break ins common on new`builds

Are there any members who have bought in Mar y Golf, Manilva?   This development is seriously delayed.  It is impossible to get reliable information from the sales agent, basically they don't want to know you.  If you bought here, pls leave message.

Patrick501

Have heard completion is September 2007 - hope this helps!

Have now heard it may be November/December

We act for a purchaser who has paid 20k GBP deposit and has desperately tried to get his deposit back because of the unacceptable delays on this project. We were told by Grupo Sefocon that the development will be completed March,08 and that they would resisit any attempts by anybody requesting their deposits back.

 

I've now heard first licenses will be granted in January. However I 'appear' to have sold them both (not 100% convinced) but will walk away making a loss after paying agent fees. When I approached the subject of reimbursing deposits, they didn't want to know although I dont understand how they could potentially get away with it?

Can anyone please advise when this development will be complete and how much people have paid to date. Is there any hope of us making any return on this development.

 

 

Hi Gerry 11.  For past 18 months the developer has been tricking everyone into believing it will be ready in ''a couple of months.''  I think they've been doing this to try and discourage you from looking for your deposit back.  However I visited the site a month ago, and it is nearly ready.  They were putting in the access roads.  However the services still have to be connected, and then they must obtain the 1st Occupation Licence from the Town Hall.  They cannot force you to complete until this licence is granted.

Regarding your second question, the properties are not worth anything like the price you paid.  There is an enormous surplus of properties for sale on CDS at present.  At least one Agent refused to even list Mar y Golf properties because he has so many properties on his books!  Very little is being shifted at the moment.  Many agencies have shut down due to lack of sales.  If you wish to sell it quickly, you will have to drop the price very substantially from what you paid 3 or 4 years ago.

If you do not wish to proceed with the purchase you don't have to.  The developer is in breach of contract as the property was not completed on time.  You can ask your solicitor to get your deposit back.  The developer will refuse.  You then will need to start legal proceedings.  There are several people doing this at the moment.  If you pm me I can tell you the process.  Make sure your solicitor is competent.

Patrick 501

Dear Patrick 501,

 

Thank you so much for this information.

I am interested in finding how we can attempt to retrieve our money by using this clause that the development has not been completed on time. Can you forward me any information you may have in relation to the completion date for the contract.

 

I would be delighted if you can forward me details of a suitable solicitor who is aware of this situation (from other investors) and is willing to act for others. I am aware of one other person whom has paid £20,000 deposit and is also keen to get his money back at this stage. Unfortunately, if the developer has no money then we could be waiting our time here but at least we are doing something to resolve this situation.

 

Thank you most sincerely for the information you have provided to date and hopefully we can get a successful outcome to to this mess.

 

Regards,

 

 

 

 

 

 

 

Hi Patrick 501

Your reply was most appreciated.

I too would like information about the Lawyers you are using.

Best Regards

Leslie

Hi Gerry11,

The development was due to be completed and handed over by 31 December, 2006.  This should be in your contract.  It is already over 14 months late.  This is a fundamental breach of contract by the developer.  As far as the developer is concerned, the contract is void and he cannot ask you to complete if you don't want to.  But you can take legal action against him for non-return of your deposit.  It is necessary for you to be proactive and ask for your money back (plus legal interest), and commence legal proceedings against him when he refuses.  If you have a bank guarantee this gives you further rights and options.  Your lawyer should be informing you about the various options open to you.

I have sent you a pm with other information.

Regards,

Patrick501

Hi Patrick

We sent an email to our Lawyer, see below the response. 

In response you,  that you  decide not to go ahead with the purchase of the apartment, please be informed as follows:
 
Be advised that if you decide to start legal proceeding against them ,  I must inform you that our experience in this matter says that the judges are refusing on resolutions of contract, only for delay of the date on the delivery of the properties.
 
Especially when the properties are fully completed and are only waiting for the First Occupancy License and it is probably that you could lose your deposit paid.

It looks like we need the name of your Lawyer if you don't mind

Thank you Patrick it is good to know that all is not lost yet.......hopefully.

