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19 Nov 2006 12:00 AM by markstanley Star rating in Worcester UK. 43 forum posts Send private message

For Information

After speaking with the contacts from Sea Golf Regency and looking at the problems they are now having with the Apartment Hotel "Turisto" we have instructed our lawyers to proceed with requesting our deposit plus legal interest of 6% plus costs back from the administrators.

I sent a mail to everyone who contacted me directly to explain the situation.

I'm very disappointed as we were really looking forward to a place in Spain.

There is still no excuses for the complete un profesionalism we have all received including the owners of Sea Golf Regency from Ocean Estates and there complete lack of interest  in our current situation.

It would be interesting if individuals who have requested and even successfully received there deposit back post to the forum and share there experience with others who are in the same situation and going through the same issues.

For your information I have been contacted by another lawyer Maria de Castro of http://www.costaluzlawyers.es/ offering her services to help get monies back.

This was out of the blue and I  see she has also posted on the Sea Golf Regency message board offering services. If anyone has any experience of them it might be also worth posting feedback. Bear in mind though this is another Spanish lawyer who is offering to help out once you sign over to her to allow to act on your behalf and you cross her palm with silver.

Below are the question I sent to her

Maria
 
What are the chances of getting the deposits and legal interest back ? I think 100% as every cancellation is implicitly linked to devolution of interests and even expenses involved.
 
In what timeframe will they be paying the money back ? The Judicial Administrators told me they were having a meeting with the JUdge at the beginning of December, I guess that at the beginning of next year 2007, you will have it back.
 
Do you feel this is a development that may be categorised as a High Risk ?  I am sorry but I don´t understand that question.
 
What would be the process if we wanted you to assist in getting deposits back ? You all will  just need to communicate to the judicial Administrators that I am your lawyer. Then, I will send  the formal request by fax ( I would need you to fax your contracts to me in order to prepare that request), as they have asked me to do  for another owner. They will bring  all that to be approved by the Judge at their meeting of the beginnng of December.
 
How much would this cost ? I am sending to you the scale of our Bar Association for claimings of amounts. If we get an out of courts solution just  the 30% is charged ( time-percentage scale also attached). We request 1200 euros as provision of funds.

I hope this information helps

Regards

Mark

 



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19 Nov 2006 3:56 PM by EOS Team Star rating in In Spain of course!. 4015 forum posts Send private message

EOS Team´s avatar
Hi markstanley

Maria de Castro is one of the few lawyers that we personally recommend to people.  She is extremely professional and comes from a family of lawyers.  We are actually in the process to offering some further services soon to our members with Maria due to her knowledge and efficiency.

In fact, we recently referred a friend of ours to Maria as they were trying to get their deposit back due to late completion and after her the previous lawyer failed Maria has actually managaed to secure the return of funds within two weeks.

Therefore, Maria comes highly recommended from our point of view.  It's usually very difficult to recommend a good lawyer in Spain as they are just so hard to find!

Regards

Justin

_______________________

Schools in Spain Guide | The Expat Files | Learn Spanish | Earn a living in Spain



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23 Nov 2006 4:13 PM by hs Star rating. 3 forum posts Send private message

We too got fed up with the whole situation and asked our lawyer to cancel the contract and apply for a refund with interests. We have just heard from our lawyer who said the judge has just authorized the administrator to give us back the money. We will be glad to put all this behind us and would be very reluctant to consider buying off plan again.


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07 Jan 2007 12:21 PM by Pat121 Star rating. 1 forum posts Send private message

have you got your refund yet. also searching the web under Alleerton Holding sl produced interesting read. Question once again to ask Ocean, why were they still marketing Aureus in 2005 when the company accounts were frozen and directors arrested on 20 february 2005.


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11 Jan 2007 4:24 PM by Jwalls Star rating in Scotland. 5 forum posts Send private message

Our lawyer had a conversation with the Administrators today and has been told that due to lack of funds no deposits will be refunded until completion of the remaining contracts in February or March.  Further still they have indicated that it may take many months after that before anyone receives their monies as they have had so many cancellation requests.  However, our lawyer is very confident that we will have our deposits refunded but that we will have to be very patient. Has anyone else been given this update?

