Huma Indalo

After having my BG refunded and having a long conversation with my lawyer I have decided to go to court for the return of my deposit,and also  interest on 64000 Euros, plus legal costs and compensation. As it was always my intention to live at ACC once it was finished I instead have had to rent  in Spain so have been advised to ask for amounts of rent that have been paid.

Contrary to what I thought Huma Mediterraneo have very little in the way of assets according to lawyer. It is Huma Indalo, their sister company who hold most of them and therefore he says as HM have ignored all approaches by us for contract cancellation over the last 18 months we are entitled to go after the assets of Huma Indalo also. He said he is very optimistic of a positive outcome if we take this approach as legally we are certaintly  legally entitled to interests and return of deposit.On the question of  the compensation apparently it is not cut and dried,depends on the judge,as this is not a legal requirement. I can't pretend to know the set up between the 2 companies as according to lawyer it is complex but he assures me Indalo have the money and assets, 

annie1

Would you advise I make my solicitor aware of Huma Indalo? (In the likely, [but rather sadly] event that they are not aware of the relationship of this sister company - can't trust anyone to know anything in Spain..).  

Thanks for the interesting info, good luck with your next quest!

I cannot believe that Huma would leave themselves open in respect of any claims being made against the Mediteranio division of the group being passed on to Indalo, that does not make financial sense as it would appear the reasons for this split is to protect the assets of the Huma company.,and any future developments they may wish to undertake.

I think you will find Annie1 is right. Some parts of Spanish law are more joined up than ours.

Our solicitor told us months ago if Huma Meditraneo go bust we could place an embargo on Huma Indalo and force sale of assetts or property as the two companies are linked.

well thats good news all round, provided the assets are tangeable and not secured against borrowings..

Thats 1 line of thought but mediteraneo have had lots of monies in the way of deposits but have had the expense of land purchase legal costs planning costs development,ongoing staffing, refunds further legal costs added land purchase with further costs as listed above and a switch of funds to the Indalo group.

Again i think that they fully intend to develop Oasis Tabernax subject to enough people transfering from Almazora and not demanding there money back and of course new customers if the market picks up in a few years..

It really does not matter where the assets are - while ever Huma stay in Spain and do not do a runner - the Huma Group has some assets somewhere - no matter how large or small.

If they wanted to avoid paying ACC - then they could have put Huma Med..  into liquidation - they seem very reluctant to do that - as Huma Med... own MCC and it is obviously a valuable future asset.

If OTCC is to be built - from the latest photos posted - progress is incredibly slow - if the first phase is to be ready in just over 12 months. Will a site that is only a third/quarter finished get a habitiation certificate?  In this crisis - who will buy the rest of the site - it could take 5-10 years - and if they find buyers - the prices will have to be slashed. How would you like to live next to someone that paid a third of your price? The banking system and mortgages will never be the same after this and where will Brits find the money next time and will they want to buy after all the scandals?

When I suggested that prices in Spain were overvalued by 40-50% in the current climate earlier this year - on this forum -a few people (like our friend Rowlandsb) suggested I was wrong. Have you seen the article I posted from the BBC News? - or are they wrong too?. I take no pleasure out of being proved right and I uphold my decision not to buy in Spain as the loss on the purchase of a property even at ACC prices would be more than if I just wrote off the money I had paid to date and waited for the market to bottom out and purchase off some poor person in a fire sale.

I will not write off the deposit - I am going to court!

I truly hope that OTCC cleints get their home (and are happy with it). 

We all could lose - OTCC purchase at prices well above current market and have to pay rest at much higher exchange rates than in 2005 or Huma string out OTCC for years  for financial reasons with no BGs again or ACC clients never ever see their money again.

No one can feel good about this anymore!


John

With regards to John saying that the properties in Spain are 40 - 50% overpriced.  That might have been true for re-sales. 
 I live here in Spain, renting a property because of the situation with ACC.  I can tell you quite catagorically that the prices of the properties on ACC (can't speak for any other development) were fantastic value.  Where I live, the re-sale properties were very high, but have come down considerably and will continue to do so over the coming year.  If ACC had gone ahead on target, we would have bagged ourselves a bargain.  A 4 bedroom villa with pool in Altea Hills (a very upmarket area where numerous famous personalities live) is currently on the market for 100,000 less than it was a couple of months ago, at a fantastic price!  Another beautiful villa with pool, 4 bedrooms, fantastic views in La Nucia is now at a give away price at 250,000 euros.
Sorry, John, you have to live here to make such comments and see for yourself how the housing market is plummeting, the BBC only tell their point of view.
Also, I may add, that I bought a house in Tenerife 15 years ago, no problems, the sale went through in 4 weeks.  That is the reason why we thought we were ok  buying on ACC, especially when it was promoted by a British company!!

Thanks for your reply. I appreciate your viewpoint - but some people do rely on these forums for advice and sound direction and so it is up to the reader to work out what is good or bad advice. So no-one can say they are right or wrong - it is just another viewpoint.

The fact is ACC was illegal so you cannot compare prices - they bought non residential land - that cost would be artificially very low - as it was classed as non urban. So ACC comparisons are defuncted as a comparison. ACC will never go ahead!

Huma just flew a kite selling that site!  Appears they could not bribe the Junta.

The point to remember here is if you buy a NEW property today - after signing for it - it is potentially less by up to 50% in current (and near future) resale value, depending what discount you negotiated.

