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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 @ 11:12

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



Like 0




103 Comments


DAVID GALLAGHER said:
07 November 2008 @ 13:12

If you wish to discuss your mortgage options, please email me at david@appletreeefinance.com
I have purchased at Roda Beach recently so aware of your valid issues.

Kind Regards
David


Maria said:
07 November 2008 @ 13:15

There are rights for cancellation if you canot get financiation.

Maria


concerned said:
10 November 2008 @ 14:59

i would seriously consider exercising your right of cancellation . even if you do go ahead and complete it is very likely that your property will be worth substancially less than you paid (check resale prices on roda golf ) .
do you have guarantees that calidona will actually complete the development (look at the delays on roda ) all of this while calidona are earning interest on your money which will not be deducted from the price of the apartment !!


katy price said:
10 November 2008 @ 15:42

Hi,

Has Corvera got Bankers guarantees? If so id check them out with your lawyer and you may find some protection there. I used to be an agent and sold in Corvera I always thought it was a lovely development. I really hope evrything worls out for you


Simon said:
10 November 2008 @ 18:17

How can one prove that they do not have the finance to complete the purchase?
If you walk away, you loose all of your deposit but I don't think that you are responsible for any of the amount remaining.
The contract is for the purchase of a residential unit, although development was naturally sold with the completion of the other facilities, there is no legal obligation for it to be completed -so if the developer does go bankrupt after you have completed then that is unfortunate.
Bank guarantees will only offer some protection if the developer is in breach of contract - which at present they probably have not as the contract is very biased in favour of the developer.


concerned said:
11 November 2008 @ 11:02

you do have cancelation rights , you need a lawyer not connected to the developer .
(and no i am not a lawyer ) .


Simon said:
11 November 2008 @ 17:52

I would be really interested to hear more about cancellation rights. Surely by cancelling the contract there is no way that any of the deposit monies can be recuperated?

Please could you elaborate on this - any info would be greatly appreciated.


concerned said:
12 November 2008 @ 13:58

check with an independent lawyer not associated with the murcia area.
the cancelation is to do with consumer law and open ended contracts which as posted on these forums previously are illegal in spain .
i would suggest you had a look on this site for an independent lawyer who specialises in such matters (they are not hard to find !!).this is nothing to do with the breaking the contract it is about the legality of the contract under spanish law .



Simon said:
12 November 2008 @ 17:51

I'm still a little dubious - have you actually had any success or know of any success with this particular contract. I am aware of the questionable legality of this contract but also fearful of the erratic nature of the Spanish judicial system. Evidence of a test case would be manna from heaven!! Again any info would be much appreciated and thanks for your points.


Russ said:
29 November 2008 @ 22:38

Even if the developer is guilty of a breach of contract the corrupt Spanish legal system will not find a local developer guilty of a breach of contract.
In theory consumer law is on the purchaser's side but in practice the law is an ass. There is no such thing as a test case in Spanish law so if you were to pursue this you would be taking a gamble every time, regardless of precedent.


peter hoult said:
12 December 2008 @ 10:14

we have paid a deposit on a phase 3 apartment a corvera but obviously things were not as they were.My main concern is the prices of the property is there any renegociation on the original price,also are the bank of scotland still gaurantors for the development


concerned said:
24 December 2008 @ 12:36

regarding taking a gamble with spanish courts and cancellation rights .
i would suggest you are taking a bigger gamble trying to complete with the hope of renting to cover costs.
you will be completing on a property worth at least 30% less than your contract price rentals roughly 420 euros p/m less community fees and wear and tear .
i think i know which gamble i would rarther take !!


Russ said:
24 December 2008 @ 12:55

I absolutely agree with you Concerned - that's why this is an issue. Most people are caught between a rock and a hard place - I really don't think that any local court will rule against a local developer, resale is hopeless, rental propects are appalling in the short to medium term, it's debatable as to whether / when the resort will be completed. So it seems that the only option left to most investment buyers / those finacially struggling to complete is to try and walk away. Litigation is a dangerous and costly business in the UK let alone in Spanish regional courts.
If you are taking this route yourself then I sincerely wish you well (and would be very interested in how you get on).


concerned said:
27 December 2008 @ 21:59

it is my understanding that a court in murcia has already ruled against a major developer based in the murcia area .


Bob said:
30 December 2008 @ 16:54

To Concerned - what were the matters at issue in the court case in Murcia where a ruling went against a developer in the Murcia area.


concerned said:
30 December 2008 @ 19:37

cancellation of contract under consumer law , nothing to do with delays .


Russ said:
31 December 2008 @ 08:42

Was it an obvious breach of contract under consumer law? I understand that the Calidona contract could be criticised for not having a clearly defined completion date. Would this be a similar situation (or even the same contract??
PS should we move this debate to the Corvera forum where there may be an opportunity for PMs?


GG1 said:
05 January 2009 @ 09:47

Weol the euro rate issue has really put the kybosh on the whole deal hasnt it.... everyone owes varying amounts, for my part, I have 170,000 euros outstanding which at the euro rate for the rogional proposed completeion date was a very sensible rate of exchange, but this has now virtually doubled and none of us would have even considered the purchase of these properties at a 1:1 rate... is anyone up for a consolidated approach to the developers. Iwas thinking of something along the lines of potentially offering what the properties were valued at ( in GBP) when they SHOULD have been completed .... GG1


GG1 said:
07 January 2009 @ 19:22

Russ... where is the Corvera forum to to be found ?


