I have been trying, for the past two years, to recover my deposit on an 'Off Plan' purchase contract. The developer has agreed to cancel the contract as he is in breech of the contract, but says he has no money to repay me. He only has properties which are not yet finished.
My lawyer has not been able to find any assets of the developer accept for the unfinished properties, and therefore we have registered an embargo against the unfinished apartment specified in the purchase contract.
I understand that the embargo is valid for two years, and at the end of this period it can be repeated for a further two years.
I have two questions; First, Can the embargo be renewed every two years for as long as I want?, or can it be renewed only once?
Secondly, Can anyone give me an idea of what it may cost to renew an embargo?
I hope someone on the forum has experience of this proceedure, and is able to answer my questions.