Return of deposit with out of date bank guarantee

Dear All

Just to let you all know we have just been informed by Costa Luz solicitors our deposit held by the bank has been returned to them & is ready for tranfer to our account.Costs & interest to be returned at a later date

We must thank Justin & the EOS for enabling  us to get in touch with Maria. Without her advise we would have floundered.

We were being told  by our previous solicitors [ recommended by our agent ] our bank guarantee was out of date & so we could not pull out without losing our deposit..I think he was waiting for the First License of Habitationyo be granted which was imminent & would have stopped us pulling out.

We were so disillusioned & worried when I got in touch with Maria that to be honest we didn't know whose advise to trust

Our case has taken 15 months to reach this stage so not a quick fix. But thank goodness we took her advice.

I would like to thank the whole team at Costa Luz solicitors & Justin & his team at EOS wittout your advice & information I am sure our tale would have been different

Keep up the good work .

Thank you always for trusting our services and keep our efforts up!

di55pink

Congratulations so great to hear good your  news and an end to your worry .

 Once again Well done !!!!       Maria and all at Costa Luz  solicitors the good news keeps coming a reward for all your hard work and  integrity  .Lets all hope the good news keeps coming restoring peoples faith in the system .MM

That´s the mission. We humbly desire and strongly fight for this to happen.

Maria

Hi

Our property is about 10 months late on contract  date.  LFO for the phase has just been granted by the local council . The bank guarantee was executed by our solicitor in June, the bank and our solicitor have supplied information to the judge and now wait on his decision. Although this was due in November we have been told it will probably be January until he decides our case. The BG was dated Feb 2009 but it stated or until development is completed. Other parts of the advertised complex are not completed, social club, pool etc.

We are hoping the judge accepts the property was not ready on time and the developer is in breach of contract. Then forcing the bank to hand back our deposit. Of course the judge could do his own thing and ignore the law and decide the property is now ready and has its LFO so we should complete the purchase. Not  a disimilar situation to di55pink, hopefully the same outcome.

Will keep you informed of the outcome.

Cheers Cat

Hi All

Today I received an email from our spanish solicitors stating the Judge has agreed with our BG and has decided in our favour. Awarding us full deposit, legal interest until the date we started proceddings, interest from that date until the bank pays deposit in to court and our legal fees. FANDABYDOSY

Of course the bank can still appeal but the decision is clearly in our favour. Now we have to wait until it is paid in to court - several months I believe. While there has been severe and justified critcism of the Spanish system, if the law is applied and followed correctly a fair result is produced. Time for praise where it is due.

I must thank Maria for all her help and advice she gave early last year. I did not use her to execute the BG as I carried on with my current solicitor but I told them exactly the reasons why the BG was being executed. This all came from Maria directly and from her post on EOS. Thanks again Maria. The knowledge gained from this site was instrumental in fighting to get our 2 BG issued by the developer and keeping tabs on what they should be doing as per our purchase contract. They did try to bully us to accept changes when the property was not ready on time and without the support of this site we would not have stood our ground. Thanks Justin and co

The shabby treatment by the developer and original solicitor has not put us of buying in Spain. The type of property and setting we are after has not changed, what a brilliant excuse for many trips to Spain to look at complete properties rather than off-plan. We originally asked the developer for a small discount  due to their breach of contract, this was to have the property fully furnished for us. (3 bed property cost about 7-8000euros) Instead they have lost a sale. Not good business sense in the current climate.

Cheers

Cat

Congratulations

FANDABYDOSY indeed!!

What an inspiring and encouraging post for those still awaiting justice.

Congratulations to you and your solicitor for sticking to your guns and standing up to the bullying developer.

Maria's advice and guidance have come up trumps again with such a brilliant result. And without Justins EOS none of this could have been possible.

Congratulations all round!!

That is brilliant news

Congratulations, good news indeed.

Maria and one of her assistants, (Patricia in our case) were excellent in taking our case to court and receiving a sentence from the Judge that we would get our deposit, plus interests plus costs back.  We cannot thank them enough. 