Russ said:
09 January 2009 @ 09:19

Hi GG - first of all you will need to register - so go to the drop-down menu at the top left called "forums" then register. Even if you haven't register yet you can still look at the debate by using the same drop-down menu but click on "off-pla" and type in "Corvera". You will now spend a large chunk of the wekend reading this! Enjoy and bset of luck - Russ


Guernsey girl1 said:
10 January 2009 @ 19:02

just had contract checked and looks like we can walk away but will lose deposit .. lets hope developer defaults ..... yeahhhhhh right !
GG1


Dennis said:
20 January 2009 @ 13:41

Hi has anybody been given a start date for Corvera phase 3? I have contacted site twice and been told soon, this was as recently as 9th Jan 2009. The course was supposed to be ready for Summer 2008. I have asked when did they apply to town hall and had no answer.


Skiman said:
08 February 2009 @ 18:52

Hi I am new to the blogg for background I secured my 2 bed penthouse on phase 3 in March 2007 - the financial system has changed dramaticaly since then as has the builders ability to meet construction dead lines - from a business a stand point it would be prudent to walk away and recover our monies- however easy said than done this would have to be done through the courts at additinal cost / risk - what does any body think about a collective case would this be more viable - does any have any thoughts.


GG1 said:
09 February 2009 @ 12:15

as we know communication from La Corvera is , at best patchy and shall we say, rather selective ? I think as indivduals we will get nowhere.. they will not be swayed by one deal - they obviously know the situation. As for the granting of the building licence, the date is a matter of public record - granted on April 10th 2008 - so they have until October 2009 to hand over properties.The clincher is of course that we all signed for properties that didn't even have a building licence - this seems rather dodgy ground - what were we buying exactly ? what would have happened if the licence had not been granted ? They would have had our money in their bank account all that time. would they have paid us interest ???


GG1 said:
09 February 2009 @ 12:19

Oh and check the date on your bank guarantees. from memory ours run until May 2009 ... what happens if we do get handover by then ?


GG1 said:
09 February 2009 @ 12:19

Oh and check the date on your bank guarantees. from memory ours run until May 2009 ... what happens if we DON'T get handover by then ?


Guernsey girl1 said:
13 February 2009 @ 15:18

we have a further legal update :

suggestions we should :

1. Claim all the money back due to the abusive clause

If no success with this

2 Claim Money back less the 30 %

3 See what the builder proposes

if we all do the same thing we may more success. did anyone get an email form celia yesterday ref discussions with the banco popular ? If so, has anyone called to check the situation ?

GG1






lolisoco said:
28 February 2009 @ 10:01

Hi Guernsey Girl

Please would you give a bit more detail - if this a goer would be interested in potentially combining forces

Also Celia has been telling me that corvera will sue if we dont complete - and Pablo the sales guy said they are already suing Roda buyers who are pulling out - does anyone know if we can get access to what court cases are going on so we can perhaps see any precedents

Thanks

Lolisoco


concerned said:
04 March 2009 @ 11:53

calidona appear to be getting increasingly concerned about non completion on both roda and corvera , it i my understanding that if you are in litigation they cannot force completion or resell the unit .
just a thought but if enough people went down this route lets say 100 from both developments and lets say each owes 100,000 euros that is 10,000,000 euros that calidona would be short of in cash flow plus the cast of defending the claims add to this the fact that they are not selling units in any volume on either development , could calidona stand this ? if not the strength is with the buyer . as i say just a thought .


Guernsey girl1 said:
11 March 2009 @ 09:55

legal advice suggests that the contract is abusive - not least because we bought properties that didnt even have a building licence at the time of purchase. I believe that if we coordinate our responses to calidona we wil have more success. they have to come up wioth a solution. The question is do we want a solution ? Do you actually want the property or is the reasoning just to get out of the deal as beneficially as possible.?


Bobby said:
18 March 2009 @ 23:53

Calidona will not last a financial year after this one. Because of their inability to secure a written contract with the De Vere group and commit themselves to building everything to a promised schedule, they have created their own downfall. Anyone who does go through with completion will find themselves locked into negative equity (regardless of deposit payments) on a resort which will never be completed to the expectations of the purchasers. Meanwhile they will face large utility and community charges for housing blocks that are largely uninhabited and struggle for peppercorn rental incomes.
Future purchases in this resort will be neglible given the present economic climate.
Caldidona will not provide the services that they promised - look at Roda where purchasers there are now relieved at a small shop being installed on site.
Also have a look at the /www.pgaeprestige.com website and note the type of standards that are sadly lacking on Roda and will be not be present on Corvera.
What a waste of money, time and effort on everyones' behalf!!!!!!!!!!!!!!


Guernsey girl1 said:
19 March 2009 @ 13:23

Bobby. Can you advise where you found out about the de Vere contract situation ? is there another site I can look at ?
GG


Guernsey girl1 said:
19 March 2009 @ 13:34

Oh, and did everyone get an email from banco Poular re their rather expensive mortgage offer ? ....As if anyone is going to sign a document that looks like that ? It looked rather desperate I thought... GG


Ellon said:
10 May 2009 @ 20:18

If anyone is interested in joining forces then let me know - Please


roy said:
31 May 2009 @ 18:05

Hi all
Roda golf have just filed a Judicial claim against me in the local courts to force me to complete on a property i no longer want due to all the reasons post.
Is anyone else in the same boat who would be interested in joining forces or has any information on what the changes are of Roda successful forcing me to complete or what happens if i just walk away ( I know I will lose my deposit ) is there any redress thru the UK courts to me.



