Offer of alternative property.

Thought interested parties may like to know they are still working on the Tabernas site..

Hope you have some luck with the TV prog..

Regards..

I have just spoken with Jose Garcia, he says that the two companies have split and that although he works for Huma he does not know anything or have anything to do regarding the Tabernas project as the part of Huma he works for no longer deals with Tabernas. I have asked him for a telephone number /contact for the company that is running Tabernas. He says that he will provide them tomorrow. (Why tomorrow goodness knows!) I couldn't work out if it was Huma Med or Indalo that is covering Tabernas. If anyone can throw any light on this I would be grateful as the situation seems to be getting more complicated. I wonder if the banks have taken the site or if the building that is obviously going on is Huma (the 2nd company).

Just putting an addition to my post, I would like to say a big thank you to MTH for his/her postings, without them we would all be kept in the dark. Many thanks and please continue to post, any news is greatfully received.

As far as I can remember it was Indalo that took over Tabernas. I have contacted Homes from Hell but all I received was a generated reply saying they had had lots of interest and would get back to me as soon as they could.

Not holding my breath there then.

What I do have is an e-mail from my solicitor in 2005 saying that they had checked and all building permissions for ACC were in order.

I would like to know if any other solicitor would take them on for that duff information.

Keep up the observations Myth.

Thanks.

Ken / Pat

Now that is interesting because I also have an email from my Spanish solicitor saying that ACC was all in order with planning.

So I wonder what re address we have with that one.

If a lawyer/solicitor writes and tells you that everything is fine with planning why would we doubt he or she ? We wouldn't.Surely they carried out ALL neccesary checks (that we have paid them to do on our behalf).

How will they answer that one ? regarding ACC irregular planning / illegal builds.

Perhaps it's some of the solicitors that should be reimbursing us.....................€'s

I've thought about that one, but from what I remember, 2004/05, ACC had planning albeit from Vera town hall. It was the Junta that stopped the building as the planning contaviened rural planning laws. Surely solicitors could use this as their argument.

Philevans -  yes I re call the reason now. You are correct, it was the Junta that locked the gates and stopped the build in Nov 2005.(just as ours was nearly finished! M8 - Par 14) The Junta has a big case to answer because they never resolved the issue. But then again, no need to now as no one wants to buy anything over there.

And if anyone did decided to raise a case against a solicitor for 'mis representation' or whatever the legal term might be - it would cost an arm and a leg - plus, finding a solicitor to claim or raise a case against one of his own is very unlikely............know what I'm saying..........

So, are there any solicitors reading this that would like to comment please ? or send a PM if you didn't want to publicise anything.

I was told that Huma got greedy and applied to build a further 16000 properties on the ACC site. Then after a lenghty delay, this application was refused, and it was only then that the higher goverment officials put a stop to the build. I was also unlucky enough to have gone with a recommended Solicitor from Parador who I believe were both in the pocket of Huma. This Solicitor Aldea Advisors in Vera released 50,000 euros to Huma, without a Bank guarantee and only days before the gates were closed. ( sound fishy ) I then threatened to sue the Solicitor for bad practise, and low and behold they went bust a few weeks later. I wonder how many of these sharks and crooks are either now working at other Solicitor, or have they started trading under another name like the Brit crooks do here.

Interesting

Maria may well be right but it is the practicalities that matter

The Bank of Spain has either now, or very shortly, will make the Banks make ‘proper provisions’ against bad debts

This law as stated by Maria is ‘to be blunt’ not just known to her!!!

And the Bank of Spain is or will be fully aware of ‘generic  bank guarantees and their future liabilities to the Cajas and Banks’

Spanish banks are fully aware of their potential liabilities and in the current situation I would be very surprised if all the banks have not already made ‘provisions for loss’ on generic  bank guarantees

But accepting liability is another matter!!

Now that is not just Spanish banks..see UK banks and their reluctance to accept liability until forced for over charging fees and miss selling!

So in simple terms Spanish banks and insurance companies who provided BG facilities to developers  in the good times but did not issue them [ no doubt as part of ‘normal practice’ at the time in conclusion with their client!] know that they have a liability

The problem is, as the banks know, that those affected are all individuals who do not have the resources to take a court action to take on the banks!!

