or to sue to get the money back. It seems I am late in the day, so given a month has gone by now I would not mind an update from someone.

Basically,  our first option would probably be to try to get the money back from the developer. However, if most were completing we would be prepared to look at it if the price were right.

We do have an independent lawyer, but she is conveyencing only and does not really deal with contract law, it seems. Would appreciate an update or any thoughts, as I said in another post, we would be prepared to pay our bit to join the club.

Regards

Kevin

After talking to Vera Mates it appears that the license has already been granted (today apparently) so anyone wishing to cancel will need to give notice of cancellation as otherwise judges will interpret that there was a tacit acceptance of such delay.

Even those wishing to complete should do it in order to force a price reduction.

Surely if the devloper goes bust and delivers late (and the rental gurantee kis not there anymore) these are all breach of contract?

Also when you exchanged money it was probably at 1.35 to 1.45 exchange rates......can we not forsake that "gain" and just get the deposit money paid in sterling back. That could amount to a tidy profit for whoever of 400 investors x E25,000 as an example E10,000,000.