Email from LOS

I have recieved an email from lawers of Spain  saying  that they had a meeting with Promaga who insisted Phase 4 would be finished on time, but LOS are not sure if this information is correct. Going on to say we will have to wait untill February to see what  happens. It will soon be february when do we start the ball rolling or do we wait for LOS to do something.

 john bell       leicester

John

Have you made contact with LoS and started return of deposit. Thats provided your contract says that Promaga are out of contract and have defaulted if the competion date was by end of October 2008.

You will have to bare with me as this is the first time I have been on anything like this.

I received an e mail from LOS saying that they have sent notice to the developer and the bank on the 19/02/09, stating that completion should be by March 09. As of yet I have not had any updates on this, or asked to collect any keys. What should happen next?

Hi WC52 and All

Very interesting, what you posted.  I am also with LoS and purchasing an apartment on phase four.

Just wondering what phase you are in ?

I have had correspondence from L.o.S  several weeks ago but was told phase four is near completion, Should be ready just after March but the L.o.F.O.  may take longer.

With the economic suituation as it is, I have made enquires about mortgages.  Most lenders will only let you borrow 60% of the current valuation price, not purcahse price, then you have got to find all the taxes plus buying fees.  Theses have got to be in place before they will grant you a mortgage.

It will be interesting to see what the properties are valued at?.

There is a lot of interest on this development site at the moment you have had over 70 hits to this thread since yesterday.

There must be quite a few people worried out there, not able to go a head with there purchasing, this must be giving promaga and the lawyers a massive head ache.

(better for them with a head ache than my heart ache and empty bank account.!!!!)

It would be helpful if everybody shares any information they have.

Calvin

Has any purchaser in Vista Hermosa noticed that some of the ecological walls surrounding the development have collapsed?  Is anyone worried about these walls and how unsafe they look.

Hi All,

I E-mailed the LOS asking what would happen next, now that Phase 4 has gone past the 3 months grace from last October. Their reply was the resending of the previous E-mail, so I sent another asking how long will it take to implement the Banks Gaurentee, once again i was told that I woud have to wait a reasonable length of time?

I then phoned Olga from LOS, who is the person dealing with my interests, I was told i no uncertain terms that the Developer and the courts would not be in a position to deal with this until mid summer.

I tried to explain that in my eyes the Developer had had their extension to compleation and any decent court would consider them in breach of contract, only to be told " This is Spain"?

I'm not the sharpest knife in the box, but if someone orders a pint of bitter off me from my Pub and I accept that order and take his money, then try to pour it and nothing comes out of the font, then say hold on i'm just going to change the barrel, normally that person will wait for the small delay, but if I emerge from the celler saying I won't have any untill tomorrow when the delivery comes, that person will have the option of drinking something else or getting his money back!.

Easy! I have lost the sale due to my incompedence, my fault so my loss. This is not a country thing, but a world wide thing, done every day by normal people, without Lawyers, because it's common sense and decency.

Hi All

I am also with Lawyers of Spain and ADH who got me in this dilemma in the first place.

If I had been told about how the bank guarantees do not work how they are supposed.

I would have never purchased in the first place.

I have emailed the lawyers telling them I would like to execute my bank guarantee.

If promaga are now out of contract?

But I have not had a reply yet.

Two questions I would like to ask.

If the lawyer that works for me and he or she does not what I ask (which is in my legal purchasing contract) Can they be sued?

When the development is completed and the Lawyers and Promaga ask me for their final payment and I turn around and say “hold on mate, I will be able to get it to you in six month time.”  I would be served and be sued for the out standing monies and they would want the interest as well.  And I bet it would not take very long for them to get me in to court.

Everybody who are using Lawyers of Spain who would like their deposits returned, should now be getting together now, and asking for them to execute our bank guarantees.

If anybody wants to talk to me about our situation you are welcome to P.M. me.

Calvin

I have just been on this website: http://www.marbella-lawyers.com/ - apparantly it is run by LoS and they are talking very sensibly about all legal property matters, including

Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask

Property Law If you are buying off-plan make sure you have a valid bank guarantee securying your deposit! - Read More

HI all

This is the latest information I have from the Lawyers.

The lawyers have not received any response from the bank since cancelling the contracts with the developer. Promaga have not accepted the cancellation as they consider they have not defaulted.

I am pretty sure my purchase agreement stated completion Oct 08  !!!!!!!!

So it is back to Square One.!!!!!!!!