Hallo

Congratulations Penny W.  I recently visited the development and can understand what a massive relief it must be for you.

Just one point of info please - has the LFO already been granted for Medina Golf and on what basis did the insurance company accept the payout?

Kind regards - Mr U

Hi Mr UnHappy

Yes it is a big relief for us, we have certainly learnt a lesson!

We were paid out on the grounds of breach of contract. Clause 9 of our contract said that the property had to be delivered 26 months after the construction began.  The start date of the construction shown in the same Clause was 31 July 2006. At the time of our claim the delay on complettion was approaching 2 years.

Hi Penny

great news and congratulations.

im a fairways buyer and my solicitor has just confirmed the insurance company has agreed to pay out sum claimed. A huge relief!

At the moment i dont think it was conditional on me foregoing claim on 6%interest and costs but will see on that- a double bonus if get this.

however , do you have any idea how the interest if paid is calculated ?- is it based on the principle  sum x 6% or based annually when original moneys paid out from 2006. if latter then obviously a more significant sum.

Anyway like you im just glad to get out of this- if it had gone to court and i had lost my fear was peninsula would be pushing for completion and i could get caught up in costly legal expenses which would have sunk me.

all the best 

Michael

Hi Weemick

We were Fairways buyers and were lucky to have our funds returned to us in July.  Having said we were notified in March that the insurance company had decided to pay out on our claim.  For some reason it took that long for everthing to be finalised.  We did receive the 6% interest which realy went to paying the solicitor and barrister fees.  The extra amount was about 10k but we mainly got back what we put in.

It was a nerve wracking wait but an unbelievable result.  We certainly have learnt a lesson from the whole experience.

Good luck with your claim

Regards

BH

Hi All

I was also a Fairways buyer and claimed on my Bank Guarantee the insurance said they would pay me all my deposit back right away as long as they didnt have to pay any interest or fees other wise I would of had to go to court and possibly waited years so i decided to take there offer(A bird in the hand) .I did make quite a bit though as the exchange rate worked well in my favour as when I bought I got 150euro to the £

Regards

Mercedes

Hello guys

I am in a similar position in that i was a Fairways buyer but was luckly enough to have my deposit (and interest) paid back by the insurance company

The concern i have is that the contract still exists and so the developer could still force completion at some future date. I'm sure this is unlikely, as the insurance company would not have paid out if the contract was not rendered invalid by late delivery.

To those who have managed to claim from the insurers, what is your position? Have you managed to cancel the contract with the developer? Any thoughts would be very welcome

Rgds

Mart

in theory i believe this is possible but i wouldnt lose any sleep over it. What UK court would enforce  a judgement against you when the insurance company  has paid out due to breach of contract. i certainly  wouldnt pay good money to get the developer to cancel the contract. I would have thought in developers interest to cancel the contract in order to sell on.

Others have received deposits back some months ago so would be helpful to hear what has happened with their contracts

Hi All

I am a Fairways buyer who also got my deposit + interest/compensation last year. I was told by my lawyer that Peninsula still intended to go to court to try and force completion, which in the words of my lawyer was "suicide" as they had lost every case they had brought and it would cost them loads to go to court. They failed to deliver by the completion date - end of story.  He was under the impression that this was the final gasp of a soon-to-be bankrupt developer attempting to bully people. Of course it still worries me slightly that the saga isn`t completely finished, but I guess this is to be expected. My recommendation is to keep in touch with your lawyer and save a little of that returned deposit, just in case for any future legal fees 

rgds

Hi All,

Can anyone who has received a refund through a Bank Guarantee on their purchase at Medina Golf  please supply the details of the lawyers that were used .

kind regards

Thanks for the comments strobes/weemick

I'm sure there is nothing to worry about in this case given the late completion. I would also be very surprised if the banks would lend even we did attempt completion. The banks are already under strain, so why would they lend to an unwilling buyer?