Refunds from Polaris World

the fact you are asking the question gives you the answer.

Gravitating south,

Polaris and other Spanish developers are having the same problems as the developers in UK. Credit crunch has affected everywhere. 

Why not consider something already completed? There are loads of resales around and you can see what is on site. As long as you check that all paperwork is in place you should be OK. The important thing is to get an independant solicitor. If you chat around the local bars in the area you are considering you should come up with the info you need.

Do not give up, Spain is not all doom and gloom!

Re inspection trips. Some estate agents are Ok but some never let customers out of their sight. When we bought  originally, we booked our own accomodation and went into estate agents on spec.   I should imagine that if you do that nowadays they will roll out the red carpet for you.

Jean

i agree with ayrez buy something completed. Also  because you won,t get bank guarantee now for off plan purchase and developers are in risky situation. when you go on inspection trip if you do line up all questions you have and ask for proof with answers written down so your lawyer can check wjhat they say is correct.

Facilities look at brochures dvd and make sure they will be delivered again at Polarisworld there is a major problem with this.

Also ask for written contract in advance then check this with sollicitor for off plan,  get written  guarantee with written signed agreement that you will receive bank guarantee within 4 weeks for example then give yourself option to cancel if thery don,t deliver perhaps with penalty. You are the customer but once 1st payment is in you are at their mercy.

also what is in contract often is " we guarantee to build 18 months from start date build' maybe they promised lets say delivery 1e half 2009 for example but with this clausule they can delay as long as they want maybe 2011!!  with the La Loma resort looks like it won,t be built but i saw one buyer on a site the other day who did not know this!! even though he paid deposit 3 years ago  This has happened many many times with these developers you can read on the various blogs They keep the 25%  and you hear little afterwards,.

This is not meant negatively because it will cost you health and finance wise if it goes pear shaped.

For most people the best option is now to buy new ready now or a good re sale

Off plan can still be good for those who want a delayed time scale but today you should make sure that the building work/ infrastructure has started and of course you get a bank/ insurance guarantee for money paid [ a legal requirment in Spain]

With the new you have to make sure that all the facilities are complete and take the same standard of care in purchasing as you do in UK

There are some good buys about but sometimes those with the apparent best deals have some flaws- poor location, original price before discount much too high , spec not good etc

In times like this the good properties always perform the best...money runs to quality!....so on the top quality the discounts/ good terms may not be as good as on lesser developments

If you are buying a re sale then check the spec....some of the older ones were poorly insulated. air con old and old fittings

But if it is your chosen property, do the same as you would in UK- work out the cost of the improvements and adjust your offer accordingly

One factor you should consider is solar hot water heating installation- required now on all new build so it is a good idea to install it on re sales----big movement in Spain towards solar etc

In reality. it's just the same as buying in UK in the current market!!!  

I can understand concern over Inspection Trips and certainly the old type where you were kept under lock and key for all the trip, or until. you bought

But not everyone works like that

If you are interested in Polaris World [ and there are many happy buyers] make sure you use an agent who can show you alternatives to compare

Do not be rushed.....you always have the time to come back to UK before you make your mind up

No need to give 3000 € non returnable reservations fees.....if you are going to buy you start the procedure, pay the deposit on signing the contracts and get 'your BG at the same time' ....no delay

So, if you use the right kind of agent ,take care and  do not be rushed, buying can still be OK

In many ways now it is more safe than it has ever been.....regulations are tighter and no one . and I mean no one in their right mind, will complete without a Licence of First Occupation

Yes , this was quite common for a long time and those that did often ended up with probelms!

If you buy in 2009 you may not be buying at the bottom of the property cycle- no one knows when it will be!.....but you will get a good buy 

Based on the history of property economics, in the medium to long term ,it will turn out ot be good buy and in the meantime enjoy the life style, which comes from owning a home in Spain 

I agree with few points of yours Brian and appreciate them but here are a few facts:

These points are not just for Polarisworld but for all Golf projects in Spain at the moment.

1.   Bank guarantees: These are not issued directly for example customers at Polarisworld have been waiting for neary a year to get them and get little help from the company when they mail or call by phone RERQUESTING THEM NOT MY WORDS BUT FROM THEIR FORUM SITE FOR OWNERS , there are even employees who bought and did not receive bank guarantees!!

2.   Off plan is at this moment not the right time there are a few reductions 20-25% mainly for properties already built but part of these projects will only be about 50% sold so half empty which moves me onto next point (for people wanting to buy already built properties re sale prices will be shooting downhill in about 6 months time as customers are delivering their keys back to these resorts every day because they cannot afford the mortgage therefore prices will dive)

3.   Facilities:   These are not being built as promised because of the above point and customers looking at the brochures and dvd,s and websites and macquettes being promised full blown shopiing centres will not get them until 2013 earliest if the situation improves. At Polarisworld the only resort reasonably fully completed is La Torre and Mar Menor but Mar Menor 2 is not yet complete. El Valle, Hacienda, Terrazas and Condado have not completed facilities as per brochures 3-4 years ago have these brochures changed? At Hacienda the existing owners are happy with the golf course but are drinking beer from a wooden hut in the winter not the promised golf clubhouse which was promised and the facilities are nowhere near what is on the macquettes or brochures. Proof of this is to look at the owners site polarisworldforum.net owners words not mine.

4.   Conclusion: Real estate agents want to sell and i don,t blame them everyone has to earn a living....but.....all the information given is only propertional and not exact misleading customers especially those who have no experience with spain is not correct . There are people on these sites who are taking their life savings or heritance as a risk here that is why i am making these notes i have nothing to gain but see so many people here getting the wrong advice time after time.