Parkers said:
31 May 2009 @ 20:01

We have just joined this blog and have read the comments with great interest.
If there were to be any kind of 'class action' we would definitely be interested in finding out more information. Please post more info here and we will join in with the debate.
We are in phase 2 of Corvera and are getting distinctly uneasy about our planned purchases particularly in light of the current world economy and also the information above regarding legal action against people not completing. This sounds like an act of desperation.


Parkers said:
31 May 2009 @ 20:40

We have just joined this blog and have read the comments with great interest.
If there were to be any kind of 'class action' we would definitely be interested in finding out more information. Please post more info here and we will join in with the debate.
We are in phase 2 of Corvera and are getting distinctly uneasy about our planned purchases particularly in light of the current world economy and also the information above regarding legal action against people not completing. This sounds like an act of desperation.


Parkers said:
31 May 2009 @ 20:51

FYI, we are also planning a trip out to Spain at the end of August so that we can look at the Corvera development first hand and also talk to their staff face to face. Personally, we find the telephone calls and the e-mails very slow and frustrating and have decided that the only way to make any progress is to deal with them directly and in person.
If anyone has any advice and/or comments, please feel free to send them over.


Parkers said:
31 May 2009 @ 21:57

FYI, we are also planning a trip out to Spain at the end of August so that we can look at the Corvera development first hand and also talk to their staff face to face. Personally, we find the telephone calls and the e-mails very slow and frustrating and have decided that the only way to make any progress is to deal with them directly and in person.
If anyone has any advice and/or comments, please feel free to send them over.


BN said:
28 June 2009 @ 15:35

We are supposed to complete mid July on a property in phase 1. I am now exremely concerned and have booked a flight for next week to get a "gut feeling" about the place before I complete. I would like to pull out but losing my deposit 80,000 plus euros hurts.However losing even more seems worse.Has anyone got a good solicitor they could recommend?


Julie Fisher said:
01 July 2009 @ 18:02

I have just completed on my phase 2 tilo apartment and i am extremely pleased with the apartment and the development generally, i cannot understand all the negative comments, i have bought property in Spain before and i have to say Calidona
are a breath of fresh air compared to some other developers.
Yes it might still be three or four years before values return to sale prices but unless you were simply in for a quick buck who cares. It's going to be in the top 10 golf resorts in Spain without a doubt !


Julie Fisher said:
01 July 2009 @ 18:02

I have just completed on my phase 2 tilo apartment and i am extremely pleased with the apartment and the development generally, i cannot understand all the negative comments, i have bought property in Spain before and i have to say Calidona
are a breath of fresh air compared to some other developers.
Yes it might still be three or four years before values return to sale prices but unless you were simply in for a quick buck who cares. It's going to be in the top 10 golf resorts in Spain without a doubt !


Roy said:
05 July 2009 @ 13:04

Hi Julie and I ma glad that you ae happy with the property as we have now checked a number of properties and the buyers have been very happy with the finish and ongoing development of the facilities

The problem is that you really have to go into the site to see the amount of development


Matt Baker said:
08 July 2009 @ 23:46

I am just about to complete next week on my 2 bed Tilo on phase one and I really dont understand what all the negative issues are too. Covera personnel have been extremely helpful; quick to get back to emails and phone calls and the whole process has been painless. I secured a mortgage with no problem though the only problem for me has been the exchange rate. You cant have everything in life being perfect; stay positive and move on its not always going to be like that.

For all the fortunate ones who are going to complete; this resort is going to be world class and the quality is incredible. As Julie mentioned its only a matter of time when prices rise and people shouldnt have been in the market for a quick buck.

Golfers are generally not poor and if there is a good golf course then they will pay the money to play and stay at the resort. i live in Surrey surrounded by some of the worlds best courses and greens are full. Dont worry rental returns should be OK; give it a year I am sure it will be fine!

I personally cant wait to complete and meet my fellow neighbours. Goodluck to you all on your purchase; i dont think you will need it!


concerned said:
12 July 2009 @ 23:03

julie , prices in spain are not forcast to stop falling for another 3 - 4 years !! it will be many years after that before your property is worh what you even paid for it let alone moves into posative terratory , all that is assuming calidona even complete the resort afterall roda is a lot further advanced and nowhere near complete and just look at the resale values on that resort !!


interested said:
23 July 2009 @ 23:45

can anyone advise on contact details if we are going to proceed with a case against Calidona on the ' abusive contract' issue at Corvera. I would be interested in this option since because of the late completion etc the banks have changed their lending criteria which affects me adversely. Any more info also on cancellation rights and a good lawyer!


Lisa Hallsworth said:
28 July 2009 @ 21:03

Hi everyone, we are in the process of completing on a Phase 2 Menta in December but have heard through the Banco de Valencia that this may be September or October. We have brought for rental purposes to pay off the mortgage and our concerns are that the golf course at Corvera isn't complete yet and is the 5 star hotel going to be built after all? We can't afford to lose the deposit but are concerned as everyone else is. Can anyone recommend a good bank, Banco Valencia do pay your fees but their rate is 4%. Does anyone know how the golf course is coming along. Also we would drop out today if we could get our deposit back!
David and Lisa Hallsworth


Julie Fisher said:
30 July 2009 @ 08:50

I have heard rumours that solicitors like to post negative comments on internet property forums and then prey on worried buyers to gain clients and make money, has anyone seen anything like that on this forum ? I have just been to stay in my new tilo apartment and it is fantastic, buying off plan is always a risk but i truly think this development will be one
of the top golf resorts in Spain in a few years time. I don't expect any rental bookings for my apartment for at least a year,
if i get any it will be a bonus and i don't expect to get 1.50 Euro for my pound again anytime soon, but i am in this for the long haul and i think i'm backing a winner in Corvera !
(P.S. if the hotel is not built immediately that will surely boost
apartment rentals wouldn't it ?


