el aljarafe residential

I had a meeting at the site office yesterday (6th June) with Nuria, the head spokeswoman for the site, she informed me that new builders will be on site this month, phase 4 would not be ready until Christmas, and none of the blocks would be released until the whole phase is complete i.e. Christmas, so the early blocks (1, 2 & 3) even though finished would not be handed over until then.

 

If anyone wants to talk more about this e-mail me on alistair.mckeag@talk21.com

 

Alistair

Hi Alister

Do you believe a word of that  they say.Nothing ever seems to written down as official.By now so many people have had so many different replies it is hard to believe anything.

All they seem to have done well is string everyone along,and held on to the deposits while they sort out this mess in there own time.

Something else i was told makes me think there is some truth to it, I cannot say anything yet as I am waiting for it in writing, however they have been in touch with my solicitor today re our meeting. My solicitor says what we discussed in our meeting is being put down in writing, so as soon as i have this i will have more news. But it does indicate we are moving in the right direction.

 

Alistair

my solictor called me today to advise that the developer (whatever they call themselves) have advised that they are at LEAST 2-3 mths away from completing on phase 4 (block 3) and every likelihood of being longer maybe nearer the end of the year.

Apparantly because of the change of ownership all contracts for the electricity , gas etc have to be renegotiated and as with everything in Spain this takes FOREVER.  There was no mention of any timeframe to make my decision. I told her that I was coming over on the 21st and she certainly didnt tell me that would be past any 14 day deadline!

My Lawyer says that I have the following options  (1) to swap to another apartment that is already completed (however, she is not sure what options there are and whether it would cost anymore) or (2) to get my deposit back plus interest. She reckons that this will be only between 2.5-3%. I must say i am interested to see from previous emails that someone got theirs back plus 6%, especially as they are dealing with the same solicitors (lawyers of Spain). Please do let me know the solicitor that handled your case cos I would like to get the same back.

Has anyone decided to wait it out? or have most decided to cut and run?

If thats the case, that the aprtments on phase 4 are not going to readt till december, then I am willing to wait it out.  Hopefully during that time the rest of the phases will have made a good start, also the club house will be complete. I dont think that I want to move to another phase as I am impressed with phase 4 as it has the largest golf course, with water features.  I will just move my "renters" to my friends apartment on phase 3, for August, Sept, and Oct.  I think that 6 months sounds about right to get everything up and running ans I have now resigned my self to this.

after reading the last  few days posts   it seems that not only we are being told  diffrent but our solicitors as well

our solicitor phoned us on wed 6 june  and said he had been informed that the signing was very near

we took this as good news as this was the first time he had contacted us by phone he only ever e-mail replys  and had not been in touch with us for months as there was nothing he could tell 

 so this call was out of the blue and not a responce from something we had asked him he also said that the signing was with the bank  and not the developers he was waiting for the paper work from codoba office

i had spoken to carlo  on the helpline     the   week before and he told me things would start moving in two weeks so this seems to tie in with the solicitor  so i will give it untill 21 june  to see what happens before  callback our solicitor

Hi Babe

 

Give a telephone call I might have some information that might interest you.  07718903366

 

Regards

 

Alistair

This message was last edited by alistair on 6/9/2007.

It seems to us as if all purchasers are being given different information. Our lawyer ,introduced to us by MRI, said she was told by developer no one has got deposit back. Our bank guarantee is with Cajamar and we are seeking a refund with interest (hopefully without the necessity of having to deal with any court proceedings or more powers of attorney.) It is obvious from this site and forum that some people have got already got refund of deposit and interest without any complications. It would probably help everyone if as refunds are being given, note to be put on this site giving details of how refund was claimed (ie thro bank guarantee or claim against the developer )plus ? % interest and whether legal costs are being taken by lawyer for cancellation fee and identify lawyers who are doing best for purchasers.

My first post. I believe a lot of people will cancel if they can. This will allow them to either choose a better location if possible or wait until the development is conplete to fully understand what they are purchasing. Due to the downturn in the Spanish market I dont think the prices will increase until all units are sold.

Having researched many investments over the last few years and also knowing the Benalmadena area very well I believe Arenal Golf will be a very good investment in the long term. The days of flipping and making a quick profit in Spain have gone.

I plan to cancel and get back in with a better located apartment once the develop has matured with club house, pools open etc.

Good luck to you all

hi pwood8

we are cancelling too or at least trying to cancel. Have u run into any difficulties with the cancellation proceedure? Are u cancelling under the bank guarantee or cancelling under the contract with the developer. Would really like to hear how u are progressing.

