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Has anyone got a property on nueva ribera and have they had any luck in getting there money back
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_______________________
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We were supposed to be completing on an apartment in phase 2 on 2005. We have been notified by our solicitor yestrday that there is still no completion date and she is concerned that the bank guarantee runs out at the end of the year. The adminsistrator for the developer has not responded to her enquiriey regarding the renewal of this and she has expressed concern for our financial security in respect of this investment and is recommending that we commence legal proceedings to "get a resolution of the contract".
We have not yet contacted her but wonder if anyone else is currently facing the same situation.
Chris
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Dear Steve,
I am not in your situation in this developer but some of our clients are in the same here in the Costa del Sol. Whatever you do or dont do make sure that you service notice of cancellation to the developer and to the bank/insurance company guaranteeing your deposit. This will ensure you are covered even if you still want to proceed with the purchase, which may well be an option for you.
You can privately or verbally negotiate with the developer and officially cancel. This will put you in a pretty strong position and I would suggest you request appropriate compensation for the delay, if you want to continue with the transaction.
_______________________
Antonio Flores
Abogado/Lawyer Reg nº4712 (Malaga Bar Association)
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Chris,
If completion deadline was anytime in 2005, just go an execute your Bank Guarantee ( regardless expiration deadlines which are null and void as they are against Law 57/68) for the refund of all your deposit plus legal interests.
Law applicable:
Provision 4 Law 57/68: Cancellation of guarantees will be produced once the FOL is granted and the house is handed to the buyer.
Provision 7 Law 57/68: Rights stablished in this Law are non negotiable.
Have a great weekend!
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Maria
Thank you for the advice.
We do wish to serve notice and feel that we could do with legal representation such as from yourself.
We have retained Morenilla Abogados (La Manga ) Club but we are not confident that they have or will truly represent our interests and they seem unwilling or unable to keep us fully informed. You have for instance done more to inform is in your message than they have in the last two years.
Would you confirm if you are able to act for us and what your fees would be for executing our bank guarantee (serving the necessary notice to the developer and bank) etc.
Chris.
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hi
did you had any luck in getting your money back?
thank you
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Yes we did.
It took over two years. We claimed from the bank on the guranatee that they had provided for our stage payments but they turned out to be as dodgy as the developers. We instructed lawyers and issued proceedings against the bank. We lost the action in the court at Cuenca (where the headquaters of the bank happens to be) but, fortified by the advice from our layers, we were not satisifed that the decision was correct - and that is being polite. We took it to appeal and won. A few months later they repaid the principal sum but with no interest or legal costs (contrary to the court ruling) so we had to continue our action against them and they finally paid up. Third world banking in Western Europe.
What is your situation? If I can help I will.
Steve
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Hi Thanks for your reply, I am at the stage that I won my case in the court of appeal in january 2012 I was then told by my soliciters that the bank had 18 days to appeal against this order, since then they still not paid anything Please could you send me any info that you feel could help me ,I feel I'm the last person to be paid out , do you know of anybody else! Many thanks
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Hi All,
Can anyone confirm if they have received money back from the Bank in relation to purchasing at Nueva Ribera Beach Club, Phase 2?
My solicitor emailed me in January 2018, after years of little/no progress or update, stating that the bank had made an offer to try to settle our case (75% of the principle amount). My solicitor did not inform me of a deadline date for accepting this offer. While considering whether to accept or decline the offer we received another email from the solicitor stating that the final court hearing had now already taken place. I was told that the case had finished in the first instance and we were only waiting for the ruling of the Court.
I was fuming that after nearly 10 years of fighting to get my money back, I had the potential of recouping some of the lost money, however we were uninformed of the offer deadline date.
At the start of this week we received another email from the solicitor stating that WE HAD LOST THE CASE! We now have 20 Court working days to appeal the judgment.
All of the above events seem very suspicious. Can anyone help with some advise or provide information on own experiences in getting money back from this development?
Many Thanks
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_______________________
Nigel
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