San Jose Inversiones ( SJI ) Vote

Guadalupe,

that sounds like great news. I have the exact same paperwork, but I have been previously advised by two Spanish lawyers that it goes to nothing and cant be used to force a repayment of the deposit sums paid to HDT.

As a lawyer are you now saying \ advising that this is not the case and the documentation can be used to force a repayment of the deposit sums direct from the Bank either directly or through the courts?

Please advise.

Hi nweatherall . I thought you were well out of all of this with the swapping property  and deposit scheme you went into a year or so ago . Can I  take it from your last post that it did not work  out . If so , perhaps you should have said  so in a post , as many are still following your advice without much success !

 Many people have mentioned the existence of this clause/situation and  the fact that the whole group was insured .

Many  of us debated this  however SARC  denied this situation and  continually interrupted and prevented  debate in this area to the extent that anyone discussing  this could be banned by  SRAC via Justin  . Anyone with knowledge of this or trying to find out more was simply dismissed by  Justin at the request of Tony/SARC .Disgraceful !

 SARC have said ,  "  Don't go wasting your hard earned money on expensive legal advise it will get you no where  ".  This should perhaps translate as don't dig too deep because  what you find may not be good for the future of  HdT /SJ which in turn will not be  good or SADM .

SARC need to be 100% honest now they have hidden all  truth in the search for the promised land  SADM and the prodigal son SADM. At what price you paradise Tony  it is wrong ! 

To all ,,,,,  Legal advice is highly advisable now you have new hope ,   wouldn't you say ? Go for it !  F SARC  they are toxic  .

 

 

This message was last edited by Rason on 01/04/2011.

 Who is SARC?

 

SARC = http://www.santaanadelmonte.org/ Santa Ana del Monte Residents Cooperative

 

 

Who is SARC ?    Who cares ?

 I see. There are many solicitors who still aren't familiarized with this cases. So maybe they have some interest in covering HDT, or they just ignored the importance of the documents...

Rason,

Yes I am sad to report my folly into a swap out property did indeed fall through, the concept was viable and working well, and we were going towards completion when we found out that the property we were purchasing on Playa Golf I which was also a SJ property had a development loan on it from sJ and not one but two illegal spanish mortgages attached to it.

A point which had failed to be raised by the company & representatives we were buying through in Spain Maher properties represented by the charlaton and swindler that is Joan Soane (an English woman holding herself out as a business woman)  who is now refusing to return the deposit paid to her for the property despite giving unequivical written guarantess on tis safe return if we were unable to complete for any reason.

A cautionary tale indeed.

Rason - I take it you are the new incantation of Magic Meg?

Hi

I want to come back to the central pont before this thread goes the same way of others I lost the plot with (namely being too SARC/Magic Meg orientated).  I dont care for SARC's ambitions, although they are active in their own direction.

Can we focus on the new possibility and run it through to a completion before losing track please.

I am wanting to know what a generic bank guarantee is, and to have a look at the wording in it that suggests we can claim succesfully.  I am wanting also to know how this would apply to my own contract,   so put simply......

what is it and why does it apply to me and my expired contract?

Well said Brian

Brian,

Get in touch with Guadalupe direct either by email or private message to her and she will explain. I sent her my documentation last night and she basically advised that we have a very good case.

I asked her about a no cost up front option, and she has come back to me this afternoon advising that as there is significant interest in this issue with a number of HDT purchasers that they are puttinf together a low cost (note low cost not NO cost) Class action.

I have just this minute asked for the details.

So we will see how things unfold in the next week or so.

Trust this assists.

Thanks. Caution my friend. I have sent details also, and had a response similar to you and others.

It may be significant that cost is implied before solution is laid out. Keep your powder dry and do not part with your hard earned by throwing good money after bad.

Use this thread to discuss, we can afford action, no problem. We can not afford to pay anything more for no reward, keep that in mind.

I believe we have been let down by the builders, the bankers, the judges. Now how can we fully trust the lawyers?

Be careful

I have now heard back from Guadalupe @ GM Legal and she has asked me to post the following note on the forum as she is having trouble with her EOS account.

The news is very positive and GM Legal are now commencing a Class action for all interested parties. I have also had a second opinion from Maria De Castro who has advised of a similar view.

Obviously taking furtther legal action is very much up to you guys as individuals to consider , but for us this is the best positive news we have had in two years, & for people without specific Bank guarantees I personally think its got to be worth a try.

Guadalupes email  below : >>>>>>>>>

About the low cast class action grounds:

 A generic bank guarantee is an agreement signed between the Bank and the Developer, in which the Bank agrees to deliver bank guarantees for the deposits paid to the builder, and the developer accepts to refund the Bank the amounts covered by the guarantees if he breaches the contracts. The generic guarantee can specify which development (or phases of a development)are covered, or even settle a limit for the amount of deposits covered. So basically is a document where the Bank commits to give a bank guarantee for every deposit paid to the developer by buyers. This means that no individual guarantees are given unless a generic guarantees has been previously signed between the builder and the Bank.

 It seems that the generic guarantees signed between DHT and SGR doesn’t include any reference about which developments are covered, the guarantee is extended to any deposit pay for any resort. You have to bear in mind that SGR provided guarantees for several buyers of HDT in Santa Ana, whose contracts were exactly like yours and paid to the same BBVA account, under the provisions of the generic guarantee. So there is one thing we can assure: the generic guarantee covers the resort Santa Ana del Monte, because individual guarantees wouldn’t have been given to buyers otherwise.

 The generic guarantee made by SGR settles a maximum amount limit, 65 millions of euros, and when they get opposite to my claim they will probably allege that the maximum amount has already been reached, so they are no longer liable. My opinion is that the “amount limit” is against the provision of the 57/68 Act. SGR is a financial entity, but they just provide financing and not banking services (accounts, etc). So the fact that the deposits were not credited in a SGR’s account is not relevant, because SGR does not provide banking services. Therefore, SGR and DHT did not follow any criteria to decide which deposits paid for Santa Ana were guaranteed, and which weren’t. It was just an arbitrary decision. Consequently, SGR’s liability could be claimed,  as long as the art. 1^st of the 57/68 Act states that bank guarantees must be delivered to every buyer of an off plan development and the bank must control if guarantees are given to buyers, and the art. 7^th states that the rights established by the law can’t be waived. If their excuse is that the deposits were not paid to them because they don’t provide banking services, they should have established additional control systems to make sure that every buyer  got an individual guarantee.

 Before bring a civil action against SGR, I will file a preliminary enquiry, to request them a copy of the generic guarantee (general and particular conditions) and to make sure that any if my clients is the holder of an individual bank guarantee which wasn’t given to him (please note that Banks are forced by the law the keep copies of every individual bank guarantee given). As explained on my post, what we have now is a certificate signed by SGR, and also an email from HDT which confirms that the generic guarantee is not for an specific development or phase. Even we will probably find that on the particular conditions of the generic guarantee is established that SGR will provide guarantees for the deposits paid on the BBVA account  hold by HDT mentioned on the purchase contracts.

 As many buyers seems to be interested, we can bring a class action. To make everybody possible to join this action, the provisions of funds requested by GM will be just € 700 (instead of the standard €1,500).

 Please let me know whether you are interested on joining the action.

End.

For those interested her contact email is : guadalupe@gmlegalexperts.com and web address is www.gmlegalexperts.com .