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Have any of the purchasers of Los Balcones del Valle purchased any other properties through Instant Access and if so were they completed in time. We have neard nothing at all about the development which was originally due for completion in October 2007. I thought they existed to avoid situations like these. I have grave doubts about being able to either sell or rent the properties.
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Hi All,
Latest we got from Instant Access is that it will be complete in Jun08 - past the 6 month over run allowed by the builder - so we are taking up the option to claim our deposit back. We bought other properties in Glasgow - a bit behind schedule but it is rented out and fine - also have some in Florida but they were long term build schedules anyway 2009-2010....
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I think you will find that according to Spanish law; (you are buying in Spain remember), that you cannot make any claims for late completion; until 6 months AFTER the original completion date on your contract has passed. Best check that one with your Lawyer.
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Hi Lauren
Thats right - we cannot make the claim unitl March 30th ! thanks for the response - whats your thoughts on the viability of the properties for renting out etc?
Cheers Peter and Barbara
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I think the chances of renting are very slight . We visited the area last year and it is not very nice. We have just been advised that the completion date is now June 2008. We are hoping we will be able to revoke our bank guarantee. All the reasons for buying through IAP are non existent. I feel we have been taken for a ride. I think the chairman is getting rich on our investments.
What a rip off
G.Hodgson
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Has anyone had any experience of puling out of a purchase due to completion delays or knows what the likely chances of success will be as we are totally disallusioned with our purchase and would love to get our deposit refunded so we can actually earn some money from our "investment".
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Haven't tried before - but certainly will on March 30th next year - not sure how many others want to recover their deposits - but might be worth doing it through the same lawyer??? Doubt it will be plain sailing getting the money back - but rather take the chance than running with the appartment over the long term...
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Thanks for your reply. A group effort may carry more clout. We will definately be looking to pull out - I really don't want to pay any more at competion for furnishing and mortgage costs based on the non existant rental potential.
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I think gwincy is right in that we have been taken for a ride (I also purchased through IAP) it would appear that once they have your deposit not much else matters. It may also be a point that we could form a represented quorum, it would be nice to hear from others if they would be interested, so we could be ready for March 30th 2008 en bloc.
Croc
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We may well be interested in the "group effort" - I have visited the area and have previously posted my views on this site that rental opportunities outwith close friends and family will be very limited in this development. The whole area is flooded with similar properties.
Any group effort that may start to materialise, keep us posted.
We have purchased through Instant Access a flat in Scotland and it went very well, completed on time and we now have our second tenant. I do think however that their rental projections in this part of Spain are highly unrealistic and that this should have been more factually explained to potential purchasers.
regards, cc.
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We are also keen to get out of this and get our deposit back if possible. I think we could have doubled our investment in the 18 months this developer has had it. We will join any group action that takes place. Our contract said completion September 2007. Let me know if you need any assistance getting this started.
Best regards
Deborah
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The end of March is fast approaching. Does anyone have any idea of how to get this lawsuit going? Should we contact a UK solicitor first? Anyone know a solicitor they can make initial enquiries to?
Regards
Deb
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My guess is we will have to find another spanish solicitor other than the one recommended by instant access as I would expect them to block any chance of a refund. I have seen a few recommended on this forum who have helped out other purchasers in similar cirumstances. I will see if I can find their contact details.
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Hi All.
We are having similar worries with this situation and would be interested in getting involved in a group claim to retrieve monies.
Has anyone tried an approach through IAP to investigate or negotiate out of the contracts prior to the 30th March?
Where would we meet to discuss this further, as I feel we need to do a face to face in the presence of the appointed solicitor?
Obviously as we are scattered up & down the country it would be sensible to be in the Manchester / Birmingham region. We are in Scotland.
Regards Maggie
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John - Look forward to what the solicitor says -
Maggie - We have previously contacted IAPS in Spain regarding claiming back the deposits, but they advise that the contract is between the individual investor and the builder and nothing to do with IAPS.... no surpise there !
Cheers
Peter and Barbara
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I have received a reply from the solicitor, if anyone would like information regarding their reply please send me a private message as I do not want anyone at IAP to preempt anything we do.
John.
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I have been following this issue for some time and have also spoken to another member of this site.
I have just joined this message board and and would be keen to join any group effort to gain release from contracts due to late completion of the development
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