money back !

Congratulations weemick

YJFJ do you mind me asking why weren't you able to complete?  What went wrong on behalf of Peninsula?

settled without going to court and took 6 weeks for insurance co to agree to pay in full plus 4 weeks to receive money. no conditions applied and interest and costs are now being applied for which i expect to be agreed in january.

i know some people are suing developer but the bank guarantee route is unquestionably the quickest and most likely route for return of deposit- provided of course its a proper guarantee which for fairways should be the case.

Yep, congrats.

If you have an individual guarantee ie an ACC segueros certificate in your name then (and we called them in Madrid) Zurich will pay up.

If however, you had incompetant lawyers such as Criado and Kraus who failed to achieve this before getting you to pay your full deposit and sign your PPC (probably giving you some rubbish like - "Don't worry about Individual Guarantees, the General guarantee will cover you.") then you are in trouble like us so send me a message and I'll try and get you up to speed and with a decent lawyer.

thanks and also thanks for your excellent posts which im sure have been helpful to many.

i think its curious that there have been no posts at all from any completed purchasers - of which there are no doubt some- with any positive messages about the development such as confirmation that new guaranteed rentals now working well. 

happy new year to all

From minutes of recent annual general meeting re ME 23 there are around 48 owners who have completed there, I don't know about Fairways or Golf but there appear to be some.  There have been some rentals on our variable scheme since July 2010 and guaranteed scheme started this month.  This is not to say there aren't any ongoing concerns but I'm guessing people who have completed are less likely to post on EOS as we are in it now for the long haul and our overriding interest has to be the success of the development.  We have stayed in our apartment and generally satisfied with the quality of the build especially once through the front door, love the area with good facilities a few minutes drive away in Albolote and Atarfe, and when we last visited the site in September 2010 building was continuing right across the whole development, which we have to take as an encouraging sign. The gardens were being planted out in Fairways which was looking good.

For those who decided not to go ahead with purchase I'm pleased you were able to get your money back.  It's such a pity that this promising development was impacted by the economic situation.  If anyone who has completed would like to be in touch do send me a private message.

Happy new year to you all.

Good point hosilverlining
Perhaps there are also others who would like to know how things are progressing and perhaps more may change their minds and complete if the origonal promises are now being fulfilled.

 Any chance you could post some of the latest photos and perhaps even some evidence that the shopping centre / hotel etc are in progress, after all they are what will attract tenants.

Thanks

We will be out there in spring, and will be sure to post some photos and an update on the ME23 community page.

it will be good to see these. im sure if there is positive news  on the rentals and guaranteed does mean guaranteed then it may encourage others. It needs those who have completed to provide this information.

good luck to all those who have stuck to it  as it was and is a potentially superb development.

You would have thought that Peninsula - who are now running the lettings and are perfectly aware of this forum would have done this already but hey ho, let's not get ahead of ourselves.

As a new contributor to this forum (but reader from mid 2010 when I found it!), I am pleased to confirm that I have successfully reclaimed my deposit, for a purchase in Tee17

Development was to be finished in July 2009, but as many know this has not happened. I was ''lucky',' as I was provided with a bank guarantee (insurance from ASEFA) for the amount paid, with a small amount added for interest. As normal, the insurance refused to pay months after the contract expiry date, claiming it was merely a delay and the date was not well defined!. ALSO, they had an expiry on the guarantee of 1 month following the contract date

My original lawyer deemed the only option was legal action, with usual no guarantee, but a firm belief it was winable. At this point I was unaware of the law 57/68. I sought opinions from several lawyers on the web and eventually moved to the lawyer who secured my refund - and Paid  Today!!!!

His cost were 50% of my original lawyer. He was the one who informed me of the law 57/68 and was alwayys contactable - everything you could hope for and more. (As I am not Spanish, I  made a trip to his office after engaging him to make sure he existed!!, everything was as per the web). He did not require funds until he forwarded court proof of lodgement of the case, and even then was not pushy.

Apologies for lack of structure in the posting - but getting over the shock. As like many on these treads, I thought my money was down the tubes, but I was lucky to have a guarantee, and not knowing the Spanish sytem in early 2007 when I first visited and bought in Medina, I am grateful to the lawyer for putting the guarantee in place (which we was obliged to do, but I did'nt know, and many of his colleagues seemed not to have done)

I am posting only now as mentioned above - I have the deposit back in my possession, even though it was secured 3 weeks ago, but took time, and some little bumps along the way, including the Spanish authorities not allowing transfer out of the country of amounts above €10k, without proof of why!!

Hoping others with guarantees can take heart from this news

Michael  

great result- congratulations.

im sure anyone with a secure guarantee where the lfo has not been issued might like to get hold of your lawyer- sounds like a rare good one.

cheers

Hi,

As a new member to the web site I am looking for some help in locating a reliable lawyer who is up to the job of aquiring a refund of my deposits at Medina Fairways for which I hold a Bank Guarantee. I already have a lawyer but I am beginning to suspect that they are not up to the job as they cannot get any response from the Insurance Company and is considering suing the developer, but from my expierience with UK Developers this is No Go, they normally go bankrupt.

Can anybody recommend a good lawyer who has managed to obtain a refund, any help would be really appreciated as things are rather desperate here.

Thanks for any help you can offer

SunSeeker58 

Maria de Castro of Costaluz lawyers and Jose Ramon from Lawfirminspain have successfully obtained refunds on peoples bank guarantees:

marialuisa@costaluzlawyers.es

jose@lawfirminspain.com

Hope this helps,

Jet

Thanks Jet,

The prompt reply, Is very much appreciated.  Good Luck to all who are in the same boat.

Cheers

SunSeeker58

Just seen this response.

Oscar L. Calvo oscarcalvoabogadosdotcom has represented many owners of Medina 23 and successfully obtained refunds of bank guarantees.

His office is in Estepona Port

Hello All,

I have just received a refund from a bank guarantee!

I had a property on Medina Golf, covered by Zurich Insuarance.

I would strongly recommend Jose Gutierrez at Law Firm in Spain, he was brilliant.

Hi

Congrats, I'm sure its a great relief,!!. Yes there are good lawyers out there, matter of finding them. My lawyer was based in Alicante (Gonzalo Calderon Chao) and was also brilliant

Again, well done and happy outcome and wish that these success stories will give hope to others awaiting their refunds

Baronrath

 Hey guys,

Can anyone tell me of a good lawyer or good way of trying to get my deposit back for TEE 17, as I ain't sure of the right route to go down,

Thanks,

Barry