Ryanair..Have you booked a flight?

I have recently put a deposit down on  a property in this development. However I have heard that the developer has not recieved the building license as yet. Is there anyone in the same position and can they tell me  anymore information. 

I also bought at Peublo la Sal in August 07 and was told it would be completed Dec08; however due to the licensing issues there has been no work. I have now been informed by my agent that all the issues have been resolved and work is starting at the end of May. Completetion Feb 09? Have you heard anything different?

I also put a deposit down on this development in March 07 having been told all the paperwork was in order. It is now July 2008 and the builder has had my deposit for 18 mnths (earning interest no doubt) yet nothing has happened. It was also my understanding from the agent that there was a problem with the paperwork, but they gauranteed the work would start in June 2008. As this was about the fifth start date I had been given, I did not believe this would happen for one minute and surprise suprise nothing has happened. The MD of our agent is scheduling a meeting with Eurohouse (the developer) to progress things, but we are also taking legal advice and considering our options. 
More worryingly I have asked the developer for a copy of the bank guarnatee for this site (which they must provide by spanish law) and after two weeks I still have not received anything. One thing is for sure, these will never be ready by Feb 09. If they are ready anytime during 2009 I will be amazed.

Nelly 

Hello

I'm glad i've found this site. I bought a property in this development. I put a 30% deposit down in January 2007. Completion date was due to be September 2008. Work has not started yet and my current quoted completion date is September 2010.

I bought my property through instant Access. You may have the same details on your contract that states. By Spanish law a developer is entitled to put completion back 6 months. What our rights are after this I'm not sure. I have discussed with my spanish lawyer and he advices not to do anything until the 6 month period is up otherwise one may be in breech of contract. I intend to consider my options too over the next few months. Please keep in touch and let me know if you have any further information.

Stewart

 

 

It seems like alot of peple are in a similar situation. I bought my property through Iberian International (with a 30% deposit) who have recently advised me that they cannot give any completion date as the builder will not commit.

After much deliberation and in light of the current banking/building problems I have now transferred my money to another San Antonio development at Punta Prima, this was an option that I was offered as I was advised that even after the 6 months clause it would be difficult to get my money back without a lenghty dispute. I am not sure if this is true. I have instructed a solicitor to look into this; however we are happy with the new property which is key ready and of a similar standard. Should be complete this Feb.

This has been a great dissapointment to us as we were looking forward to the La Sal development and I hope evrything goes well for you.

 

Hello Banfield thanks for your posting.

That is interesting. Did you transfer the 30% deposit that you had already deposited for Pueblo Sal?

Was your deposit being held by the developer? From what you say I deduce that your new property is with the same developer and you have just transferred to a development that will complete sooner. Is this correct?

 

Regards

 

Hi

Yes Iberian insisted that our money was tied with the builder and therfor we were limited to selecting a property owned by them. Obviously this limited our choice,and negotiating power.

We have transferred the deposit to the new property which has just recently been completed.

Phil

 

Hi,

I am in my same position. Having purchased through Iberian in March 2007 and paying a 30% deposit no progress has been made. I have asked for the Bank Guarantee on numerous occasions - which the builder refuses to supply, which probably means it does not exist and he is breaking the law. As such, that means my 30% deposit is probably totally unsecure and I hear that this builder is in trouble from people I know who live on the Costa Blanca. Like yourself I am going out to look at other properties by this builder shortly, but none of them seem to match up to La Sal. I would be very reluctant to switch deposit unless the builder offered a big discount, as none of his properties are what I was looking for. I would be interested to know the property type you swapped to - is it at Los Altos, La Cinuelica? Not sure I recognise the Punta Prima site. Also, did you manage to get a discount.
In all fairness, I want my money back as the builder is in breach of the law by not supplying the bank gaurantee, but everyone is saying I have to wait until six months after my completion date to claim back my monies. 2 problems with this - 1) Builder may be bust by then - 2) This is clearly misinformation, as contract is already breached as mentioned above. I have taken legal advice and only way to get back money would be through the courts, but unlikely we would get it all back even if we won the case and of course we would have to fund the legal action until such time as we won the case.
If you could get back to me about your property switch I would be very grateful.