Julie Fisher said:
30 July 2009 @ 08:52

I have heard rumours that solicitors like to post negative comments on internet property forums and then prey on worried buyers to gain clients and make money, has anyone seen anything like that on this forum ? I have just been to stay in my new tilo apartment and it is fantastic, buying off plan is always a risk but i truly think this development will be one
of the top golf resorts in Spain in a few years time. I don't expect any rental bookings for my apartment for at least a year,
if i get any it will be a bonus and i don't expect to get 1.50 Euro for my pound again anytime soon, but i am in this for the long haul and i think i'm backing a winner in Corvera !
(P.S. if the hotel is not built immediately that will surely boost
apartment rentals wouldn't it ?)


concerned said:
31 July 2009 @ 16:21

julie ,
the hotel is not built on roda and the rentals are pityfull , and that has all the local facalaties beaches restarants etc and is also a number of years in front of corvera .
these comments are not negative against corvera but FACT


concerned said:
31 July 2009 @ 16:22

julie ,
the hotel is not built on roda and the rentals are pityfull , and that has all the local facalaties beaches restarants etc and is also a number of years in front of corvera .
these comments are not negative against corvera but FACT of what is actually happening as a pose to what you would like to happen .


Geoff Devereaux said:
04 August 2009 @ 11:13

Hi everyone, I own a phase one apartment on the north island, i am very happy with my apartment but i would have liked to see the golf course open by now. I believe in self help so i have two suggestions for all buyers at Corvera, FIRSTLY it would be a good idea to contact golf travel and tour operators in the UK
and Spain to make sure they are aware of the resort and the imminent opening of the golf course and SECONDLY i would suggest owners send an email, phone or write a letter to De Vere Hotels head office in the UK to encourage them to make a positive decision on the Corvera Hotel when they are due to do so at their board meeting in December 2009. The more tour operators and golf rental companies that know about the resort
the better and if De Vere think there is a lot of support out there they will be more inclined to go ahead with their Corvera Golf Hotel Management Contract. Even as a Corvera Property Owner i intend to use the Hotel and Spa Facilities when they do eventually open and i suspect a lot of other owners will too.


Geoff Devereaux said:
04 August 2009 @ 11:13

Hi everyone, I own a phase one apartment on the north island, i am very happy with my apartment but i would have liked to see the golf course open by now. I believe in self help so i have two suggestions for all buyers at Corvera, FIRSTLY it would be a good idea to contact golf travel and tour operators in the UK
and Spain to make sure they are aware of the resort and the imminent opening of the golf course and SECONDLY i would suggest owners send an email, phone or write a letter to De Vere Hotels head office in the UK to encourage them to make a positive decision on the Corvera Hotel when they are due to do so at their board meeting in December 2009. The more tour operators and golf rental companies that know about the resort
the better and if De Vere think there is a lot of support out there they will be more inclined to go ahead with their Corvera Golf Hotel Management Contract. Even as a Corvera Property Owner i intend to use the Hotel and Spa Facilities when they do eventually open and i suspect a lot of other owners will too.


Roy Howitt said:
05 August 2009 @ 08:35

As many people know I have now checked, snagged, a large number of properties on this development and the thing that I notice most is the chenge of attitude form buyers once they have been on to the site and actually seen their properties

You mentiin rentals on RODA and I have some friends and contacts who successfully rent on RODA however they have to work at it, advertise on the right websites, and they don´t rely on rentals via the rODA scheme

I woudl expect, because of the location and proximity to the new airport, that the hotel on Corbera will be bulit before RODA as the problem with a hotel in this area is the amount of established competition. Just look at the 4 star hotel and spa locally Serena Golf which closed after 6 months because they couldn´t cover their costs and now sits empty with the pool going green

On the topic of lawyer yes of course they post as they are in a win win position as they get paid win or loose. Some are quiet because they relied on property completions and they don´t offer a no win no fee service, perhaps they would if they were confident of winning

I believe the key will be the result of the number of cases going through the courts


concerned said:
05 August 2009 @ 11:48

roy ,
you mention the number if court cases against the developer (calidona ) are you aware how many ? or indeed if there have already been some through the courts ? if so are you aware of there outcome as it has been posted elsewhere that calidona had won a case if that were true i would have assumed that they would have publicised the fact to fire a warning shot at the people continuing with cases . we know that recently murcia courts have ruled against local developers this has been well publicised however i can find no mention of caidonas alleged victory in court i would have assumed if a developer of calidonas stature had been successful in court this would also have been publisised .
i am sure a lot of people reading this would be greatful of the FACTS of the situation if you are able to throw any light on the matter .