I am in the early stages of cancellation as apparently by not cancelling within 2 weeks of the original due date the developers by default  now have until August to complete. As August is not possible I will follow the process of cancellation in line with the August deadline.

The frustrating part is I have received no communication for 2 years the solicitor I have was recommended by Arenal at a property show therefore I have a feeling they are not acting in my best interests.

pwood8

Below is an article written on Eye of Spain about bank guarantees.I would send it to your solicitor and ask him/her to clarify in writing if this is correct .As I see no mention of giving 8 months grace.People on this forum also keep saying if the building is finished like blocks 1/2 and 3 on phase four are supposed to be they can not claim back there deposit. as they are finished but waiting for a habitation licence

Article 2a) below says  That the developer will give back to the buyer all the advanced amounts plus the 6%, in circumstances where the construction fails to start or end within the agreed deadline, or the certificate of habitation is not granted.

Bank Guarantees for Spanish Off Plan Developments Know Your Rights! The Aval Bancario (Bank Guarantee) or Insurance Contract were both established by a 1968 Law to protect buyers in off plan developments. Article. 1. - The developer must guarantee the return of the deposited amounts plus 6% of annual interest, through an insurance contract or by bank guarantee, in circumstances where the construction doesn’t start or doesn’t finish in the agreed time. They also need to open a special bank account for your amounts (different from the general one of the developer) and have it expressly written in the contract. Article. 2. - In those contracts where the parties agree on anticipated amounts the developer must expressly state: a) That the developer will give back to the buyer all the advanced amounts plus the 6%, in circumstances where the construction fails to start or end within the agreed deadline, or the certificate of habitation is not granted. b) Reference to the bank guarantee or insurance contract, this must indicate the name of the Bank or the Insurance Company. c) Specification of the Bank or financial institution and the account number where the buyer’s money is deposited. At the signing of the contract, the developer will give the buyer the document that contains the guarantee (the Aval or the Insurance Contract) and the document must have a reference to the amount that is anticipated. Article 3. – If the deadlines for starting or finishing the development are not met, the buyer can choose between cancelling the contract with the return of advanced amounts plus 6% annual rate, or to concede a time extension, which will be stated in an additional clause in the contract, specifying the new deadline with the date for finishing the construction and completion. The insurance contract or the bank guarantee together with the document that fully proves that the work has not been started or that the completion deadline has not been met nor complied with, will have executive power as it is stated in the Title XV of Book II of Civil Procedure Law, to demand from the insurance company or the bank, the amounts that the buyer is entitled to, without prejudice of any other given rights also applicable.

We have told the lawyer to cancel under the guarantee . She has not mentioned anything to us about August. We specifically told her in about January we would not agree to extend the deadline til August. As far as we know you can cancel anytime under the guarantee ie no need to wait til August. You wont get the penalty interest referred to in the contract that you get against the developer but you do get bank interest of about 4 % and at least you get ur money back to start looking again if you are brave enough to look again!

However the lawyer says she may need power of attorney to claim under the guarantee. If the bank refuse to pay up she says then nec to start proceedings and for that she is looking for legal fees up front. So it seems a person is caught one way or the other. What a nightmare.

Would like to find out if the bank who gave our guarantee have paid up yet to anyone else without a load of fuss. Our bank is Cajamar

Heard from solicitor yesterday. Finishing phase 3 first which has a lot of electrical problems. Will not give completion dates for Phase 4 blocks 123 and the same for 45 and 11. But the good news is workers back on site Monday.

This message was last edited by linnie on 7/2/2007.

Have just uploaded a couple of photos. There was no difference to when I took photos in February so didn't bother with any more but these may be of interest.

1.  Sign about new construction of Paddle Tennis courts etc.

2. Road now named bewteen Phase 3 and Phase 4 by Blocks 11,10,9 and 8 up to roundabout

3 and 4.  Its Feria week in Arroyo- the atmosphere was buzzing, really great. Advise anyone to at least go once to the Feria, it is always from 24th -29th June with 23rd being Eve of San Juan with wonderful fireworks,music and bonfires on the beach.

I got a phone call to-day from MRI to say workers back on site from next week no dates yet for any blocks in phase 4 but they should have an update on the completion dates for phase 4 shortly.This ties in with what Linda heard from the site office and what Pink heard from her solicitor.So hopefully the end will be in sight shortly.

Dave.

 

     

This message was last edited by babe on 6/28/2007.

The gym/paddle courts Linda is talking about is additional to Arenal Golf's own private gym and courts etc.The public gym etc is being built at the waste ground close to the private hospital.I would view this new facility as useful to all residents of Arenal Golf but we will have our own private gym/paddle courts club house etc.

Cheers,

Dave.

NEUTRAL

thank you for clearing this for me