02 Apr 2008 11:41 PM:
Further to our posting 14 August 2007 - Contracts, Lawyers and Compensation.
From the advice we received from this board, TRG and others, we commissioned a Technical Architect from Marbella and also moved our solicitor to a firm in Marbella.
Our basement has now been tanked externally and is dry: the house is essentially complete except for minor finishes and snagging.
We have had an email from our solicitor informing us that the First Occupation License was issued to the promotor on 12 March 2008 and that she is awaiting sight of the document ... it looks as if we are all now ready to proceed to completion.
However, one final hurdle remains ..... compensation for the contract over run from 6 October 2006 (contract completion date) to April 2008 or whenever the completion date will be.
We have suggested that compensation 'in kind' would be acceptable, eg pool, walls etc, as this would maintain the purchase price of the property against future Capital Gains calculations. This method has been used by the promotor to compensate other purchasers or as inducements not to withdraw from the purchase.
Our solicitor writes that it would be unlikely that a figure of €18000 would be exceeded for a delay of one year. As the over-run on the contract is now 1.5 years, does this mean that compensation is would be increased
pro-rata?
We have had no communication from the promotor explaining the cause of the delays or requesting a contract extension and have not formally agreed to this contract over-run. We have accepted it rather than taking the litigious route for refund.
Is there a formula re compensation over a given over-run period?
Can anyone advise how compensation could be calculated?
Hopefully
Harry & Mary (aka molar)
Thread:
Contracts, Lawyers and Compensation
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