wanted

Hi

Can anyone advise?

The revised completion date, February 2008, is too late for me. I need to be resident this summer, I have found an alternative property and want to get on with it.

The contract states that I am entitled to my deposit back plus the legal intrest.

My Spanish solicitor say the developer will return my deposit without interest in one month.

He says the repayment will be made by bankers draft to his cleint account. I am concenred that will cause further delay and costs.  I do not see why the bankers draft should not be paid direct to me. Any views?   

No mention is made of the Bank Guarantee which must be claimed by August 12th.

He says that if I wish for the interst due then I will have to sue the develper. That seems to be defending the indefensible. Does anyone know how long that may take?

To sue, the solicitor requires an advaance payment of E6,000. Is that reasonable?

In British law the looser pays the winner's legal costs. Is that the case in Spanish law?  

Pam  

6,000 euro sounds very much like a rip off by your solicitor,I thought you could claim your deposit back and then claim the legal interest after that.By the way the completion date for block 8 is now february 08 in a different post Chen got this from her solicitor

.- PHASE IV

Pamspain, your case begs the question of whether or not the Bank Guarantee you are provided (Avales) covers not only the deposit but also the interest and whether to enforce the Avales you need to first sue the developper before you can trigger your lawsuit against the bank. These are questions that you lawyer should be able to clarify for you. If Spanish law requires you to first sue the developer and prevail under Spanish law before you can trigger an action for the advance and interest against the bank, that could take a long time. You might want to see if you can find another solicitor who would agree reasonable fees and accept a lower deposit and maybe only get paid when you prevail.

If anyone has any insight on how the guarantee (Avales) works (whether you need to first sue the developper before you can sue the bank) and whether or not it covers the deposit plus interest, it would be much appreciated.

It is unfortunate that the project owners are so short sighted and not proactive in returning deposits and interest, as if these talks about lawsuits and litigation fleurish on the web, it will do more damage to the project and potential future sale than simply paying the deposit plus legal interest to the few investors who want out or can't afford to wait.

We are in Phase 4 Block 3. We were getting no joy from Lawyers of Spain who seemed to be acting more in the interest of the Agents so we found another Lawyer through the internet and he has taken the case.

We have paid him 2750 euros and he has already lodged a claim with the court. He thinks we should get all costs back as well as our deposit but it could take up to 7 months.

Albarb