mortgage underwriting

firstly, I'd like to congratulate all of you who are about to take ownership of yr new property, we decided we could wait no longer as ours is planned for release in may. If there are others who have also pulled out can you let us know how long it took to have your deposit returned, we are concerned it has been a month and no word from our solicitor and I recall someone previously saying they had requested the deposit return prior to the flo being granted but it took so long that the flo was granted and as such they could no longer pull out. I would be grateful if anyone else who has successfully cancelled could advise how long it took to get their money back. For those of you who have decided to continue, I wish you well, they're lovely apartments and I'm sure you'll all be pleased with them If any of you decide to rent them out, please send a personal message as we'd love to have the opportunity to stay there sometime, Sean text messages to 07971 038389

we pulled out early in 2007 but did not get our deposits back until November.  As long as your solicitor has cancelled prior to the habitation certificate being issued you are fine even if it has since been issued.  Your solicitor will write to the developer.  In our case they did not reply (we were told that this was usual!)  Hence the solicitor had to wait one month and show evidence from the postal service that the cancellation notice had been isued.  Then he could request the return of the deposit from the insurance company.  The insurance company then said that they were busy and did not deal with it for another two months.  Eventually the insurance company went to see the developer and the developer agreed to the return of the deposit from the insurance company.  The insurance company insisted on sending the cheque back to the UK which wasted even more time.  They would not pay it to the solicitor or transfer the money directly into our spanish bank account.

You can see from the above that delays occur at all stages of the process.  Make sure that your solicitor has power of attorney to cancel - ours did not and this wasted even  more time.  Chase your solicitor regularly and keep all emails and correspondance.  We are glad to be out of this mess - it has left a very bad taste!

When we finally get our apartment (in the next week or so), we shall be letting it out.  I guess it could be good for anyone who is still waiting to get a feel for the place.

Hi to both of you and thanks for yr replied. Luckily we to have power of attorney with the solicitor so this should alleviate one obstacle. I'm surprised it took so long to return the deposit and doesn't help us secure another property we're looking at, as the developer wants their deposit. At least it does set our expectation so we are grateful for your info. Pdrich thanks for yr message about possible rental, if you could PM us details when yr ready it would be fab, Thanks again both for replying Sean

Hi all

We are having a nightmare with this. Our solicitor sent a letter to cancel our agreement and request our deposit back for the unit in phase 2.

I then had a date of the 7th November when i would get my deposit back, and still no money and on it goes.

Getting very nervous now, does anybody have any further evidence that the developer is paying up and how they have managed to do it.

Cheers

Lee

 

 

We cancelled our contract  beginning of August, went to spain to visit site and decided to cancel.  The bank draft arrived beginning of October and took 9 weeks to clear.  You have to make sure you have signed all the documents, this cannot all be done by power of attorney.  Your sols should send a cancellation document.  it is all a bit hit and miss.  We were also told that if we did not have confirmation of our cancellation before the licence was obtained we would have to complete. 

 

good luck!

Hi Elaine

Thanks for this, our solicitor did say we'd get it back at the start of March, which concurs with your findings.

I will check with my partner to see if the cancellation form has been completed & hope we get our money back in March.  Our solicitor had said she's cancelled 28 contracts up to December & had been successful, so here's hoping all goes well with this, as we've found somewhere else.

its such a pity as i think the apartments are such good value but we have got a little fed up waiting, as well as concerned about price pressures on the mainland.

Thanks again

Sean

Hi Elaine

Thanks for this, our solicitor did say we'd get it back at the start of March, which concurs with your findings.

I will check with my partner to see if the cancellation form has been completed & hope we get our money back in March.  Our solicitor had said she's cancelled 28 contracts up to December & had been successful, so here's hoping all goes well with this, as we've found somewhere else.

its such a pity as i think the apartments are such good value but we have got a little fed up waiting, as well as concerned about price pressures on the mainland.

Thanks again

Sean

Hi Elaine

Thanks for this, our solicitor did say we'd get it back at the start of March, which concurs with your findings.

I will check with my partner to see if the cancellation form has been completed & hope we get our money back in March.  Our solicitor had said she's cancelled 28 contracts up to December & had been successful, so here's hoping all goes well with this, as we've found somewhere else.

its such a pity as i think the apartments are such good value but we have got a little fed up waiting, as well as concerned about price pressures on the mainland.

Thanks again

Sean

Hi,

I,m still trying to decide whether to pull out or not. My solicitor said they will charge me 2,500euro to get my deposit back. Is this normal? If not can some one recommend a solicitor, as mine has beeen very dissapointing from day one.

Jayne

 

Mine has been ok..be suprised if yo can pull out though...mine is Sergio Perez Conjeo at Anderson Abogados in MArbella

We got all our deposit back plus 6%.  Not sure if this is still the deal.  I would think your solicitor is charging the 2500.  It is all so frustrating, felt to us at the time that sols, developers and anyone and everyone could set whatever rules they liked and we had to follow them.

Hi We're using ELS legal, based in fuengirola, easy to find if you google, I'll send pm just in case of censorship on this site. Our solicitor, Patricia, has been great and no mention of €2500 charge, she seems to have cancelled loads so probably knows how to communicate succesfully with developer. We are able to pull out as the FLO hasn't been granted on our block and is estimated as May, which probably means September! Also €2500 may be cheap to pull out given pressure on prices. Good luck

We used ELS and Patracia was our solicitor.  Very good.  Far better than other sols mentioned on this site.  But you do have to keep on top of the project, otherwise you will go to the bottom of the pile.

Thank you all for your replies.

I will follow up your info today. I am going out in 3 weeks to make my final decision and hopefully get things sorted.

Jayne