That was in April last year and we are hoping it will not be too long now before the Judge grants permission to access the builders bank accounts and assets to actually get our money back.  The builder did not acknowledge any part of the process and we only hope that the next sentence will be soon.  We look forward to the day when Maria will contact us to say the cheque is available.  She said she could win our case and she did, excellent process.  It is unfortunate that the Spanish legal system, allows the developers and builders to totally ignore the Spanish courts and prolong the process of actually returning the monies, but we hope that justice will prevail and the builder will be forced to return the outstanding money to us, money which he has held since Oct 2006. 

Let's hope that 2010 is a good year for justice and that the unscrupulous builders, developers and estate agents are brought to task and that the confidence and reputation in the Spanish housing market and the genuine honest developers is restored.

 Thanks to you all! This thread has come to us, all the CLL team as the best gift of the Three Wise Men. Thanks to you all for your trust and specially to Justin and Susan for being such wonderful directors and promoters of this wonderful platform EOS is and will be for years.

We are going to make possible your dream in Spain. We are. It is our orginal and first mission. First. Remember the word!

congratulations on your victory , could i ask which area of spain it was in as it appears murcia is a law unto itself .

Our case is in Murcia which has a history of favouring the banks/developers. They know the purchasers dont have a bottomless pit of money or nerves to take them to court and fight for the rightful return of the deposit. The developer still informed us several times of changing completion and LFO dates after our solicitor informed them and the bank  the BG had been executed and court papers had been served. Talk about sticking your head in the sand.

Now we have the long wait and possible more legal costs to enforce the judges ruling. I salute the Judge for applying the law correctly regarding our BG and awarding us the judgement. Like M11block I hope 2010 is the year the worm turns and the banks/developers cant trample over us buyers any longer. If more Judges applied the law correctly, more action would be taken against breach of contract developers, therefore we all would receive better treatment. Nine months is still to long for M11block to have his money returned but better late than never. Heres to Maria and her ilk who fight for the honest man.

Hi Searay, sorry I should have said our property is in Murcia and the case was heard in Murcia court.

hi , many thanks for the reply , would it be indelicate to ask which developer ?

you can pm me if you prefer .

best regards

 Yes, 2010 is going to be the year of Consumers rights in Spain

We also hope that 2010 will be the year for consumer rights in Spain!

It will certainly be a busy year for the courts as they will have an unprecedented number of cases to hear relating to the widespread corruption and illegal activity in the construction sector.

It will be a very nervous year for the banks and savings banks as without their support much of the fraudulent activity in the construction sector would never have taken place.  2010 is the year when many banks will be exposed for either being grossly negligent in relation to safeguarding purchasers off plan deposit funds or for being complicit in the crimes and fraudulent activity of promotors and developers.

The banks are the guardians of LEY 57/68 and this Law puts obligations on both the developers and the banks to secure purchasers off plan deposit funds in the legally required accounts (Cuenta Especial) and to demand the issuing of the Bank Guarantees.

For many years the banks have failed to act in accordance with LEY 57/68 and in many cases have been happy to ignore the fact that their clients, the developers/promotors, were deliberately acting contrary to Spanish Law.

The banks are the 'vehicle' through which the developers were able to carry out their illegal operations.  Without the funding and support of the banks most of the corruption could never have taken place as very few developers, if any, are able to self-finance a complete project.

Therefore, it is clear the banks are an accessory to the crimes that have been committed.

Keith
FINCA PARCS ACTION GROUP

email:  fpag@btinternet.com

With so much corruption and back handers in the construction industry in the past, hopefully this is the year Spain drags itself in to the 21st century. The laws are there, all it needs are the judges to apply them correctly. It has taken several years and many miscarriage of justice to bring the corruption to everyones attention from the Spanish Government to the European Union. Judges will have to be seen to be whiter than white as bank guarantees are going to be part of Spains banking crisis.

Here's to a happy and succesful new year in 2010.

Cheers

Great: right fight and positive approach: success.

Hi Cat

Congratulations on your court case result.Hope it won't be too long before you receive your deposit back.