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12 Oct 2006 12:00 AM by loobyloo Star rating. 4 forum posts Send private message

Hi everyone.

I have just discovered this messageboard! Until now we have been completely in the dark. We bought on 1st floor Khios in Spring 2003. Our agent, Golden Coast have vanished! We tracked down our original contact who has had it on the market since Christmas through his own agency but with no interest. Now we hear it has a license and I have contacted a letting agent about rental. He says it will not let for holidays for a long time due to ongoing works so recommends long-term rental. He feels we should keep it for 5 years before realistically trying to sell.We will need to cover a mortgage from the income. Does anyone have a view on this.

Also, our lawyer has many investors trying to back out through the guarantee or for breach of contact. They will add us to a class action (where a number of their clients jointly sue) but we need to pay at least 5,000euros up front.

I half feel we should keep it. It looks good from the photos and I think it will be a great long term investment. But it seems like we could get out too. I have read all the past messages with interest and see that there are mixed views. What do others feel. We have never done anything like this before.

What happened to the debate about whether the whole phase should be completed before we should be required to complete? They seemed to have got the license anyway.

Can I say it is great to find some real people out there who aregoing through the same as us!!



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12 Oct 2006 6:55 PM by dronk Star rating in Coto Real Duquesa, C.... 30 forum posts Send private message

My solicitor in spain has told me there is no chance of compensation. In my contract it says the developer has up to 4 months after the completion date to have the property ready for living. Khios was supposed to be ready last December.

 The solicitor say some times the delays are due to force majeure or Act of God (lack or delays in delivering materials, strikes, external factors such as amendments demanded by the local authorities to the original architect's plans, etc...) in which cases, you are not entitled to claim interests for delays. Furthermore, the courts tend to allow a period of grace on delivery dates when a contract is entered into off plan and has a duration of at least a year before completion.

On the other hand, they have made very clear that should you cancel the contract, you will be reimbursed 50% of the funds paid.

It seems to me the contract is useless.

If people want to get together i am willing to get involved but we would need to speak from strength.

My estate agent is Ocean esteates and they say they cant do anything.

It would be interesting to see who used Ocean estates and who used some other agent and what that agent was called. Also who are the solicitiors involved. We are using Medio y Heredia (Legalex Group Are anyone else with the same solicitors?

Please let me know all your thoughts

 

from Dronk



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13 Oct 2006 10:59 AM by loobyloo Star rating. 4 forum posts Send private message

Dronk, thanks for your reply.

Our lawyers are Martinez-Echevarria and they seem to be confident of claiming 100% plus interest. This may be hot air! As I said our agents Golden Coast have vanished so we are on our own. You sound like you want to back out. Do you feel this is the way to go? Iam undecided. I still think it looks a great long-term investment once it is all bedded in. But it is really interesting listening to all your views.

Louise



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13 Oct 2006 10:07 PM by Jerry Star rating. 74 forum posts Send private message

Force Majeure means events like war or civil strife or natural disaster. Issues like materials delivery or strikes are not Force Majeure. I agree the properties look really well finished and should have good long term value from my recent visit. However it is a building site and will be for a year or two. It looks like they will get licenses on a phased basis so people will have to complete. On cancellation, people have to decide with their legals whether to try to get out or not.


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25 Oct 2006 10:31 AM by sarahazama Star rating. 11 forum posts Send private message

Hi Everyone,

I have also bought in Samos, and I have been trying hard to get out as its taken too long and costing too much, my lawyer already send a burofax in sept06 and the developer refunsed my claim, so am waitig for my lawyer to get back to me in  regards to the next and appropriate action......... I would be grateful if anyone is pursing to get their money back could let me know what way to going by...

I purchased thru Ocean estate, who are not so very helpful, they have been promoting the property for re-sale since 2004 with no joy..........

 

Please let me know you thoughts



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08 Nov 2006 11:54 AM by loobyloo Star rating. 4 forum posts Send private message

Hi Sarah,

We have issued procedings through our Spanish lawyers,Martinez Echiveria. My husband is a litigation lawyer in the UK and has discussed the grounds we are using, ie breach of contract, failure to complete the works within specified timeframes. Whether it will work, who knows! But my advice from letting agents in the area is that it will not be suitable for holiday lets for some time and the rental from long-term letting will not cover our costs. The problem with litigation is, of course, you must pay part of the fees upfront so there is a rsk. But for us this will be less costly than proceeding under these cicumstances.

If we can help at all get in touch.

Louise



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08 Nov 2006 1:36 PM by sarahazama Star rating. 11 forum posts Send private message

Hi Louise,

thanks for you reply, my lawyer has put another claim to the developer on the basis of failing to complete work on time, but she cna not assure me what the outcome will be, but I believe we have a strong case as the developer has breached this part of the contract, I will keep you posted of the progress

cheers

sarah



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