Martin.

Hi Martin

Yes we have purchased at Los Altos, like I said it was a comprise however the appartments are new with only a few having being sold so we had a good choice.

As I understand we are the only 2 to have purchased at La Sal with Iberian and they  were keen to get us transferred to another location!

I tried to send you a private message which came up 'error' .  Maybe you have better luck ?

Phil

I have just written to my solicitor in spain to request the following information.

Confirmation that the developer has licence to begin work.

Secondly I want to see a copy of the insurance certificate or bank guarantee. Like - as you see is compuklsory by spanish law. I will let you know when I receive a reply.

When you asked to see the bank guarantee - did you request it from the developer or from your solicitor in Spain

 

sshelton,

 

I requested Bank Gaurantee from Agent, Builder and Solicitor many times over the last few months with no responses. I am positive it does not exist. If the builder is in trouble than he will struggle to get a bank gaurantee for the monies as no insurer is likely to underwrite the monies having looked at the credit rating of the company.

 

 

 

This message was last edited by sshelton on 11/13/2008.

Can any of you please tell me if you have been offered alternative properties by the developer. If so are there key ready properties still available by this developer and if so are they all of similar standard and price.

 

Regards

S.Shelton

Hi,

 

I went out to Spain to look at other key ready properties from this builder. Although they have quite a lot completed, they are not in a position to sell many of them and those they can sell are not comparable to Pueblo La Sal. In today's market, all the other properties were well over priced. The builder is not in a position to negotiate much on these properties either as they have mortgaged them all to the hilt to keep their failing business going - i.e. they cannot decide the final sell price - the bank tells them what they are allowed to sell at. To be honest who'd wnat to commit to a property at the moment with the euro at 1.02 to the pound. The properties are now overpriced and the running costs will have gone up significantly. Hopefully they will go into admin soon and we can chase some kind of refund through a creditors agreement.

Martin

We are no longer persuing the 2nd property option at Los Altos, initially because of issues with the builder although they have been resolved; however as you say this is not the ideal time to be purchasing properties that are over priced and against a week pound. We will be looking for our deposit refunded, which as you know means going to Court.

With regards to a Bank Guarantee, In Sanish law this has to have been requested and would have come at a cost (say 1%) which would have been charged to the buyer. I have asked the agent and this does not appear to be the case.

My solicitor insist that we have to wait until the 6 months period before we can start legal procedings, which is July 09; when will you be able to act?

Regards

Phil

Hi

Sorry to be the bearer of bad news but have just returned from Spain.  San Antonio office in Villamartin is closed.  We went to the Atlas office in La Zenia and were told that San Antonio has gone into liquidation.  We own a property at La Cinuelica built by San Antonio and went to see our community administrator regarding street lights and they confirmed that San Antonio are in administration.  It may be in your best interest to now look at ready built properties. We are very pleased with our property at La cinuelica and like the location as we can walk to the beach.  Hope you can sort this out and wish you the best of luck.

Regards madmau

 

Does anyone else have any more details?

 

Hi

The only other information I have is there is a message on the door of the San Antonio office saying they are closed for technical reasons and the following phone number:-669865408.

This phone number turned out to be the lady in the show house at La Cinuelica.  We didn't have the keys to our underground garage or post box but she got someone to come down from Orihuela with them the next day.  We tried phoning the San Antonio number at their main office in Orihuela but got a message in English to say this number is temporarily out of order..

The lady in the show house speaks reasonable English but every time we asked about San Antonio going 'into liquidation',  'broke',  'into administration' or 'closing down' she pretended she did not understand us??  I hope you are able to sort this out to a satisfactory conclusion.

Best regards

Hi

Can I respectfully suggest that if you are buying a property from Sanantonio you look on the Eye on Spain off plan forum for Fortuna Hills Golf and Residential resort.

Best regards

Maureen Robinson

To madmau43

 

Unfortunately I am not able to access the private message(s) you sent me a couple of weeks ago. This does not appear to function on my pc. I have to notifications in my e mail inbox, but have not been able to read the messages.