Roy Howitt said:
05 August 2009 @ 20:30

I am sorry but like you I have only heard rumours that Calidona have won a number of early cases but again this was via the developers staff and I have NO PROOF of this

Like you I also believe that this deveoper would be promoting any victorys in the Courts

You probably know that there is an owners forum with a closed legal section but again no public information on the number of cases and estimates vary

I am aware of a number of recent cases that have gone through the Courts where rulings have gone against the developers but these have been where they have failed to deliver properties to the agreed timesales not facilities and this has included Peinsa and MASA

I am also aware that in some recent cases against Polaris World the Courts found in favour on the developer

Again I do know, having checked more than 20 properties,from the real reactions form people that have come to the site for completions they are a lot more positive once they have visited the site

Again though realistically it will be tough renting these properties prior to the facilities being available apart form friends and family and other people completing


concerned said:
06 August 2009 @ 14:27

roy ,
many thanks for your factual and as usual unbiased account of the situation .
i guess we will just have to wait and see the outcome of the current court cases as it would appear there is no FACTUAL information regarding calidonas claims (which appear to originate from there own staff !!) .


concerned said:
07 August 2009 @ 20:01

roy ,
if the courts have found in favour of the developer when they have said they will provide the facalaties in the future , would it not be the case then the buyer could use the same argument that they are happy to complete once all the facalaties are in place and not before ? afterall they are not saying they will not complete merly they will complete once the facalaties are in place . that would appear to be a logical way forward as its in both parties interests to move forward .


joebloggs said:
11 August 2009 @ 00:33

Hi Maria,

What happens if because of ill health I cant get a mortgage.


joebloggs said:
11 August 2009 @ 00:36

Hi Maria,

What happens if because of ill health I cant get a mortgage.


Lisa Hallsworth said:
20 August 2009 @ 22:34

We are going out to visit our Menta apartment early September but are having trouble getting a mortgage. Does anyone know if you can get at least part of your deposit back if you cannot get one? My solicitors are absolutely useless so can't get a response from them. I've read that the airport will be completed in Summer 2010 which no doubt will bring a lot of people to the area. I've also been advised not to let Corvera push us to complete before late December at least as they are trying to get owners to complete before the apartments are actually ready to furnish etc.


Lisa Hallsworth said:
24 August 2009 @ 19:40

Can anyone confirm that the lending rate is now 70% against the value of the property? We were told it was 80% at the time of deposit. Also, has anyone had a quotation from Henry Slade Mortgage Advisor and can anyone comment on what he quotes.



MdM said:
01 September 2009 @ 20:51

Lisa,

I can confirm our mortgage rate was 70%. We took out several quotes and finally went with one provided by Henry Slade as the most competitive.


Aussie Girl said:
10 September 2009 @ 03:25

Hi all

I am new to this forum but I feel less stressed having read all your comments. Like many of you, I have purchased properties at Corvera and is now being forced by the developer to settle otherwise I've been threatened with a law suit. In fact, I just spoke to a Corvera staff yesterday and she mentioned that they have won all the cases where clients have sued them.

I am skeptical but will be interested to find out more if anyone know of any current or past cases or even join forces.

I am also unable to obtain a mortgage due to the tighter funding of Spanish banks especially when I am a foreigner (I am from Australia). The talk about taking over the developer's mortgage and borrowing 70% has all been false where I am concerned, I am met with difficulties and reluctance ever since I applied 6 months ago.

I am at loss as to how to proceed, whether it will be a total disaster to try to settle or just try to fight the developer if court case does eventuate. They've also mentioned that they can come after my assets in Australia.

So any comments/feedback and advices would be greatly appreciated.

Thanks


GG1 said:
23 September 2009 @ 11:25

Hi all,
we have been through the mill. trying to finding an affordable solution to the purchase of our apartment at corvera and from our perspective it simply cant be done.The extra money to complete the deal is mre expensive than the 70% mortgage and we just dont have it. The pound / euro rate decline has made things worse. There is a class action going on at the moment but the 160 people involved have just battened down the hatches ready for a big push, so I would expect to see something imminently. I think there is a very big question mark about how sustainable La Corvera will be with so many defaulters and while i think it looks great, with so many people pulling out and therefore not paying service charge, how long will it stay like that ? It would decline quite fast. The hotel build is based on Calidona building it and de vere renting it back over a long period. The £20m required to build it willbe hard to find for calidona so I wouldnt hold your breath on that. I wish you all luck, and am really sad that we wont be joining you at the 19th.
Adios amigos ! GG1


GG1 said:
23 September 2009 @ 11:25

Hi all,
we have been through the mill. trying to finding an affordable solution to the purchase of our apartment at corvera and from our perspective it simply cant be done.The extra money to complete the deal is mre expensive than the 70% mortgage and we just dont have it. The pound / euro rate decline has made things worse. There is a class action going on at the moment but the 160 people involved have just battened down the hatches ready for a big push, so I would expect to see something imminently. I think there is a very big question mark about how sustainable La Corvera will be with so many defaulters and while i think it looks great, with so many people pulling out and therefore not paying service charge, how long will it stay like that ? It would decline quite fast. The hotel build is based on Calidona building it and de vere renting it back over a long period. The £20m required to build it willbe hard to find for calidona so I wouldnt hold your breath on that. I wish you all luck, and am really sad that we wont be joining you at the 19th.
Adios amigos ! GG1


Barmy Bill said:
02 October 2009 @ 10:57

We have been trying to pull out of our contract at Roda golf for over 2 years now following broken promises. In all this has been going on over 4.5 years now and it becomes extremely wearing. No solutions have been offered and Roda are now taking us to court. We have had 2 sets of Spanish lawyers who both started confidently about our chances then as time goes on the picture gets worse. We felt so strongly about this that we decided we would prefer to loose the money paid to date rather than complete. But Roda have now engaged a UK solicitor to apply pressure on us for completion advising us that when Roda win the case in Spain they will pursue us through him to obtain our Uk assets for the completion and all of Rodas costs. The more I hear the less hope I have that we will ever win in the Spanish system.


