| The Comments |
Thanks Cossy, LOS keep telling us we are in breach of contract as we have not completed but as yet we have not received formal notification from the developers that the apartments are finished and that we must now complete so I don't see how we have breached the contract. We always believed that if we could not complete we could cancel the deal and would have half our deposit returned, it seems we misunderstood the contract but from what I have read in this forum we are not the only ones who misunderstood the situation. As if losing all that money is not bad enough LOS keep telling us we now face losing our UK assets. My Mum is beside herself with worry!
I have not seen the apartments but it sounds like they are not of the standard we were expecting. Have you seen them?
Regards, Rebecca
0
Like
Spam post or Abuse? Please let us know
|
Howdy,
The apartment are up to a satisfactory level to complete in my view and i don't think it would be enough of a reason to not complete in regards to get a return of your deposit. You will lose 100% of deposit if you don't eventually complete. I am yet to receive formal notification that the property is complete but as they have the Habitat Licence & their Bank Caja Rural has advise me to complete i guess i have a decision to make. As for coming after any funds that you might have in the UK i find this hard to believe as it should just be your deposit that you lose & nothing else. But im no Lawyer so i cant be 100% sure.
Good Luck Cossy
0
Like
Spam post or Abuse? Please let us know
|
I have received a private message from a member called suziew but can not access it. I have tried activating the private message facility but no joy. Please contact me via the open forum instead. Thanks
0
Like
Spam post or Abuse? Please let us know
|
Peev / Cossy
From speaking to about 6 other buyers i'm in touch with, I'm not aware of anyone going to complete on these properties as firstly, the original purchase price is now about €200k above the current market price ie big negative equity. I asked my lawyer to ask EveMarina for a substantial reduction in price, but its not forthcoming.
I spoke to a friend's friend who was an Estate Agent in Manilva and they recogn that the 2 beds would be lucky to achieve €150k in the current market, if you could find a buyer.
Secondly, as very few other buyers are going to complete, the place will have low occupancy and who's going to pay for the upkeep. The Developer is meant to be responsible for paying the community fees for unsold units, but you can just imagine what thats going to be like in practice. Personally, i'd be loath to complete on a property with maybe only one in 10 apartments ever occupied and the gardens/pool etc not properly maintained.
I rented last year near Los Arqueros in what was a really nice development, but as they only had 50% completion, the developer wasn't contributing to the community fees and the property was quickly becoming run down, gardens overgrown, pool filthy etc.
If you really like the development, why not wait a month or so until the majority of the properties come back on the market, either via the developer or their Bank when/if it forecloses.
0
Like
Spam post or Abuse? Please let us know
|
John. I'm not sure it's as easy as what you say - just dont complete. We are all contractually obliged to complete at the agreed price as long as the developer meets the requirements of the contract. If we dont close I understand that the best case is we will lose 50% or possibly our full deposit. Worst case the Bank could potentially issue court proceedings to force closure and come after assets anywhere in the word to force this. There are varying opinions on whether the properties are ready for handover and certainly issues with appliances, finish, amenities, surroundings etc which can be argued for a reduction in price. I agree no-one wants to complete but it doesn't end there.
0
Like
Spam post or Abuse? Please let us know
|
Yes this is my understanding of the situation also. Though I find it hard to believe that the developers or bank will take us all to court to try and get assets in the UK. They would probably deem keeping our deposits as enough.
Paddy22 are you with Lawyers of Spain? You sound concerned and they have been putting the fear of in to us!!
Has anyone received official notification from the developers that the apartments are ready for delivery and giving a deadline for completion? We have not had this so I am a little confused as to why if the contractual completion date was July 1st 2009 they are not in breach of contract. LOS keep telling me that because the habitation license was granted in April the developer has achieved its contractual obligation but I can not see a place in the contract where is states that the granting of these licenses deems the apartments complete and ready for delivery. Date of Delivery is defined as when we get notification to complete, surely if we have not had this they have missed the date of delivery!!