And i have sold off plan and built property in Spain for quite a few years and know what i,m talking about. (not anymore i may add) My advice don,t buy at developments off plan at all, buy already built between june-dec next year only if the majority of money paid is your own do not borrow if possible, get a sollicitor and make sure all documents are extremely well arranged.  IF YOU HAVE TO BUY OFF PLAN GET MAKE SURE THE DEVELOPER PUTS IN WRITING THAT THIS WILL BE GIVEN 1 - 2 WEEKS AFTER DEPOSIT PAID OTHERWISE YOU WILL CANCEL.

Ive just sold an apt on la torre got 145 euro i was just happy to get out ,prices are falling like a stone you can get an apt on la torre for 115euro , also only last week i got offered a 2 bed semi on the mar menor golf resort for 150euro i was going to buy on of these 3 years ago for 250euro ( glad i never) i would never buy off plan again.

We purchased off plan at Polaris World - Mar Menor 2  - 3 Years ago.  We had little experience of buying in Spain.

I have to say , we fell for the initial sales pitch and signed the contract and paid the deposits...etc....we have heard NOTHING from Polaris World since, despite contacting them repeatedly. It's been very frustrating.

We didn't ask or recieve any bank Gaurantees.. . The info from Sherry24 was most insiteful.... it's not what we wanted to here ...but alas...it's most likely true..

Can some one tell us what our options are now ?

We would like to get a refund but would expect that there would be a penalty..

Are there any other grounds for cancelling the contract ?

What else should we do ?

Hi Jean,

I bought a property in mar menor phase 2 in 2005 and now want to cancel because it is a never ending story
can you give me advice on the steps to follow

Thank you,

Jean-Luc

Hello there

Not sure if i am the jean you want but here goes.

We paid 40% on an apartment in Hacienda Riquelme that was not completes by the due date. We hand delivered a cancellation letter to Polaris office but they said it was no good because there was a clause in the contract that stated we had to cancel within 15 days of cancellation date on the contract. We knew this was nonsense due to information supplied on this forum. (Thanks Maria

We consulted an independant solicitor recommended by Gillespie (another poster on this forum) who agreed we had grounds to cancel and get back deposits.

We had to pay a deposit agaist fees in case we lost but were reassured we had a good case. After 8 months and a couple of visits to Notary to sign docs we got back our deposits. No interest but more interested in getting cash in bank. As it has worked out the drop invalue of pound has worked in our favour.

Solicitor we used is in Cartagena: -Antonio Rafael Ferrandez Garcia   Tel    968 52 10 08   Fax 968 50 80 40

                                                               Calle san Miguel, 6- Entlo. 30201 Cartagena

I  usually send solicitor details by pm but you have not sent enough messages yet.

If you need any further info perhaps you could ask Justin to activate your pm facility early.

Good luck

Jean

I bought a townhouse in 2005 on Mar Menor 2 from Polaris World and payed already 100.000 euro's. They didn't even start the buiding and probably won't. They didn't start the building yet because of permit reasons (of course they don't put that in writing).

They offered me to switch, but:

- they don't have identical townhouses where they can give us a delivery date

- we don't like the other options offered

I have a clause in the contract 'completion 18 months after start of the building works', unfortunately not a completion date. Do I have a chance to cancel the contract and get my money back? And a lot of people talk about getting interest back. Any indication how much that is? And did anybody get interest back?

Regards,

Jean,

Good to know you activated you Consumers rights and where well represented by a good lawyer.

My congrats to you and him.

Maria

R2008,

There is a provision in our Civil Code such as:

This message was last edited by mariadecastro on 1/11/2009.

Thank you for your answer Maria. But it's still not clear to me if PW can stall the time period to completion endlessly because:

-  there isn't a completion date set in the contract
- the 18 month to completion mentioned in the contract, starts at the beginning of the building works. They did't start the
  building works yet and probably won't (in the near future). So they don't have a formal enforceable deadline in the contract. 

As you have very well pointed out... Polaris World cannot have endless completion periods. It is against basic principles of balance of parties in contract and against the essence of Consumers Law where information on the product is very much cared for.

In your case, as the initial object is not going to be built you can cancel the contract due to reasons pointed out below ( loss of the contract object)

Best,

Maria

 Hi - we have a cancellation acceptenace from Polaris and comittment to refund our deposit and 1st stage payment for an appt. in Terrazes de la Torre that will not be built.  That was several months ago and despite several calls, emails and an soliticitor letter we still have no correspondence or sign of our money back....   what should be do next?

Thanks for any help/idea/similar experience...  getting really worried now!

Hello karen

I have sent you a private message

Jean

Hi All there is a case in todays costa blanca news.A couple won there case to have there deposits returned with polaris having to pay the trial costs,then the usual appeal tactics, but this time the verdict was up held,( they also lost the apppeal) and have to paty the costs of that as well, Could this be the turning point at last? Pat.

Dear Karen_a:

Our experience is that sometimes a lawsuit is needed to put real pressure on the honouring of those agreements. Best,

Maria

 Hello,

We have the same problem as Karen_a ! Concerning the Oasis project. Cancellation papers signed and waiting already from june 2009 for our money.

Also we have paid a deposit on the Golf Suites a long time ago. They don't want to refund because they say they will

be built but don't know when.

What to do? We are talking about an deposit together 90.000 Euros

Thank you!!

 We are working with the solicitor recommended and have put a case to court, we are heading to spain this week to sign power of attorney.  I  will post to let you know how we got on and share the details.  Common understanding is they will not act at all until a court case - it may perhaps be  their policy in the hope that most give up so don't!

OK!

Who is the solicitor recommended?

Good Luck!