19 Apr 2009 8:46 PM:

Took us 5 months, we had paid 50% of our soliciters fees up front, so they kept that but didnt charge us anything to get our money back from Peinsa.

A huge reaction to my initial post, clearly there are a lot of anxious people out there. Hope my contact has been of help (I'm sure he has), if anyone else wants his details, or have any questions, then please dont hesitate to send a private message.

Community thread: Just returned from Spain - there is another way is anyone is interested

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22 Mar 2009 12:00 AM:

We bought on Phase 5 at the very beginning; thankfully we had a bank guarantee and sucesfully got our money back - and bought in Mojacar instead. Now its over a year since Ive posted on this site so I dont know the ins and outs of things on this site, but clearly the property sector is Spain is in a terrible state from what we can see. having just returned. Just thought it was worth anyone who is fed up at waiting to realise their dream to consider this. For arguments sake, lets say you bought on CDP for 190,000 euros for a 2 bed south facing town house and put down 40% deposit - 76,000 euros. That leaves a balance outstanding of 114,000 euros. Peinsa are in breach of contract with most people because of the horrendous delays, and so even if you havent got a bank guarantee you are entitled by law to get your money back - even though it may take quite some time - if you have a good soliciter. As amazing as it may sound, in Mojacar playa (and if you have never been its about 40 mins south of San Juan and is beautiful with fabulous international restaurants, about 5 miles of beaches, and hasn't suffered from the awful overdevelopment of many resorts) there are beautiful 2 bed, 2 bath apartments, more spacious than the San Juan equivalant town houses, with sea and mountain views, 3 mins to beach and best restaurants going for ludicrous prices. The one we saw was a bank repossession, 18 months ago similar ones were on the market at 200,000 euros, and it was on offer at 95,000 euros. Incredible. And there are many others at 130,000 euros and less - and it cant be unique to Mojacar.

So you could actually buy one like this, live your dream, and wait for Peinsa to finally cough up your dosh - even if they do play for time.

If anyone is interested in contacts we have built up (soliciter, friend of ours who knows the repo market) by all means send a private message. We are not in any way doing this as a bank handed advert - we just geniunely feel for the people who have been treated so badly by Peinsa and if we can help in anyway we are more than happy to do so.

Community thread: Just returned from Spain - there is another way is anyone is interested

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06 Aug 2008 8:09 PM:

I'd like to say congratulations to all those (unlike us!) that stuck it out. The site looks beautiful from the pictures. You will all love having your place in Spain and wish you had done it years ago (which of course you would have if Peinsa had got their finger out!!)
Enjoy.

Community thread: Can a Presidente change a rule?

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31 Jul 2008 8:24 PM:

I wouldn't touch it with a barge pole. Surely its much safer to open an account with a firm like Halifax Banco Hispania here in the UK who you can trust?

Community thread: New Furniture Package for Sale in Almeria region

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13 Apr 2008 1:31 PM:

Its the first time I've looked at this forum since we pulled outand its quite sad to see lots of others pulling out, but Peinsa have only themselves to blame. When we were in Mojacar in March we went to have a look at the site and we thought it would be very nice when it was complete if you are patient of course but we have no regrets at all in pulling out when we did.

Just a word from where we see it now, I would urge anyone thinking of throwing in the towel of having a house in Spain to think again. It is the best thng we ever did and we sat on the balcony in March and wondered why on earth it had taken us so long to take the plunge. Sure the exchange rate is a pain at the moment, but that is easily overcome by taking out a Spanish mortgage in euros, because as sure as night follows day the pound will recover eventually - anyone who thinks the euro zone and the euro will be somehow immune from the worldwide slowdown are in cloud cuckoo land - the euro will fall back and interest rates there must soon fall as well.

So if you do pull out of Peinsa take time to have a look round at other properties available. Developers or private sellers will offer very good discounts at the moment - think nothing of asking for 10% off the asking price. (There are some great deals for instance in Mojacar playa where we are at the moment - we got ours from Veritas homes who are excellent and all English). When you do get your place in Spain you'll wonder why you didnt do it long ago.

Good luck!

 

Community thread: Gardening

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