0
Like
Spam post or Abuse? Please let us know
|
|
|
Decia que:
Hola a todos, mi nombre es Juan Antonio y tambien he comprado un apartamento en el Patio de Dona Julia. Estoy en la misma situacion que todos ustedes y no se que hacer. Ademas ha aparecido una noticia: Evemarina esta en situacion concursal. Pueden verla en foroconcursoacreedores. com. Saludos
Hello everybody, my name is Juan Antonio and I also bought an apartment in the Patio de Don Julia. I'm in the same situation as you all an I don't know to do. In addition, there has been a news on internet that still concerns me more. Furthermore, news has emerged Evemarina is in concursal situation. You can see it in foroconcursoacreedores. com. Regards
This message was last edited by Juan Antonio on 16/09/2009.
This message was last edited by Juan Antonio on 16/09/2009.
0
Like
Spam post or Abuse? Please let us know
|
Dear Juan, I have had a look at the website you mention but unfortunately I do not speak Spanish - does it say the developers are bankrupt? I am sorry you find yourself in the same situation as many others. My mother has probably lost her life savings and our legal representatives (Lawyers of Spain) do not seem to have protected us in any way. We thought we were protected as we had a bank guarantee but we are now told this is of no use because the developers have met their contractual obligations and yet the apartments are not finished so I don't see how they have met their completion date. To be honest my mum has now given up and accepted she has lost her investment as even if the flats were finished she can not secure the mortage to complete because they are not worth the contract price. It is all a terrible mess!! Rebecca
0
Like
Spam post or Abuse? Please let us know
|
News directly translated by Google (I hope you can understand it)
NFD takes control of insolvency proceedings in Evemarina
Tuesday, August 25th, 2009 16:36
Evemarina The real estate company, currently under bankruptcy protection, has been acquired by the Valencian group New Ways and Design (NFD) in a final attempt to save one of the stellar company of real estate boom on the Costa del Sol Sources close the operation have confirmed that Valencian firm chaired by Ángel Olmos plans to reactivate the project Doña Julia, a macro-residential and hotel in Casares who became the star of the promoter Malaga, who came to announce a total investment of 300 million to build three golf courses, two luxury hotels and 7,000 homes.
Evemarina, which closed in late 2007 with Company of Qatar National Hotels to sell 70 million euros for the five-star hotel and 150 rooms that was the main attraction of the first phase of Doña Julia, has just closed a new deal NFD group with Valencia.
When the operation closed in 2007 with Arab investors was seen as the salvation of Evemarina who was then accumulated a liability of 300 million. The institutional fund provided Qatari bank guarantees, but declined the implementation of these guarantees until it is completed. However, the suffocation of the financial market and the collapse in housing activity in a group that already showed symptoms of weakness prevented the complex could proceed. In fact, the construction of the hotel, which was supposed to operate the U.S. chain Hyatt, has been held for almost a year.
Moreover, it has abandoned the maintenance of some of the elements that had been completed, such as miniature golf, golf school and practice street. In addition, several of the promoters who had taken positions in these areas of Casares also have been affected by the economic crisis and real estate. This is the case of group Sanchez, now in bankruptcy protection that has half-finished a promotion in Doña Julia, in addition to the Aifos, also affected by a bankruptcy proceeding.
With the problem of the insolvency proceeding has declared necessary Commercial Court No. 1 of Malaga on Borca 2000, the builder of the group Evemarina, take forward the five-star hotel, which is linked to a golf course built long ago though still endowed with a provisional club, it was essential both for itself and for the whole Evemarina Doña Julia. Only a few months ago at a meeting in Paris attempted to renegotiate with the Qatari, but without success. At this point the onset of NFD group was providential. This company, based in Riba Roja del Turia (Valencia), has been presented in Andalusia as an expert in rescuing firms in difficulty, after earlier this summer was done with 60% of the construction and Seville Azagra pledged to implement all the projects that were pending.
The Valencia group has also emerged in recent months to public stage after unveiling that has significant ongoing business in Libya, where he notes that promotes seven projects comprising 4,000 homes, several hotels, commercial spaces and even a mosque, belonging to the Libyan Government's strategy of promoting tourism.
The group is Evemarina alongside Aifos, one of the most prodigious local stars of the housing boom that has lived Malaga during the last decade. The group, led by Borja Ramos, was forged on the foundation of architectural Ramos & Ramos created more than 45 years ago by the father of the saga. The first problems appeared in 2007, coinciding with the first symptoms of the crisis of the brick. That year he left the group investors of Indian origin Madrid Kishinchand Shadapuri. This Financial had held 50% equity, while the other half was held by the Ramos family.
