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I would like to share with you the content of our thank you letter to Patricia Medina, Maria de Castro and the rest of the Costa Luz Lawyers team, who have succesfully represented us and our daughter in the execution of our bank guarantee.
"We've just received confirmation that our deposit and that of our daughter's have been paid into our respective bank accounts. This is excellent news for us and we're very grateful to you, Maria and the rest of the Costa Luz Lawyers team.
Right from the outset Maria offered us her well-informed view that we had a strong case and, based on our own research, we knew that there we had more than one resaon to trust her judgement. Nonetheless, there we had some lingering doubt about the reliability of the legal system, which caused us some headache during this process.
We were great believers in the Medina Elvira Golf project and had hoped to enjoy its paradise-like rural atmosphere and all that the developerps had promised. However, the recovery of our deposits has more than compensated for the frustration and uncertainty we experienced over this period. We can't help thinking of those whom, perhaps unaware of the existence of honest and competent professionals like yourselves, have risked, having completed, not being able to realise their dreams of their lifetime. We hope it's not too late for some of them to be able to place their trust in you firm".
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3 months is a very short time in the Spanish justice system!
I think the problem is most of us seeking returns of our deposits (who don't have guarantees) have nothing to report. I have been waiting for something to come out of the creditors meeting for nearly 3 years. Until we hear from that it's not possible to start proceedings against the bank. Then the process of going through the court will start again!
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Wanted apartment in Medina Elvira.
If you have an apartment in Medina Elvira Golf (2 bathrooms, 2 bedrooms, large tarrace) please PM me with details, including price.
HM
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Hi
Congratulations on getting your deposit back- i also was successful thankfully. I was just interested to know if you also got your interest and costs back? Whilst mine have been agreed according to my solicitor , it is now 9 monthss and still waiting.
I see you looking to buy back in- do yoy know if peninsula are still trading?
regards
Michael
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Hi Michael
I'm not looking to buy back in, as we would rely quite heavily on the guaranteed rental progam. My decision to cancel the contract was based on the the developer's decision to move the goal post (i.e., to scrap the original rental scheme) and the late delivery. I don't know if those who completed are now receiving much rental income and, if not, how many are coping. I did get some interest, but not all of it, and this was paid with the rest of my deposit.
A good friend of mine is very keen to buy, but he is in a good position, as he won't have to rely on the rental program, as he can pay upfront.
HM
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Hm
Will need to chase up my interest which was agreed in full, so thanks for info.
Not sure if purchasing in this development is a good idea even if not relying on rental and can purchase at big discount. The infrastructure of facilities is unlikely to happen for years if at all. Spain is now pretty much a basket case, not that far behind greece.
Well, at least we had a very lucky escap
regards
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Hi All,
I'm looking for some advice!
We paid a deposit on an apartment in Granada Green. We have been told that the bank guarantee was not put in place. We are wanting to obtain a full refund as soon as possible. The court have ruled in favour of our case against the developer but not the bank because the funds were cashed in the wrong account apparently.
I assume the likelihood of getting a complete settlement from the developer is rather slim?
Any pointers would be great as we are rather confused by the situation.
Regards,
Stuart.
This message was last edited by wr1bro on 26/01/2012.
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Hi
It might be worth a call or email to another lawyer who should be able to confirm if they think there is a case against the bank where cheque was lodged
Law 57/68 may apply even though there was no guarantee, as the banks might have had an obligation to be aware of what the money was for,and coming from a developer or agent and I think may have been obliged to put a guarantee in place. This is your better bet, I think
Maria at Costa Luz lawyers or Gonzalo Calderon Chao (I used) in Alicante would be worth contacting. Further action against the developers would most likely be wasted money. The lawyer should be able to confirm if there was grounds for action against the bank directly
Good luck
Michael
_______________________
Baronrath
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Honeywater - Could I please ask why on earth you would want to by here? The development has run out of money and will not be finished, there will be no facilities, shopping centre / hotel etc. There are a million people here without guarantees willing to sell you their appartments but to do that they would have to complete first no?
"Wanted apartment in Medina Elvira.
If you have an apartment in Medina Elvira Golf (2 bathrooms, 2 bedrooms, large tarrace) please PM me with details, including price.
HM"
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