complete or not???

Hi there all but ready to complete - big decision to be made.  I'm on phase 3 and habitation licence has been granted - great - i can complete and the house becomes mine. If peinsa go bust what is now classed as builders supply for electricity , gas and WATER will cease immediately for whole site - i believe gas at present is via bottles. The definitive licence has not yet been granted and i do not know when this will happen - this means no one can set up  own supply for all services. Receiver comes along and his job is to finish rest of site and sell them - and again sets up builders supply - however we are no longer his problem as we have completed and own our properties - so where does this leave us?? Also how long do we have to be on an unfinished site with all that this entails? suing and getting refund via outdated bank guarantee is not an option for me due to horrendous legal costs and minimal chances of winning!!

also our solicitor informs us that peinsa have a mortgage on our property !!!!!  this is contrary to us being told that peinsa were self funding!!

This is a very interesting article:

http://www.spanishpropertyinsight.com/buff/2009/01/court-orders-developer-of-santa-maria-green-hills-to-return-stage-payments/ 

Hi Deelcee, if your solicitor has adviced you to complete on a property without 1st applying for a copy of the'Nota Simple' ON THE DAY OF COMPLETION, which is the equivelent of searching the land registery for any charges or mortgages then I would assume that they are negligent. If you have used the solicitor recommended via the builders or agents then this does not surprise me. I would strongly advice you to get immediate legal advice from an independent solicitor.

For anybody buying on this development it is very important that you do not use the solicitor recommended by agents etc as they are working for the developer and agent and not you, all they want is for you to complete so they all get their commission, please take heed of this advice.

I have posted warnings on the CDP threads about completing without own services, it really is a big thing in Spain and you will be unable to resell any property without your own electric or water supplies.

I can advise the following:

We have been offered an alternative plot on a earlier phase - refused as the price they want is higher than we are currently paying (madness I know).

However, we have also been advised that some unsold plots are not available to us as the mortgages on them are far higher than the price we are currently paying.

Can anyone advise how builders can have mortgages on individual houses, in excess of their value - even the value >6 months ago?

we have also been offered alternative property on ph2.  Didnt appear to be the right thing to do as no assurances of further work on the site.

Have had no correspondence from solicitors since well before christmas.  Medsea appear to have gone totally quiet - does anyone know if they are still in business in Vera.  Still dont understand why the banks are renegading on the banks guarantee - surely this must be illegal.  We found out from our solicitor in Dec that Banco Popular were not renewing BG last March.  We only found out in December - something seriously wrong there.

Someone posted before christmas that Peinsa Directors were visiting the site this month - does anyone know if this has happened.? 

All Medsea staff have been been let go apart from 1 male person, he has been in hospital and nobody knows when the office will be open again, seek independent legal advice before it is too late.

I agree with KP. We changed solicitors last week to someone recommended by a purchaser on this site. We were with the same solicitor for over 3 years that we were taken to by ambasun. We got more information in the hour we spent with our new guy than we have had in 3 years. We were never offered a BG & did not know one existed until coming on here. Plus the previous solicitor wanted 2.5% of house price on completion, new guy charges 0.75%, a saving of 3500euros.