court case

I would have thought that if Corvera as the developer go under then phase 1 and 2 completion monies will be owed to the banks to pay off the build loans/mortgages on those properties. Wouldn't be surprised then should the banks come after the debtors/purchasers to complete on their contracts as the habitation licences on said properties were granted at least 18 months ago. As for the complex being part of the contract, I don't think anybody bought a 'key-ready' property with ALL facilities guaranteed to be in place at the same time.

PS Clubhouse is 99% finished and is looking great which when opened soon will mean the ONLY thing missing will be a hotel.

Can still empathise with investors though as returns have gone to sh**e the world over.

There is an interesting recent comparison here with a deveopment near Torrevieja which may help

Similar to Covera there were lots of properties completed, with issued Certificates of Habitation in place where people payed deposits and had not completed and the developer went into receivership

The Courts ruled that because the COH were in place that the Bank Guarntees were discharged and therefore the bank had no obligation to refund any money, even thogh the developer had gone bust 

The banks that held the mortgages owned the properties and contract rights and were therefore able to pursue the buyers if they wanted to

The situation was even worse  because 61 other properties in the community 15 of which were paid for in full were ‘remortgaged’ by the rogue developer. .

They recommended Aroca solicitors and we gave them power of attorney to deal with the purchase.”  the developer had not discharged the mortgages on properties that had been sold and the actual people living in them do not own them so the banks are selling these properties as well leaving the owners with nothing for their money

The owners options are to bring an action against the lawyers, who were close to the developer, because they should have checked this at the Notary at time of signing

 Received this yesterday.   Out of Court settlement with Irwin Mitchell, not going to Appeal:

IRWIN MITCHELL representing 9 purchasers ended up with an Out of Court settlement with the following terms:

-  All Contracts were terminated;

-  CG&CC recovered outright ownership of the dwellings;

-  CG&CC retained the deposits as indemnity for the loss incurred.

Lets see now if this makes the British Press!

We are non-completers , reasons for which I have posted on here & which are genuine - we sincerely did want to complete but it became impossible & we walked away losing the deposit. I went straight to Corvera & my dialogue was with them only & we came to the  arrangement ourselves. I honestly believe there will not be a winning situation in a court case & the deposits will have to be lost - i hope I am wrong for those people who have more time than we do to pursue it. Currently, I think the only winners will be lawyers and my advice is to talk to Corvera direct but be prepared that this may be one argument you won't win . I wish everyone the very best - those having been successful living at Corvera and those. like ourselves , who have no choice but to step down. Sometimes I read some very nasty comments on here - please realise not every one not completing has the ability and have some empathy for that  

Whilst appreciating some people like Dedgley will have negotiated directly with Corvera and have reluctantly accepted the loss of their deposit as a consequence, others have had success through the (painfully slow) legal system. 

I am aware of a former member of this forum having recovered the FULL return of their deposit following his lawyers success in both the local court and following an appeal by Corvera, the Murcia appeal court. I gather he is unable to post on here anymore and so if anyone wants further details of his succesful legal action pm me and i will provide (with his permission) his email address. 

I know he is keen to help those like me who are still pursuing a deposit refund via the legal system.

Hello KRW,

Can you say what phase he was on?

Regards, Frank

Hi have sent you a PM

Hello KRW,

Like Frank , can you PM me what Phase he was on please

Many thnaks

What is the big secret if someone has got their deposit back why not let us know what phase it was on. We all know that people on phase 3 and 4 have been successfull in obtaining their deposit back. But i have not heard of anyone on phase 1 or 2 being successfull.

Roger

There is no secret and it was a Phase 2 property

Anybody know  the source of this information?

Do these poor people have legal costs as well as agreeing  to walk away from their 100% deposit?

This message was last edited by cazbaz on 01/05/2012.

 i hear it is worth speaking to maria de c how much she charges for walking away - (over 10k!!!!)

Chris 

Double whammy - Clearly there are no easy options.

The only winners are the lawyers and CGCC if buyers decide to negotiate to  'cut their losses'

the point is some of us have no intention of 'just walking away' and if it costs £10K in costs (and i understand more like £5K) to get 80000 euros back that is a price worth paying methinks.

Does anyone know if this is the same 9 people who were delighted to win their right to a day in court scheduled for this July as publicised by Irwin Mitchell last June

if so what has changed from then to now ?

http://www.eyeonspain.com/blogs/spanishpropertydevelopersincrisis/5740/angry-spanish-property-buyers-win-day-in-court-over-‘developer’s-broken-promises’.aspx

This message was last edited by BC FIFER on 03/05/2012.

This message was last edited by BC FIFER on 03/05/2012.

 krw - and if you lose you stil pay (more than) 5k plus all of their costs so maybe an extra 30-40k.... ontop of your 80k.....? is it worth it?

Chris

Yes this is the same group of people that agreed the settlement, no case now in July

Clearly we don't know all the facts.

There is no way that group who were prepared to 'fight for justice' would have walked away agreeing to forfeit 100% deposit + legal costs. There's something they ain't telling us!!!