I do not criticise Spanish banks for this as it is the same the world over

But in USA this would be a classic class group action with no fees paid up front but the lawyers getting big bucks when they win----normally out of court

And even now in UK this applies in some situations

I am an investor and we are not in USA but I do think that a well managed a ‘class action’ in Spain is the only way forward

We do after all live in the ‘United States of Europe’ and Spain is a big supporter of that principle

The Spanish lawyers will no doubt require fees up front as they are not yet as advanced in the provision of legal services on a No Win No Fee basis-perhaps a bit old fashioned in this respect

[It is not just UK buyers who have these problems and as the majority of Costa home buyers were the Spanish themselves it would be interesting to know how they have been treated by the Cajas, Banks and the lawyers ]

To start a ‘class action’ a Spanish law firm or firms have to make it attractive for large numbers to put up ‘a reasonable deposit’ and to make it clear with a proper presentation that they also will be taking a financial risk in backing up their legal opinion

Big fees if they win!

They all have a vested interest in sorting these BG problems out as does Spain itself-waste of time having a road show to encourage EU buyers without having sorted out the problems of the out of control boom years-no one listens when they say buying now is safe!

And the Banks, with part completed developments, will have to clear these potential liabilities before new developers, in the  post-recession scenario, will want to take on the sites  

Take ACC and OTCC as an example:

Both will eventually be built as they are both ’excellent property locations’

OTCC has all permits and ACC will in due course if not already

But a re start and sales to ‘new buyers’ is impeded by the old claims- even if they go into administration

EU laws including Human Rights could tie up ACC and OTCC for years-new developers will not take the risk of old claims

Why do you think that Huma are now offering alternatives of other Bank repossessions?

To clear liabilities so they can move forward

[However they still seem to think that the old buyers are not aware of ‘real values’- if they made ‘sensible offers’ they may get some takers!]

And the only reason why Huma Med and Indalo are not in administration is because it is not in the interest of the supporting Banks to allow it!  

What is the Banks potential liability?

Say 300/400M € but that is small money compared to the financial benefit of encouraging the future of holiday home buyers in the Spain

Even if it double that amount for a quick settlement

Also big fees for a win class action for the lawyers!!

That is briefly my basic views as a long time property dealer!...who has, I’m afraid to say seen it all before

So where do we go now?

1.       If reputable Spanish law firm set up a ‘class action presentation USA style’ then I for one would join in

2.       But in the meantime I have through my own lawyers instituted legal action at a cost of 1800 €

3.       I am ex ACC now OTCC

4.       So that I have ‘secured my position’ as whilst legal proceedings are taking place they have an ‘ another embargo’ and liability on my plot albeit pending getting a court decision, which of course we will get  

5.       And then it is a matter of waiting

6.       And I’m afraid that may be until there are good signs that the economy of EU is improving and they will want to ‘clear the decks for the future’

7.       Offers of alternatives from Huma can only be a good sign-they must  want to clear up the title

8.       What would I settle for?

9.       Well I would like the lot including interest!!

10.   But just the capital and legal fees would be very attractive just now with the low exchange rate  

11.   A property at current market value would tempt me to take as a punt and cut my losses  

To summarise;

1.       ACC/OTCC everyone is waiting to see what happens

2.       Lots of embargoes which will frustrate the future of these two good sites

3.       Huma alternative property offer are a ‘just silly’ as they are 25/30% over current market value and I would be surprised if anyone has takenthem up

4.       Very interested in a ‘class action’ against the Spanish Cajas and Banks

Is there a Spanish law firm prepared to go this route?

USE Class Action like a USA Class Action

I still dont understand why in spain (a modern country you would think) they do not have the equivalent of the FSA -   Yes the banks in the UK have fallen foul recentlty of misleading customers  and mis-selling  on protections but this has been fought through the courts and proven to be.   No one had to fork out any money as we live in a civilised country where our rights and protections are taken seriously .  At the end of the day the banks had to pay out what was due with serious consequences if this did not happen,  The Spanish on the other hand seem to please themselves with no rules and regulations and you wonder why there are no  'no win, no fee'  solicitors coming forward they would be on a hiding to nothing !

When you look through EOS and read the sad stories of other people on other developments. People who's only crime was to have a dream, people who only had their life savings. Then you start to total up the money post by us and others, it is frightening. The figure could be as much as 200 - 300 million pounds lost by the Brits, lost to corrupt developers, corrupt Solicitors and corrupt Banks. If the country are not intending to do something about all this, does that mean that certain people who sit very high up in the Spanish goverment are also corrupt. Does this mean that it was not just the mayors of little provinces taking back handers. If this is to be true, then nobody is going to get their money back, i only hope that there may be someone honest and descent enough in the spanish goverment, who will fight on our behalf to get back our money, or offer a public enquiry where the guilty parties are put into prison.

We live in hope ............. Public enquiry into this scam at EUROPEAN PARLIMENT LEVEL no less.

So, where's all the money now ?

The downturn in the Spanish costal property sector continues the steep downward trend / fall catastrophically....... .no surprise there !