current info please

I thought I would share the following.

I have done a search on Peinsa through Dunn and Bradstreet. I have checked most of the key financials/legal notices and opinions for Peinsa.

As of 19 Nov there were no legal notices registered

The financials were reported as strong (Although debt is high)

A key figure was the likelihood of default in payments - this was measured as 0.6% as good as it gets!

The auditors opinion was favourable (Based on 07 accounts) 

The credit rating rating is B as of end Nov. This was reduced from A in October

Obviously there is a mountain of information in the various reports but Without Prejudice and not being an expert at reading these things but I couldn't find anything of a major nature that would be a cause of concern.

Having said that we all know what's going on on the ground - no work/renegotiating banking etc

So, I'm posting this to show that the accounts seem to stack up quite well, if they go bust tomorrow well!!!!!!!!  

Have been on hounding my solicitor to get some information re Peinsa position. I have just received an e mail confirming that Peinsa are supposed to be sending the  building company involved in their Murcia project down to CDP to help complete that as a amtter of urgency.Seeing is believing?

With regard to my bank Guarantee it seemingly expires on the 28th January 2009 but as my new completion date is not till february 2009 I seemingly can not opt out of the contract. I now have to wait till after the end of February and if the Bulders are not completed which is boubd to be the case I can then seek a refund but at that stage I will have an expired BG. Imagine a solicitor agreeing to the expiry date of the BG to come before the completion date.

Any advice would be appreciated. I like you Sean want only to see the development complete but unless we get the contractors working quickly we will have little hope.

What is the position if Peinsa was to go bang and the BG had expired but you still have a contract?

Regards

Paul

If your guarantee has expired and the company goes into liquidation then you become an unsecured creditor.

Strange as this may seem it may not be the worst case - the banks will be putting every obstacle in your way to avoid paying out on the guarantee however a liquidator will want to get those properties sold to the buyers asap and will either give a huge discount to get us to take them from him or finish it and then sell to us.

Plenty more waiting time either way.

The problem with the guarantees as I see it is you cant do anything until the completion dates passes and then of course the guarantee has expired as well. Any answer to that one??

Hi,

I successfully obtained a full refund of my deposit earlier this year, after succesful execution of my bank guarantee (held with Banco Poplar).

The completion date of my property (Phase 3) was suppose to be March, 2008, which also coincided with the expiry date of the guarantee (no surprise there !).  In order to avoid any dispute from the bank, my solicitor commenced proceedings to execute the guarantee at the end of January.  He used the grounds that Peinsa could not possibly complete on time. 

I hope this helps.

Simon .

Can anyone advise if there is still work going on at the site? My solicitor insists that Peinsa still have workers on the site. This is important as my completion date is february 2009 and I am on Phase 9 No 34. can you advise also if there is access to this phase if I was to come over could I see for myself. Also can you advise if the habitacion licences have been received for Phases 2,3,4,5 which are supposed to be completed?

Any help woul be appreciated.

Regards

Paul

We managed to get a full refund back in February after threatening to execute the BG. We were fed up with Peinsa, after 2yrs 6 months of lies from them we lost all confidence. They even lied down to the last minute, we were meant to collect a cheque  from the site office but were forced to wait a further month for a transfer. We were fortunate to get all our money back .The most important thing now is to ensure you have a decent solicitor. If anyone needs the details of ours who I cannot speak highly enough let me know. Best of luck, you will need it!

The contract date has nothing to do with the BG! your solicitor is spinning you a yarn, there are enough threads- articles-warnigs on this site together with a library of information on the net,  get rid of your solicitor and get one that will act for you and not the builder, enough said.....

Paul,

           By any chance,is the solicitor you are using recommended by the estate agents you are using?

Yes Sue you are correct it was AMBA sun that led me up the garden path and to date I have never even met the solicitor as I have been dealing with the Law assistant. I have listened as Peinsa  bee1ng described as an absolute brilliant builder and that I had nothing to worry about.

I hav tried on a continuos basis to enduce a reply from Peinsa with little or no success. Told I would have to pay for BG and a litany of excuses that have made me more than concerned.

Regards

Paul,

               I agree with KP. Get rid of your solicitor, he/she is not acting in your best interest, (an independant solicitor, who is not connected to the estate agents or developers in any way will advise with more honesty).