_______________________
Best Regards, Jwalls


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12 Jan 2007 11:50 AM by markstanley Star rating in Worcester UK. 43 forum posts Send private message

I had an email back from our lawyer this week and he stated

 "The Judicial Administrator  have informed me that they expect to refund the money in April or May this year"

I also heard from another contact that we may not get legal interest with the refund, some purchasers have reveiced refunds with interest



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18 Jan 2007 6:39 PM by TPRS Star rating. 2 forum posts Send private message

Hi everyone,

I have spoken to our lawyer today, who mentioned that the Judicial Administrator has said that it could be up to 'TWO YEARS' before we get our money back, because the developer is now in financial difficulties, due to the number of cancellations.  Does anyone know of anyone who has invested in Aureus that has actually received their money back?  Our lawyer tells us that we will only receive the original deposit, as the developer cannot afford to pay interest as well. 



This message was last edited by TPRS on 1/18/2007.

This message was last edited by TPRS on 1/18/2007.


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19 Jan 2007 11:42 AM by philipsagar Star rating. 6 forum posts Send private message

We received our refund cheques (2 for the deposit and 2 for the interest) aound the 17th Dec and our lawyer paid them into our spanish bank the next day and they cleared just before xmas.
 
A previuos posting has confirmed that Harry S received his refund plus 6% , The administrator having told our lawyer on the 21st Nov that we would be refunded plus 6% then on the 7th Dec stated that there had been a mistake and would now only pay 3.75% for 2004 & 4%.4% for 05/06. Apparently we presume Harry's lawyer must already have had in his poccession the bank guarantees with the mistaken 6% stated as legal interest is lower and varied.
 
We had been asking our lawyer for the guarantee since June 2005!! and he had promised to collect. Our lawyer later merged with another and since then our new contact has worked tirelessly and has done an excellent job for us. During one of my many conversations with her she stated she had received the guarantees stating 6% for those clients who chose to hang on. What is now becoming very clear is thar the lawyers acting as the administrators have been telling the lawyers acting for us the clients different versions of what is happening.
We had said that we wanted out asap (that was also her advise) and to do a deal in lieu of enacting the guarantee. She had originally said that the enacting of the guarantee was the best and quickest option, this later changed to possibly taking months and then only if they were even later in completing.
 
I have been in contact with Mark Stanley for some time and he has done an excellent job in communicating info on this site. He had been told that he would get no interest if like us he cancelled the contract. My lawyer also confirmed that she believed some other lawyers were accepting refunds without deposit. She feared that if we persisted with the 6% claim we might also loose out. So we count ourselves lucky.
 
In all its a mess and no one comes out of it looking good!
The agents, developers and lawyers have had it too easy for so long. Is it not strange that so many small lawyers have merged in the last 12 months? !
 
We have just returned from 3 weeks at our 2 bed duplex at La Finca Golf near Guadamar del Segura that we completed on in July 06. So all is not doom and gloom! Purchased this 1 month before Aureus - what a different experience but also late by 10 months, but worth the wait. I would recommend this development to anyone!
 
I hope this info helps but I suspect that the cancellations have now increased and that the funds are running low hence being told to have to wait till completion. Remember we opted for the cancellation route early on and not the guarantee in a deal to get out quicker.
 
I do however believe that Ocean estates have acted very badly in all this and further action should perhaps be taken if at all possible not least because of the apart hotel issue? Dont forget they will already have been paid their commissions from our initial deposits (circa 10-14%)!!!
 
Good luck!  Philip


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14 Feb 2007 11:49 PM by davidwhitehead Star rating. 12 forum posts Send private message

Latest information from our lawyer:

Regarding to Aureus purchase cancellations, please let us inform you about the news received this week.
 According to the judicial administrator and his last communication with Aureus, once the developer receives all the writing communications of contracts cancellations and documentation requested, the judicial administrator will ask authorization to the court to cancel the contracts and return the funds paid, but as we previously informed, it will take place once the developer has enough funds to proceed with those transactions.
 At present, the judicial administrator has numerous cancellations requested and therefore the refund won’t take place immediately as Aureus lacks of funds to proceed, for that reason we will need to wait for some contracts and Title Deeds are signed.
 The completion of the properties could start in April 2007 as the End of building Certificate will be issued probably by end of February beginning of March 2007.
In addition, any legal claim against the promoter could be carried out but it will be subordinated to the actual situation and it won’t be resolve until everything is solved.


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