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La corvera .. what next ?

Like many others , we are due to take posession of our apartment at La Corvera around June / July 2009 . I have afew questions for other wannabee owners about their solutions to obvious current financial problems and also want to understand what happens if we CAN find the money, wil we be lfet on abuilding site beacsue most people will be forced to default ?

La Corvera Golf and Country club
07 November 2008

Morning everyone... 
My husband and I  until very recently were very eagerly anaticiapting the handover of our apartment in the "cookie" at La Corvera. Obviously since we purchased initally and the original "deadline" was missed ( mmm.. yes who read the small print about the granting of buidling liecences ?)  the interest rates have gone up, exchange has become more confusing and of course, even getting the mortage has bencome excptionally difficult in our home country, we have as yet not even started to look for a mortgage on the spanish property. I have several questions, or discussion points at least ...

1. Which banks are going to lend on a property that is 
a) in Spain, where property values have plummeted
b) where even if you wanted to you couldnt sell
c) where the rental market is going to be saturated with property and where potential renters will be in short supply  so any income to offset the mortgage may be non existent.

2. if you can get a mortgage,
a) what happens if you pay out on your new holiday home but 70% of the other purchasers default. how can the development be completed, and if it isnt, will you be left on a building site with no facilities to speak of.. and ceratinly no PGA headquarters, Meridian Hotel or golf club ?

3. What happens if you walk away...


4. Has anyone had any conversations with the developer re any of this and if so, what was their reaction ?

Lets get the debate going here please ...

GG1



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