Barmy Bill said:
02 October 2009 @ 10:57

We have been trying to pull out of our contract at Roda golf for over 2 years now following broken promises. In all this has been going on over 4.5 years now and it becomes extremely wearing. No solutions have been offered and Roda are now taking us to court. We have had 2 sets of Spanish lawyers who both started confidently about our chances then as time goes on the picture gets worse. We felt so strongly about this that we decided we would prefer to loose the money paid to date rather than complete. But Roda have now engaged a UK solicitor to apply pressure on us for completion advising us that when Roda win the case in Spain they will pursue us through him to obtain our Uk assets for the completion and all of Rodas costs. The more I hear the less hope I have that we will ever win in the Spanish system.


Osprey 15 said:
11 October 2009 @ 23:16

I have also purchased on phase 3 and have had the same sell as everyone thinking that the building license was already in place as Calidona gave me a anticipated completion date of March 09 so why question if the license was outstanding.

i visited Corvera last month to see progress, and they were actually setting up the cranes for phase 3. When I asked the Calidona staff if the licenses were in place, they told me to discuss with my solicitor, i have checked with my Spanish solicitor who has remained silent for the last month.

As mentioned above if the licenses were in fact issue in 08 and expire in Oct 09, then this should be an avenue for default as they will not complete by this date.

I have unfortunately lost confidence in my purchase and would like to pull out rather than throw good money after bad especially if there is a large number of purchasers looking to do the same.

I know that the Corvera owners forum has closed down and is now dedicated to a legal group, it would be good to see how progress is going (if any one has an update|) so that possibly another group could be formed to maintain momentum. I welcome your thoughts


Yorkie said:
30 October 2009 @ 15:39

Read with interest all of the above, not sure if some of the pro corverra comments are genuine or not, We are due to complete I don't have any intention due to all the reasons mentioned above. IO would be happy to support any other objectors,as there really hasn't been much fair play in these purchases. If there are any groups that wish to band together count me in


Paul said:
02 November 2009 @ 19:28

To join the Corvera Owners forum you have to be a client of the site's solicitor - I think someone said earlier in the thread about solicitors cashing in on peoples mis-fortune?? If this is a genuine site then why do you have to be a client?


Paul said:
02 November 2009 @ 19:40

To join the Corvera Owners forum you have to be a client of the site's solicitor - I think someone said earlier in the thread about solicitors cashing in on peoples mis-fortune?? If this is a genuine site then why do you have to be a client?


GG 1 said:
19 November 2009 @ 22:11

Hi all,
we were at corvera at the weekend and it looks fabulous. we still havent managed to find the shortfall in the money in an affordable way but we are hoping to do so. We have heard about people being sued but noone has shown us any cases. Our solicitors were also very confident at the outset and now have advsied us to complete if at all possible . We are trying but...
The whole thing looks as great as we all hoped it would when we embarked on this whole sorry saga and Id love to have my dream holiday home there but I still dont see how . and as for suing us all... mY GOd they will be kept in court for a few years wont they.. and they lied to us. I wento an overseas exhibition in 2005 where they said the first homes would be complete in November 2006. Nothing in writing but they said it alright. Seems its one rule for them and another for us.
But hey. whats the worst they can do.... shoot us ???? GG1


GG 1 said:
19 November 2009 @ 22:12

Hi all,
we were at corvera at the weekend and it looks fabulous. we still havent managed to find the shortfall in the money in an affordable way but we are hoping to do so. We have heard about people being sued but noone has shown us any cases. Our solicitors were also very confident at the outset and now have advsied us to complete if at all possible . We are trying but...
The whole thing looks as great as we all hoped it would when we embarked on this whole sorry saga and Id love to have my dream holiday home there but I still dont see how . and as for suing us all... mY GOd they will be kept in court for a few years wont they.. and they lied to us. I wento an overseas exhibition in 2005 where they said the first homes would be complete in November 2006. Nothing in writing but they said it alright. Seems its one rule for them and another for us.
But hey. whats the worst they can do.... shoot us ???? GG1


Very concerned said:
29 December 2009 @ 11:15

I've read these posts with interest - if you are happy with the resort as it stands then good luck to you. However with the Spanish depression, Polaris world collapsing, Calidona's past form and non-commitment from De Vere, you will not see any additional facilities in the forseeable future. It's more likely that the developer will go into administration.
The market for this type of property is well and truly finished and prices will have to drop much further. This is obvious.


Very concerned said:
29 December 2009 @ 11:15

I've read these posts with interest - if you are happy with the resort as it stands then good luck to you. However with the Spanish depression, Polaris world collapsing, Calidona's past form and non-commitment from De Vere, you will not see any additional facilities in the forseeable future. It's more likely that the developer will go into administration.
The market for this type of property is well and truly finished and prices will have to drop much further. This is obvious.


