UK Company

Hi Everyone

We have purchased through Instant Access  on this development and according to them flat will now be ready March 2008. We are interested in finding out as much as possible regarding this area so any comments would be very welcome, we also hope to mvisist later in the year. Hope to hear from you soon!

 

Cheers

Maggie&Martin

 

 

Hi Maggie

 

the last we heard from Instant Access was that completion was due in March 08 (same as yourself) , howver we contacted another developer and asked when completion was due and they advised June 08 (but cant confirm if the was the same block as Instant Access).

If the builder delays further than March then they are more than 6 months behind schedule which i understand allows for you to back out of the contract without penalty according to Instant Access, probably eaier said than done!.

Cheers

Peter and Barbara

Hi everyone,

I have visited the site, the show flat is very nice but the amount of development in the surrounding area is staggering. How IAP think we will get any decent rental income is beyond me. There are thousands of buy to let holiday properties in this area. They can't all rent out frequently, in fact I would say that only a small percentage will be rented out frequently. I think this development is definitely one for the longer term investor. We know a girl who owns a property very close to this development and she struggles to get 10 weeks rent per year!

The amount of property for sale is also staggering in this area. New and older properties are not moving until the prices are dropped to a level that means minimal profit.

Remember as well, there are several phases to this development, the IAP block is one block of many. My information is that the various phases of this development will continue through to 2011. So, a building site until then. Who is going to holiday in a building site whilst the other blocks are built?

Food for thought, I have invested, so in for the long term. There is no bail out now available to investors. IAP will not help one bit if you did try to bail out.

Just had word back from our solicitor in Spain - (Plus Advisors) in Torrevieja. They stated today, 4th July 2007 that they are not aware of any progress on the construction of the property. So March 2008 is looking very, very unlikely.
They also state that under Spanish law a 6 month extension to the original completion date is normal as this could account for normal delays etc. After this 6 month period the purchaser can claim a refund of payments with a good chance of success.
So, if any of you are wondering about "bailing out" you will have to wait until March/April 2008 when the 6 month over run is over. Then you can pursue through your solicitor.

Have a nice day y'all.

To Craigc and Craigj

Many thanks for information on this development we aqppreciate your information. We do remain sceptical about IAP's projections very optimistic as usual but given the situation....... Think we will see what March 08 brings and decide what to do then. We did hope to get over to visit and see what was happening but you have given us a good idea of what it is like so will just hang fire just now. Thnaks once again

 

Maggie & Martin

Any projection regarding completion dates comes from the developer. The agent you have purchased from just passes this information to you. They do not have any control over the construction programme. Don't shoot the messenger!