Sounds like we may have the same solicitor - it was certainly Amba Sun we dealt with initially.  We have a different problem in that we now want to withdraw from our contract on the grounds of breach of contract (over 2 years late).  However, although we were assured (in may) that we would get a refund after 6 months, it was not to be.  We now have to sue and have paid a 'retainer' of €2,500 to our solicitor (assistant).  We're told that Peinsa are stalling for time and that although it might take 2 years to come to court, we should get a full refund with expenses and 'legal' interest.  Unlike a lot of people whose houses are not complete, ours is on phase IV and ready for occupation I believe.  It's a pity we can't swap with someone who wants to complete but whose house is yet to be built!

We recieved an email from our solicitor 4  Dec, Victor in Vera Via Medsea our agents. We are on phase 4 plot 32 our house is finished but has no habitation liciense.  He is advising us to pay the outstanding money even though the paperwork is not fully completed (so the property is in our name)  but we are reluctant to do this because if we do not have the habitation cert . we would not be able to sell it (not that we want to) but it must mean that it is not completly ours?!  We were also hoping for white goods as some form of compensation but we are told there are no white goods because Peinsa have no money.  We have lost confidence and are reluctant to part with the remaining money plus with the pound against the euro it costing us thousand of pounds more, that we do not have.

We have only been waiting since March 2005.

Fran & John

Hi

I think there will be a number of people with the same concerns. Unfortunately at the moment the £ to € rate is an added problem for those where completion is imminent.

At the moment the site is quiet and I think, as I have for a couple of weeks, that it is unlikely that there will be any work until after the Christmas and New Year break. We have just had a bank holiday weekend last week and with the various holiday days through to January 6th it doesn't seem logical to put workers on site with so many breaks over the next 3 weeks. I would expect to see something happening on site after January 6th but nothing until then, but this is only my opinion.

I have added a few photos of the site as it is now just to show how far they have got with the build. Photos 1&2 show the half of the site built by Etosa, all the houses are built and rendered with only the front couple of rows waiting to be painted. Photos 3 & 4 show the Obralia side, again all the houses are built with only the last row still waiting to be rendered and the row before waiting to be painted. There doesn't look to be too much work left to do to finish the outsides of all the properties and have the development looking finished and for Peinsa to then focus on finishing the insides of the ones which are sold and get them ready for buyers to complete.

The last 2 show the area to the side of Mesa Pepa's loking inland along the sea-front where it has all been levelled ready for more building, I'm not sure what is going in there but they have levelled quite an area at the side of Pepa's.

Jacqui

hi

has peinsa told anyone that the builders are going on site again

Just returned from our property on phase 4. Not a lot positive to report I'm afraid. Can't see that the site has changed since we were there in October. No builders on site the three days we were there. We still have lots of snagging problems not sorted and none of them have been done although our solicitor was promised they would be. The girls in the office were not as friendly as they have been in the past. Didn't really want to know.

Neil and Sue

We have heard nothing regarding the builders going on site.

Paul

I may have same solicitor from Ambasun. Based in Vera and a female lawassistant, well into middleage. Am I on right track? If so I will have to act fast as my property was to be finished in Dec 07, and then summer 08, and now feb 09. Any ideas as to how to proceed now?

Pat

I was at the CDP sales office on 30th Dec inspecting my property on Phase 4 and met Patricia.

Due to the high demand for COHs there is still no license for Phase 4 but Peinsa are talking about a compromise agreement to enable completion.

I asked Patricia whether Peinsa would supply my white goods as compensation for the 2 year delay and to incentivise me to complete soon.

She informed me that Peinsa would not do this as they have no money, even though she admitted others before me had received this compensation.

I then asked Patricia about the financial position of Peinsa and she just said "sorry". Whether this means 'sorry I don't know', or 'I can't tell you' or 'they are going bust', but I doubt if she knows.

Like others, this is now a risky position - my deposit is at risk as I only have a BG for half of my deposit & without a COH completion is also risky as I would be dependent on using Peinsa's supply of electricity & water.

The dilemma is whether to complete ASAP regardless of the COH to protect my deposit or hold on for the COH, I am inclined to complete rahter than lose over £50K!

A few points regarding snagging that might be helpful: All doors need door stops to stop the door handles smashing the wall tiles, the grouting everwhere is poor & on the top floor terrace is almost non existant where the floor meets the walls, there is no 'proper' U bend or trap under the kithcen sink. Peinsa will supply shower hoses on completion.

Regards,

Colin