P Reynolds said:
02 February 2010 @ 17:14

Its quite obvious that Calidona did not have sufficient finance from the beginning and were relying on peoples deposits to prop themselves up and keep up with any bank loans/interest and conveniently build when it suited them.
We have a situation where they promise to build/finish the property after 1-1/2 years once a licence was granted. How convenient and smacks of protecting themselves and using the money to their advantage.
Nobody would have put very large deposits down and then wait 4 years for completion to use/rent their property if they had known.
Very convenient this licence thing - do some ground work but not a brick above ground level. Do the minimum and make it look good and leave it for 1-1/12 to 2 years. Was the Mayor/Council on permanent holiday???
How can they expect people to rent mainly to golfers with no clubhouse and a delayed golf course although completed will take months to mature compared with numerous other Spanish golf courses. The course is being used before its really ready but conveniently Calidona say its ready - and its free!!!
Never mind we can always change round the back of the car and have a picnic outside instead of the great Clubhouse that was promised with all the other flowery literature.
As for the hotel forget it for years and the airport has been delayed and that wont be ready until the end of 2011 as financial problems have plaqued that as well.
All you can see here is financial meltdown for Calidona. With no hotel there will be no PGA Golf Academy as Pros are not going to sleep in a tented village and it will go somewhere else unless something happens positively at Corvera.
I was very enthusiastic about Corvera but that was 5 years ago.
The Spanish Government needs to sort out this problem out but as we know with the British Government its unlikely while they continue to claim their expenses and do nothing until there is a big revolt from buyers around the world.
I have had four frustrating years looking at the so called progress with my Son who is buying a (phase 1) two bed top floor apartment and have visited the site five times so I do have first hand experience.
He wants to come out of this and a package received from an English Solicitor to frightem into submission is typical of Calidonas panic situation in which they are using a cheap way out. There is only one way this Company is going and that is bust...!!!!


P Reynolds said:
02 February 2010 @ 17:18

Its quite obvious that Calidona did not have sufficient finance from the beginning and were relying on peoples deposits to prop themselves up and keep up with any bank loans/interest and conveniently build when it suited them.
We have a situation where they promise to build/finish the property after 1-1/2 years once a licence was granted. How convenient and smacks of protecting themselves and using the money to their advantage.
Nobody would have put very large deposits down and then wait 4 years for completion to use/rent their property if they had known.
Very convenient this licence thing - do some ground work but not a brick above ground level. Do the minimum and make it look good and leave it for 1-1/12 to 2 years. Was the Mayor/Council on permanent holiday???
How can they expect people to rent mainly to golfers with no clubhouse and a delayed golf course although completed will take months to mature compared with numerous other Spanish golf courses. The course is being used before its really ready but conveniently Calidona say its ready - and its free!!!
Never mind we can always change round the back of the car and have a picnic outside instead of the great Clubhouse that was promised with all the other flowery literature.
As for the hotel forget it for years and the airport has been delayed and that wont be ready until the end of 2011 as financial problems have plaqued that as well.
All you can see here is financial meltdown for Calidona. With no hotel there will be no PGA Golf Academy as Pros are not going to sleep in a tented village and it will go somewhere else unless something happens positively at Corvera.
I was very enthusiastic about Corvera but that was 5 years ago.
The Spanish Government needs to sort out this problem out but as we know with the British Government its unlikely while they continue to claim their expenses and do nothing until there is a big revolt from buyers around the world.
I have had four frustrating years looking at the so called progress with my Son who is buying a (phase 1) two bed top floor apartment and have visited the site five times so I do have first hand experience.
He wants to come out of this and a package received from an English Solicitor to frighten him into submission is typical of Calidonas panic situation in which they are using a cheap way out. There is only one way this Company is going and that is bust...!!!!


Brian said:
08 March 2010 @ 13:43

Hi

I've been advised there are several lawyers setting up class actionst at Corvera. Can anyone point me in the right direction? I can't seem to find the thread. My current lawyers have refused to sue claiming we have no chances of winning, but I don't think I can trust them anymore.


Bob Grainge said:
09 March 2010 @ 22:14

I understand that RDT Solicitors are assisting buyers. I am talking to them at present.


skiman said:
14 April 2010 @ 20:55

Did anyone read the mail on Sunday article about MRI?


Adam Grallae said:
06 May 2010 @ 16:42

NOT A SINGLE BRICK LAID - Views welcome.

We purchased several villas as an investment in phase 3 nearly 3 years ago. To date not a single brick has been laid and the building licence still not been given. Whilst Corvera's legal team will tell you that they are not in any breach of contract the simple fact is that they have taken a large amount of money on an open ended contract. We have also been misled with reference to the facilities that would be available.

We are currently in discussions with our own legal team on taking proceedings up with Corvera and would welcome contact from others in the same position as ourselves ie. NOT A SINGLE BRICK LAID.

Please contract me via email at adam.grallae@gmail.com.

Thank you



GG1 said:
26 May 2010 @ 18:24

Hi everyone, after a lot of to-ing and fro-ing we have completed at la corvera. I have to say we looked at the legal aspect and found oursleves completely at a loss to get out of the deal. if you look at the class action minutes which are now widely available on google ( just type in corvera confidential minutes ) minutes of Tamworth meeting march 2010, you will see that the action could take up to six years, a great deal of money and no guarantee of success. weve managed to get an interest only mortgage for the next three years and moved into out aprtment two weeks ago. no the work on the club house seems to have stopped but the resort looks gorgeous ( albeit a hint of a wild west town about it ) but Im sure if you could just manage to complete if you cant use it for a few years, the value will come back .. I guess it depends why you bought in the first place .. Im skint but Im really proud of it. all we have to do now is hold on to it ! GG1


realist said:
27 May 2010 @ 19:32

wild west is about right , middle of nowhere built (or rarther semi built) by a bunch of cowboys .