This newspaper has tried unsuccessfully to obtain the official version of both Evemarina, which has moved its offices to Puerto Banus, and the NFD group on this transaction This message was last edited by Juan Antonio on 16/09/2009.
0
Like
Spam post or Abuse? Please let us know
|
I don't know why but I can see all your messages in Spanish.
Do you know if is there any Spanish lawyer working in this issue?
Juan Antonio This message was last edited by Juan Antonio on 16/09/2009.
0
Like
Spam post or Abuse? Please let us know
|
Thank you for this Juan, it is very interesting. I do not fully understand the implications but I will be forwarding it to our lawyer in Spain who has continually told me that the developer is not in financial difficulty and yet it seems they have been for a couple of years. We are with a compay called Lawyers of Spain, may I ask who your legal representatives are and what teir opinion on all this is?
Rebecca
0
Like
Spam post or Abuse? Please let us know
|
Hi,
Anyone making any progress with El Patio?
Anyone completed?
Anyone negotiated with the developer?
We're still trying to get our money back - just throwing more money at the situation really :-( Hope someone can cheer me up.
Regards
Sue
0
Like
Spam post or Abuse? Please let us know
|
Hi - all is quiet. No progress whatsoever. The longer it goes on the stronger our case is I would suggest. What steps are you taking to recover your deposit? The Bank Guarantee is now void because the License was granted.
0
Like
Spam post or Abuse? Please let us know
|
We've given up to be honest. We never hear from the Lawyers of Spain unless we email them and they are usually quite rude when they do respond to us. I wish I could be more positive but I can't see us ever getting a penny of our deposit back.
0
Like
Spam post or Abuse? Please let us know
|
LoS told me today that the Bank and Developer are in discussions and the Bank is trying to buy out the development. If they do I think we can negotiate a more reasonable price for the apartments - they will have to accept that they are not what was promised and they have delayed unreasonably - they will also not want to lose all the buyers.
0
Like
Spam post or Abuse? Please let us know
|
Hi,
We changed from LOS to Maria from this site due to LOS rudeness and general lack of interest in us and our problems.
Maria has just entered our case with the courts - I believe this could take months :-( and of course there's no guarantee we'll win but at least we can say we tried.
When you say the bank is trying to buy the development, Evemarina went bankrupt and was taken over. So is the bank trying to buy it off the new developer?
Unbelievable that we're still in this situation nearly two years after the completion date.
Regards
Sue
0
Like
Spam post or Abuse? Please let us know
|
I was out in Spain at the weekend and called passed El Patio. Was expecting it to be run down and neglected but was opposite.
Gardens are all well landscaped and tidely maintained, grass being sprinklered etc. The pool was full of clean looking water, external lights on, satelitte and tv aerials erected, the video gate system working and the communal area and underground carpark lighting all working and on. Most of the front doors had been recently re-painted and I got the impression some of the apartments might be occupied.
The other developments nearby to El Patio on the loop, some are finished and appear to either be or ready for occupation.Others such as the Sanchez site are abandoned and derelict with rats and feral cats evident about the place. The EM Marina site appears to have been abandoned and no work done on it for months/year or so. The hotel is still a long way from completion although some work appears to have been taking place.
Have heard nothing further from LoS other than Caja Rural might be buying the development from EM who have also paid off the debt they owed to CR. Saw other front line golf apartments similar to El Patio for sale c€140k, so market is continuing to fall.
Anybody any other news or update - any progress in pursuing claims with Maria?
0
Like
Spam post or Abuse? Please let us know
|
Hello Everyone, we have just received a long email from LOS a lot of which I do not understand but the gist seems to be that the developers are now in receivership and that the appointed receivers will now insist we complete and if we do not they will come for our other assets. We are petrified as we could lose everything we have which isn't much.
I believe many of you are in the same situation as us i.e. as the property is not worth the contract price we can not get a mortgage to comeplete.
Apparently we need to take some information to the court in Spain by Dec 17th which I just don't think is possible. Of course for a price LOS of Spain will organise this for us but it's money we don't really have and I have no faith in LOS so am reluctant to hand over more money to them.
I'd really appreciate hearing from others to see if you have received the same communication and how you intent to proceed.
Many thanks
0
Like
Spam post or Abuse? Please let us know
|