The property may or may not rise in the future (there is no guarantee house prices will rise at all in a prolonged credit crunch for many, many years). Just look at the UK stockmarket - in early 2000 - the UK stock market was 6600+ and now is less than 5000 - you could  have done better putting your money under the bed. Everything is in timing and I cant see that this is the right time to take a punt on a property in UK or anywhere unless you screw the buyer to the ground - ask for a 50% reduction! Develepors can only hold on to the 1million or so unfinished or unsold units around Spain for so long.They will come under pressure to repay bank loans.

I would not pay £100k for a property one day that I could resell for well less the next day.  You agree resales market is well down!

However if you are desperate to live in Spain (which I think many ACC clients will never contemplate even as a holiday home now)  then taking a chance on a massive capital loss will be fine - as living there might be more important than what the costs might be.

Dont forget on a mortgage - costs for many people will accelerate quickly with higher interest rates and deteriorating exchange rates making Spain look much less attractive than in 2005. Cash buyers are only hit by the current exchange rate.

However anyone involved in Spanish property as an agent or an owner would need to talk up the market - as the news is so very bad. How many properties are actually been bought in Spain currently by Brits - I wonder?

All the best every one.

If this is indeed the case, Then why arent the Spanish Government, seizing all the assetts of HUMA, and  taking all the people in charge of HUMA who started this scam, and locking them all up, and keeping them there until every penny is paid back with interest to all the people who got caught in this scam.....And the people at Parador Properties, who led us like sheep belating that all was well, telling us countelss lies, and the Lawyers who gave the go ahead and thumbs up to countelss people whom were guided to them by the agents also telling them that the paper work was in order.

Les

Les

I think the truth is - the property industry is very important to the Spanish economy and the Government will protect them at all costs - misguided for the future - but that is it!

My opinion only is  (I am sure some people will disagree) - most Spanish professional people associated with property are lazy, possibly just incompetent, dishonest and there has been a gravy train for many years - first package holidays, then timeshare, then holiday clubs - now second homes for foreigners. They'll be looking for the next scam - after each one fails - because consumers stop the con by not buying!  

We have all been swept along with the boom!   Trust no-one especially Spanish after this!

What an awful epitaph to Spain.

Just as an aside can you believe it - Humas are threatening the MCC Owners Association with court for 177k Euros owed (I presume in annual charges) and there are people there without a supermarket, any shops, no golf course. I believe many people refuse to pay there annual charges at MCC as they are so unhappy with lack of promised facilities. As I reported before it was announced that there will never be a commercial centre at MCC ever!  So when you get the keys - your troubles do not necessarily end there!

John

Les

The answer is because the goverment would have  to seize the assets of hundreds of thousands of developers which they are either too lazy or too incompetent to do. There wouldn't be any space in prison for them all, especially if this included locking up all of the agents, dodgy lawyers, judges  as well. 

But, I suspect that the real reason the government is not doing anything about it is because they themselves are just as guilty of lining  their own pockets through property development. So the saying is ' don't kill the goose that lays  the golden egg'.

Why does the EU not demand that we are refunded ? I would suspect for exactly the same reasons as above, too lazy, incompetent, don't want to bite that hand that feeds them.

It makes me wonder what kind of a mess Spain will be in in years to come if their construction industry grinds to a halt. The Spanish rely heavily on this industry for jobs.  As for the agents, they simply move on and behave just the same somewhere else. Watch out for Bulgaria, Turkey, Morocco and Cape Verde, it will be interesting  to say the least.

Exactly, why don't the EU insist we get our cash back? How quickly the goverment intervened when the English/American/Icelandic banks went under!!

Hi There,I GOOGLED ,INDALO it came back with OLIVE OIL PRODUCERS!!

Indalo is a symbol which is seen as  the 'lucky charm' of the Almeria region of Spain. This is why you will see it in the name of hotels, businesses and companies in Almeria. I think it was found in a cave drawing but I might be wrong.

Hi all,

I know this maybe ever so slightly off thread but I have recently purchased a villa in Spain, near Huercal Overa. The company is called Quantum Villas and the villa designs are similar to those on the ACC. I have used an independent solicitor away from the area and everything has been checked out, it all came back fine and legal. My solicitor has sent me copies of the licence and BG. They are not a massive company, the development I am on is only 18 villas, but they take the time to expain everything to you (you do not get lost in 1000´s of people). They also have a Community and Share scheme which helps you integrate into the Spanish way of life.

I am very sorry for everyone who has had troubles with villa purchases but if they wish to pursue living in Spain they could do a lot worse than contact this company.

P.S. Building has started, can be viewed on youtube by searching for Los Olivares de Diego in the video section.

We suggest you contact us: 

Our trac record on Huma  is: 

1. We recommended every single client that came to our office to purchase on the COUNTRY CLUB not to purchase (at least 10.)

2. Since the troubles started we have handled at least 5 clients with bank guarantees  recuperating their money in all cases.

3. WE have innitiated   5 court cases againg HUMA MEDITERRANEO in the Murcia courts for clients withought bank guarantees. They are all in process except for one for which we have received sentence dated 26th of November in which the judge orders Huma to pay back the funds plus court costs and interest . We have located assetts in the name of the HUERTOS DE MAZARRON S.L. , at the Mazarron Country Club. We now intend to obtain an embargo on at least one hose in their name to secure the payment to our clients. The properties in MAZARRON CLUB  are in the name of HUERTOS DE MAZARRON S.L. , but from a legal point of view it is the same company as HUMA MEDITERRANEO a they have the same CIF number. (they simply did a change of name/ they did not disolve and create a new company. The conclusion is that the case is looking good.

Michael Davies.

Abogado.

you can find me by typing litigation spain on google.