Property Deposit Reclaim In Spain

I am one of the many people who put a deposit on an off plan property in Spain, only to find several years on that I had no property and a very tough fight on my hands to reclaim my deposit. I have joined together with others on the same development who are in a similar situation and together we are working with Spanish Lawyers to take appropriate legal action. Some of the group members simply don't want their property now because it was not what it was supposed to be in the first place (like facilities were not put in place that were promised at the time they paid their deposits). This blog gives snippets of our journey and presents some key lessons learnt. We hope for a positive outcome some day, in fact some have had their money back already! The rest of our group are now taking action. We have learnt a lot of lessons along the way as to how to get your money back (and avoid having the lawyer take most of it from you on success!).

First Post from 'King of Spain 999'
Thursday, January 20, 2011 @ 2:14 AM

Thanks to Justin for making this blog so easy to set up! Cheers Justin!

I guess the first question is why King of Spain 999 as a 'blogger name'!

Well, from where I was 6 months ago it seemed like it would take someone like the King of Spain to sort out the situation that I and many countless thousand others find themselves in...that is having paid a deposit for an off plan property only to find out I have no property and seemingly no easy way to get my deposit money back! The '999' bit is because this is really an emergency! (In the UK at least that is our emergency number phone number!) A personal emergency is something that could have a major impact on your life, not reclaiming my deposit money will do just that for me!

Also, it is a name that will be remembered I think! Quite abstract, albeit appropriate as explained above.

I would like to think too that the work that I and others I know are doing would lead to the same result as if the King of Spain had got involved to sort this mess out.

The property boom in Spain as it was then seems to have created a widespread disregard for the proper legal process. This has left many innocent people from the UK and other countries.

I know many people have been affected and I hope these posts help them get their thoughts in gear for taking appropriate action. Taking action either by themselves or preferably as an Action Group where you can get reductions in legal fees as well as share ideas together on your specific situation. If I don't answer your questions from a fellow-would-be-investor point of view then please let me know what questions you would want answered...after all it might help our group out too!

Let me know if you find the possibility of having a blog on this subject useful. If I know there are interested people out there then it makes it more worth my while in bringing you information on what our Action Group is up to and what we have learnt on our journey so far.

Yours,

KoS999

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3 Comments

madam said:
Thursday, January 20, 2011 @ 10:24 PM

Any info is helpful although our property is ready at Corvera but we do not want to and cannot complete now and are unsure which route to take.

KoS999 said:
Thursday, January 20, 2011 @ 11:05 PM

Hi Madam I will be happy to see if I can point you in the right direction based on experience but its not legal advice of course which you also need. I would need more details in order to be able to comment so if you contact me direct on kingofspain999@googlemail.com I will ask you a few questions about your specific situation and see if I can related to it or not from our Group's experience.

Neil said:
Sunday, February 13, 2011 @ 7:02 PM

A bit late I Know but dont buy anything you cant see or hold.Would you give 10 grand to a car dealer who told you ,he would make the car over the next 3 years?
Exactly.You enter into these offplan scheemes Mainly because you trust the banks.The Banks are the biggest crooks in the world.I would trust Arthur daley before a bank.
Lawyers are also deceitful people and not to be trusted.Fisrt ask to see their membership of the bar.If they have membership stay clear.The bar is there to stop you understanding the law so that they can do with you what ever they wish.If you have to employ a lawyer get them to sign a contract stating exactly what they are doing and what they will be paid for.This info is for use in any country.Words are worhless get it in writing and video all meetings with everyone.Hardly anyone you meet in life wants to help you.In fact society is encouraging everyone to compete and by definition screw his fellow man.Its a bad world so be aware.
I hope all you people get justice.

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King of Spain 999
I invested in two developments in Spain. The deposit money was remortgaged money from the family home. I invested in Spain because I was aware it had a mature legal system so I thought the money invested would be safe. I kept away from places like Bulgaria as I saw these as too high a risk. However, I am now very dissappointed to find out that the legal system appears to have inadequately protected my money and I am having to work with Spanish Lawyers for both me and the Action Group I am part of, in order to try to get my deposit money back. If you want to benefit from our experience as a Group so far you can contact me direct with priority on my personal email of contact@peterjhow.com

Interesting links

Spanish Property Finders