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

the license was approved last Monday for the villas and not the blocks but has not yet been issued, due this Monday, Also Developer unable to return any deposits...they have no money!!

apparenly the developer is paying E200,000 interest to the bank so they must have some somewhere!

also I heard the structure is not right and the buildings have cracks in them

Property developers will be looking to retain as many buyers as possible, even if they have to reduce the price considerably, and for this purpose everyone willing to complete should have a common aim.

Obviously cracks or any other defects have to be property indentified and surveyed so as to assess how serious they can be.

Hi AKIDD

I doubt that the developer  of the exchange would return they money. Despite what you think about him making money out pf the exchange rate, chances are he received very little or none of the deposit. It is highly likely that they agreed to sell the property at 70% of the ' value' and the deposit you paid has been retained as commission.

Hi everyone

Well what a situation we're in, l've been watching the forum for a few weeks now, and we are undecided as in what to do. l have my lawyer at GV&A checking if they have my money in the bank and if l can get compensated for the lateness of the development, then l also have to look at the price as l don't want to buy a negative price property, does anyone have any ideas of their value, lm in block 3 by the way, also has anyone got some recent photos of the place as we've not seen any since March 08. lf there is a group out there who are pushing the developers to get the prices down l'd like to come onboard and join you please let me know. l'd still love a place in the sun but not at the cost of my uk lifestyle.

Hope all goes well

Paul PB

Hi all.  Am new to this and not sure what to do.  Am 'supposed' to be completing on GoM this year but not sure on my course of action.  Having read some of the postings made by others am still unsure.  Originally i was supposed to purchase on the Estepona Beach and Country club in Dec 2007 but have now transferred to this site.  I spoke to an administrator of OVP today who said that there was no occupation licence in force at this time.  Completions he said would start once this licence had been obtained.  As for now I am unsure of my course of action.  Better to pull out now and lose what I have put in.  Or continue with the purchase and have problems renting the apartment out.  I personnally was relying on the guaranteed rental for this purchase and now that that is gone -  what to do.  Can anyone help me please ??

I was also on a guaranteed rent scheme........I think we should all get a document with our names on it, writing to the lawyer who acts for developer, and suggest ways of moving forward. If we all collectively do this we may get big discounts (economies of scale and all that)...........we can also try to either protect our investments by making sure we are all okay as apposed to having sporadic ownership there as the values will not appreciate if the site is not looked after etc.

I am very open to other approaches / ways forward. If the bank is supposed to step in when the developer goes bust, surely we get 50% of our money back as per contract?

Still cannot believe we cannot do them for breach and that the banks will not support our claims.

Anything done collectively should be done through a lawyer.  Although we are are in the same development, individual circumstances are different and there definitely isn't a 'one size fits all' solution.

I'm not sure about the people who transferred to this development but for most other people, the promised completion date on this site was December 2007.  We are now into February 2009 and there is still no LFO!  This is an excellent reason to cancel your contract and demand the return of your deposit in full plus interest.  However you can only do that if you have a contract signed by the developer and then you have a long and drawn out legal process (I cancelled my contract in March 2008 and my solicitor is hopeful we will get to court before the end of next year!!) and then you have to hope the developer has enough money to pay you (or worse still he goes bust before he can pay you).   So we are all stuck between a rock and a hard place.

The only thing that is certain is that this whole situation is a legal minefield and its almost impossible to navigate it on your own.  This forum is good for support and meeting others but the only person who can spell out your options is a good independent solicitor.  They are the only ones who are able to advise you on how (if possible) you can minimise your risks if you choose to cancel your contract, if you are best off completing ,or if there is any way to negotiate (any further than they have already offered)with the developer.

akidd - you can only execute your bank guarantee if you have one.  I don't know anyone on this development with a bank guarantee - we only have a general bank guarantee which does not show our names or the amount of deposit we paid - basically not worth the paper its written on.  The 50% you are referring to is the amount the developer is obliged to pay back if we cancel the contract without good reason.  You will almost certainly have to fight for this 50% and if you're fighting for 50% you might as well fight for 100%

Hel

Well, it now seems that they have the LPO (First Occupancy License), signed by the mayoress of Manilva on the 26th of January 2009. My clients has received a copy together with a letter from Manilva Costa S.A. stating that they are now ready to complete and that they are happy to help buyers to overcome this rather difficult time.

The communication has not been received by registered post or ´burofax´ and has no signatures, an omission clearly aimed to make it more difficult for anyone wishing to cancel through the Courts.

Below is a copy of the mysterious letter.

Anyone wishing to see the LPO can pm or email me and I will email them a copy.

Purely as a matter of interest, will you be advising your clients to complete on their purchase?  Personally, my husband & I would be extremely concerned at accepting the word of an "annonymous" letter.

I appreciate the concerns you would have about receiving these type of letters, which I share, but I do know why the developer is actually acting in this fasion.

My clients are given the options and under my advice they choose one or another, and in this case they have decided to cancel the deal. All I now need to clarify is how will we be notyfing them formally as Ocean View Properties are also involved.

At this present time after all that has been going on I am thinking of cancelling my contract (DO I HAVE A CONTRACT AT ALL? please advise).I have been concidering contacting Vera Mates via e mail of my actions.Is an e mail legally recognised in a court of law?

it sound slike if you cancel you will lose half if not all your money.

In my professional opinion we need to clarify the relationship between the developer and Ocean View Properties, which they are clearly trying to make it look as ´improbable´ as possible.

When my client gives me the go ahead I will need to request from the developer that they confirm if they have received funds from Ocean View Properties, which I am sure they have (as otherwise they would have not been contacting us) and proceed on that basis.

Basically the developer is trying to make clients complete (nothing wrong with that) but are also trying not to be seen as the recipients of the funds.

It is clearly a very bizarre situation.

We are keeping an eye on this forum as we are in the same position

Thomas, an email is not recognised in a Court of law unless it is recognised by the opposing party as own. This does not mean however that these emails, together with other conclusive evidence, will help form an opinion in the mind of the judge.

             does everybody know that staffordshire police are considering investigating ovp. and urging people to report thier dealings with this  company in order to asess the seriousness of this companies tradings. the economic crime unit -fraud investigation. are the department to contact on 0300 123 4455 . they can issue you with a crime ref. no. which could help in proving any losses! we have  contacted them and they have been very helpful

Hi I'm new to this. I pulled out of completing and currently have my own solicitor trying to get 50% back. have you seen  as web page selling a developement looks like our development but being sold by someone else?   the whole thing seems dodgy, and have resigned myself to kissing goodbye to my husbands RAF pension that he invested in this for our old age. also any other infor on  the police thing?   

Hi Springermill,

Have you thought about trying to get 100% back.  It seems we will have a fight on our hands anyway and if you're fighting for 50% you might as well be fighing for 100%?  We cancelled our contract about a year ago and are suing for the return of our full deposit - currently waiting for a court date which I hope will be some time this year!

Hel

But if the developer is/has/will go bust how do you expect to get back any money?

If they do not have any, they cannot pay so are you then wasting money on legal costs?

Am I right in thinking the bank will step in at some point......I mean the developer owns the land (or we do) so that would be an asset that could be sold right?

Maybe that is a way to get compensation.