shudi said:
01 June 2010 @ 23:50

GG1, Congratulations on the completion. I'm sure many more would be doing the same if the £ was still 1.45 €.


mike and cindy edwards said:
02 August 2010 @ 19:08

cindy and I paid a deposit of 77,000 euros < at 1.52 to the £ !! > in Jan.2007, on a 3 bed.appartment, Phase 3 < off-plan obviously > Purchase price 240 K ,or 256.8 K with IVA!! This was equivalent to £50,650.
We've been to Corvera annually since , NO PHASE 3.
We will be going again in mid-Sept. to see if the clubhouse is built and to see if there is any signs of Phase 3!
Our outstanding balance to Corvera ON COMPLETION is 180,000 euros OR £ 150,000 at 1.2 euros/ £. It WOULD HAVE BEEN £118,421 at 1.52 to the pound. This represents an INCREASE IN REAL COSTS of £31,579 !
the properties market in Spain has SLUMPED and our appartment will be worth approx.£ 170,000 , IF WE COULD SELL IT !!!
SO we say bye - bye to £ 50.65 K and we SAVE £ 31.5 + < £240 - £ 170 K > which is £ 101.5 THOUSAND POUNDS !! Any legal action adds to the overall debt as it seems VERY UNLIKELY TO SUCCEED ! no brainer, or am I a complete , gullible , easy target, foreign GIT who foolishly wanted a comfortable , warm , holiday home . Answers on a 50 euros note please, B4 they are phased out.




TC (big cat) said:
04 August 2010 @ 22:18

Hi
me and my husband have also bought at Corvera (phase 3) and we have lost faith in our legal team. I am currently trying to enrol the services of Maria L De Castro, costaluz lawyers. They have a web site and there's very positive testimonials regarding her successes in getting people their deposits back. I have only just been informed by the legal team that we have onle one bank gaurantee in place and this is now expired (which apparently is against Spanish Law).


TC (big cat) said:
04 August 2010 @ 22:20

Hi
me and my husband have also bought at Corvera (phase 3) and we have lost faith in our legal team. I am currently trying to enrol the services of Maria L De Castro, costaluz lawyers. They have a web site and there's very positive testimonials regarding her successes in getting people their deposits back. I have only just been informed by the legal team that we have only one bank gaurantee in place and this is now expired (which apparently is against Spanish Law).


MRI said:
06 September 2010 @ 15:19

The golf resort doesn't look like they're doing too well, money-wise. Allegedly they haven't paid their leccy bill for around 2 years and have been cut off. All buildings are on generator electricity (allegedly) - street lights come from the council so that's different.


canyon said:
16 September 2010 @ 15:08

Hello all.

Has anyone had experience of RDT Solicitors please? We are considering using them and were hoping to get a reference if possible.

Thanks in advance


Callaway X22 Review said:
09 March 2011 @ 06:22

La Corvera sounds like an interesting place to be all in all.
If I am need of some funds or fun, I am gonna give it a go.


Callaway X22 Review said:
09 March 2011 @ 06:22

La Corvera sounds like an interesting place to be all in all.
If I am need of some funds or fun, I am gonna give it a go.


MRI said:
11 April 2011 @ 09:28

600 dwellings still incomplete, all the buggies locked away for good, golf pro shop closed, no ball collection on driving range (i.e. closed), talking of withdrawing security staff, horse riding centre closed. Still no hotel, supermarket, club house. I'm sure the promotors have paid themselves handsomely and ringfenced the dosh. Banks reposession of the development looks inevitable.



MRI said:
11 April 2011 @ 09:32

('Incomplete' in this sense meaning built but escritura not completed. E.g. final payment not made - see previous posts for examples.)



realist said:
11 May 2011 @ 15:34

i have been informed from a local source in murcia that calidona are preparing to pull out of the corvera development as it quite simply is not worth building anymore facalaties , with the closure of the pros shop , driving range , no buggies , badly maintained golf course not to mention the lack of clubhouse , combine this with people activly being encourage to swap to unsold units on roda and a large number of impending court cases its not hard to imagine this information being correct .



Anita said:
19 August 2011 @ 17:03

Work on the Clubhouse has now restarted with an anticipated opening in April 2012.



Mark Fiddy said:
29 August 2011 @ 20:07

According to Irwin Mitchell solicitors (UK Firm, but Marbella office) Calidonia do not have planning permission for Phase 3 or 4. Whilst the Clubhouse is being rebuilt at present Irwin Mitchell do not believe any further building will be allowed. They have just won a preliminary hearing on behalf of 10 clients and a court date has been set for July 2012 for the full hearing. The Spanish Judge has ruled that there is a case for Calidonia to answer.


Anita said:
14 February 2012 @ 10:08

Clubhouse still on track to complete for Easter 2012. It includes a spa, gym, pro shop, small supermarket, restaurant, bar, outside seating, private function room - looks fantastic with beautiful views over the course. Can't wait!!


Cameron Coutts said:
26 April 2012 @ 18:27

Can any one give me an email adress for Rosa Mari Barreiro Orallo


realist said:
23 October 2012 @ 15:21

still waiting anita !!


m chitroda said:
27 July 2013 @ 20:15

does anyone know what is happing about corvera golf court case


m chitroda said:
12 December 2013 @ 20:52

hello,
Does any one knows what is happing about corvera golf court case in murcia sept 2013 any result from court


m chitroda


mariadecastro said:
30 September 2014 @ 13:14

General Guarantees for phases 3 and 4 found


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