Someone living in my apartment that I havent completed on or got a mortgage with, is this allowed on an offplan purchase?
I had a firm of solicitors representing me in the purchase (back in 2005 I think) based nearby La Cala. The development required 25% deposit plus the IVA taxes and I gave this between 2005-2007 on their schedule. The development was due to complete in 2008 I believe and was slightly delayed and it completed end of 2008 (dates are slightly vague now). As completion happened and the recession hit (oh and when I initially purchased offplan promises were made by the agent and developer that a mortgage is guaranteed on completion and no more money would need to be put in) when I did try to obtain a mortgage in 2008 the valuation came in way less than the purchase price and so I therefore had to put more money in to the mortgage as they would only give loan to value of 75%, I tried several banks but with no joy and with the recession no mortgages were being approved.
Going back and forth through the legal team the developer agreed to offer a 3 year period where we can rent the property and this would go against the purchase price, and within 3 years I have to complete on the mortgage, which I was happy with and agreed to.
Over the past year I, and the legal team have been chasing the developer to ask how much the monthly rent will be so that we can continue with this deal and sign the contract but to date nothing has come back even after so much chasing. I had enough of chasing and decided to finish this deal and tell the lawyers I want my money back from the developer.
The lawyer said the maximum we should try and get back is 50% of my outlay, but they need half their legal fees up front and the remainder between then and completion. I am not sure if this is normal in Spain or not or if they also do no win no fee like most places??
Finally to put a nail in the coffin my mum went to Spain last week to visit my brother and just out of curiosity visited my apartment and it seems like someone has installed glass screens on the balcony and has plants on the terrace!!! which means someone is living there???? I am shocked and very angry at this.. .I assume this is why the developer has delayed giving a rental price??
What do I do, and what can I do???
This was my life savings that went into the deposit and I dont know what I can do now
Any advice is greatly appreciated.
I would rather get some other opinions before going back to my lawyers in Spain and seeing what they suggest now, My personal representatives have changed a few times over the years within the firm and I am just not as confident as I used to be with them
Thanks
KD
This message was last edited by kaush on 06/08/2010.