Best regards

This message was last edited by leslie on 3/11/2008.

All,

I am yet another buyer who is extremely unhappy with both the deeloper and my solicitor and the whole thing has been an absolute mess and shambles to say the very least,  therefore can someone please explain if I will get back the following before I proceed with cancelling due to late delivery as I cannot afford to lose £8 grand if I pull out.

I bought back in 2006 with a completion date of sept 2007

Full deposit paid 33000 Euros to date

solicitors fees £2800 to date

Plus if I take them on and win will the £3000 extra solicitor fees it will cost me to fight them be included in the reyurn of money.

Also what is the real value of the properties now?? I paid 168000 euros inc vat for a 2 bed 1 bath facing the concrete block

Let me know ASAP

Regards

Gandalf

 

This message was last edited by gandalf on 4/12/2008.

Gandalf,

As you can tell, this is a bad investment!

For the record, I have paid the 3000 Euros to fight the case and anticipate to get that back in the event of winning (claim from the developers). However, although the Lawyer claims this is a straight forward case, I am very sceptical and don't really believe I will see a penny for a long time (if at all).

With regard to value, unfortunately I think you would struggle to 'give them away'. Such is the over development and lack of demand plus the fact there is another development now beginning within 100 yards of Mar y Golf suggests that no one would even batter an eyelid.

I don't mean to be the bearer of bad news but unfortunately this is the reality.

Regards

Terry

All,

Any one got any further news on this develoment??

Gandalf

Manilva Sol Y Golf  & MAr Y Golf

Does anyone know if the above are two seperate Developments and if so do you have any information on Manilva Sol Y Golf.

 

 

 

 

 

Hi Gandalf and all I have today recieved an email from my solicitors the following "I am pleased to inform you that we have been notified by the Developer Company Manilva Mar y Golf, S.L. that the Habitation Licence has been granted by the municipality and therefore, the above referred properties are now ready to be delivered." This the first written communication I have from the developer since signing the private contract. So off to the solicitors I think! These properties where meant to be completed by December 2006. I believe; along with others on this forum that it is a material breach of the private contract and as such action should be taken against the developer for the recovery of our deposits! Are there any satisfied customers who have bought at Mar Y Golf? Kind Regards Paul

As an investor of phase1 i have now been given the completion statement , we are in dispute over the builders mortgage built into the property as we are being offered approx 65% !! if like us you have paid 20% deposit (approx €30,000) there is a massive balance of approx €30,000 still to pay (inc fees etc) which in todays market is more than the deposit! Has anyone completed yet? how are other people getting on? I thought i remember being told 80% built in mortgage so if anyone has details please let me know, i have requested our solicitor look into the situation!

I think people have completed and have moved in ... I'm on a development very close by (Manilva Heights). A friend has been calling in to see us on his way back from helping out another friend of his who has just moved in to a new apt - from his description it must be the same place - there are not that many new/completed apt's here! I will find out what I can for you.
Re your mortgage - I believe it is quite difficult to obtain them at present - but don't despair - are you able to use any bank? Most developers promised 80% mortgages as that was what the bank was willing to lend at the time - I think that's changed now....
Please excuse my ignorance but I'm not quite sure what you mean by "builders mortgage".
Anyway, I'm no expert, but from what I've learnt from previous threads (I suggest you do a search) (More - where are you?), I'm sure there is lots of info on EOS. If there are unreasonable delays I believe you can pull out and monies should be refunded. . Although this is Spain of course!
I wish you the best of luck - Manilva is a great place to live if you decide to complete....

How are people getting on re completion, walking away etc, i am completing asap as there is a rumour over the developers future so i would be interested to get other peoples thoughts?

HI ALL MY NAME IS DEL

HOW R THING OUT THERE IN SPAIN .I NEED TO GET MORTGAGES CAN SOMEONE ADIVE PLEZ..!

WHEN U GOT PROPERTIES VALUED DID THEY STACK UP TO UR PURCHASE PRICES?