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Delilah,
Four weeks ago, I instructed Elena to cancel my investment and reclaim my deposit. On Thursday last week she wrote to me, after I sent an e-mail for an update, informing me that she expected to hear within days of the Developers views on the claim. I have had no update since. When I hear I will post hear for you to read.
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Matt Davidson
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We instructed Elena on the 28th May to cancel and claim refund under bank guarantee. I understood from her that she expected to hear from bank on 21st or 22nd June. As at close of business 22nd June, I had heard nothing else from her,
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we purchased on phase 3 through MRI and have this week been successful in getting a refund of all monies paid to date from the developer.We purchased with the intention to sell before completion.Our lawyer was also elena.
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Lucky you.!!
Do you mind saying if the refund was under the bank guarantee or directly from the developer. Did you receive bank legal interest or the penal ratre under the contract. Did you have to sign a power of attorney for Elena to cancel and get the refund for you. Was there a long delay in the actual refund being transferred directly to you.
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We have just heard from Elena that our refund has also been secured. However it does not at the moment include any interest payment, this is to be paid later.
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Matt Davidson
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After reading all about developers in spain the addvice was if you can wait it out dont cancel as this is what they want they have all the intrest from your deposit and can then resell the property at todays price makeing a very good profit on the original building cost so we are going to wait but still sue them for the delay due to breach of contract
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Best of luck.
But are you sure you are entitled to compensation for the delay?
Also I have been informed the Spanish legal system can break a persons heart and spirit!
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I think that the extent of what one can get is the refund of advance payments plus interest simply because you just can't have the cake and eat it too (can't keep the flat with rising value and ask for damages). I think the decision to wait is a wise one. The market seems to be going up and once this project is fully complete, it'll be a nice piece of property. My guts feeling tell me that Casajur as typical bankers are slow because they want to get it right. There seems to be high political visibility (due to the Mabella scandals) and bureaucracy, which seems to create a drag effect on the project. Once their headquarter in Qordoba releases the baby to the construction team and the local sales force, I think that this project can only go upward (they've sank as low as they could). So I would hang on for little while..
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Im very much of the view as nodrigoule. I think once things have settled and the complex is established, Arenal Golf will be a good investment. Realistically it will take a long period for Sur to take into account where the whole project is up to as well as dealing with complaints etc and I feel they have a hard task ahead of them. I feel one thing is for sure, they will try to get it right, which will benefit us in the long run. For those that are wavering at the last hurdle, try and stay with it.
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I gave notice that I wanted a refund in January and although I have been told that I will get my money back I have had nothing so far. I'm wondering whether they are trying to drag it on until development is finished and then try and force my hand to buy. Does anyone know if work had started again on Block 4 and if so when it will be ready for hand over. This awful weather in UK makes its a much more attractive proposition.
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I was told recently by a reliable contact that it will probably be 2008 before Phase 4 is completed and released. As far as I know there is no one working on the site and no construction company has yet been appointed to complete. I gather the arrangements with Gerens ran in to trouble.
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I was told today by our solicitor the new builders Sacyr will be on site the end of july and after a couple of weeks work they'll be able to confirm completion dates on phase 4.So at least the builders are now signed up so some progress.I agree with the previous posters that Arenal Golf is worth the wait but it'll take a couple o f years before all the construction is finished and the whole development has matured.We too are block 7 ground floor
Cheers,
Dave
This message was last edited by neutral on 7/16/2007.
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JUST HAD THIS E-MAIL FROM OUR SPANISH SOLICITOR IN REPLY TO ONE I SENT HIM ON 5/7/07 ASKING ABOUT COMPLETION SIGNING WE ARE IN BLOCK 2 PHASE 4
SPOKEN TO ARENAL TODAY AND PROBABLY THEY START THE SIGNATURES NEXT WEEK
This message was last edited by babe on 7/18/2007.
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Still haven't got my refund after nearly 8 months. Has anyone had to go to court to get money and if so how much does it cost. Am I likely to get back all my costs?
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We pulled out from phase 4 in july and we got a refund at the begining of October. We have bought in phase 1. I think it will be some time before phase 4 is completed.
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