Anyone considering pulling out?

I would just like to contact them for an update.
I've not been successful to date.

I have thought of complaining to the football club that endorsed this scheme.

Anyway I would be interested in what you find.
I wonder if we could get legal advice collectively instead of individually - that way we could share the costs - just a thought.

Anyone considering pulling out? very much so - I just dont know how to ? and with the strong Euro to the Pound it's very tempting to turn a negative situation to a short term financial gain.

My Lawyer advised that if I pulled out then i would be in breach and would lose my deposit and I need to wait until the completion date passes to exercise Bank Guarantee. Whilst something may have been lost in translation; surely if there is absolutely no way that the development will complete on time with the lack of current progress then it could be exercised just now. At times i think the Spanish Lawyers dont want to rock the boat as the property market and the big developers are probably a good source of income and a spate of pull outs etc; would have any impact of the market.

With regard to the marketing by FV - I specifically remember asking the question in regard to the completion of the Hotel and was told all the facilities would be in place at date of entry. This is now proved to be incorrect with the Hotel and Sports Facilities being 18 - 24 months later. Who wants to rent an apartment on a Building Site? However i do understand that there is a legal obligation for a management company to be in place to rent out the apartments but i fear that the guaranteed rental scheme that we were all told was a 'definite' but because it had not been signed nothing could be put in writing. Does anyone else have issues like these ? as i defintely feel that there may have been an element of exaggeration in the sales pitch.

I was offered no cost internal alteration works, but thankfully my Lawyers insisted on a revised plan before parting with deposit; despite pressure from the Sales Team to instruct them to do otherwise.

Can't say i'm too convinced on the Bank Guarantee as the more you research you hear more stories of 'technicalities' causing delays and preventing release of funds - there was an article on Spanish Property Insight saying that the Bank of Spain were looking into BG Schemes.

I did complain to the Football Club that passed my details to FV - but without any great interest - they merely said they would review FV's Contract when it came up for renewal and that it was a possibility it wouldnt be renewed - which again takes away some of the profile from the development.

If there are more people out there looking to pull out then i firmly believe that experiences should be shared collectively.

Regards,
 

Hello my names andy.We purchased march 2007.We have just come back from estepona.CANT UNDERSTAND WHAT ALL THE WORRIES ABOUT.
We bought at 260000 euro now selling at 342000 euro. Plenty of work going on site. 70% sold.
Have bank guarantee . Whats the problem?
Able to pull out at anytime as the contract stated.          
1   if work did not start on time
2  if work not completed on time.
Spoke with spanish independant lawyer .He is our power of attourney. He very happy.
   Hope this eases your minds
          regards andy

Great!!!!! In a credit crunch and a similar apartment at The Village is selling for 380,000 euros.  120,000 Euros more than I paid and only 2yrs on!!!  Does anybody notice a slight problem with the figures.  It would be great if they were true.  Anybody want to buy my piece of mud for a discounted 375,000 euros please send me a reply.

Jill
P.S Hopefully by hook or by crook I will be sitting in the sun in Spain before I retire (thats 40yrs from now,  what do you think Kate!)

Message for ringy. 

Not that I wish to put a downer on your upbeat outlook but the question you need to ask is...."since the prices have 'gone up' how many properties have been sold?" I suspect that the answer is zero. Just because VR have put the asking price up doesn't mean they are worth more. 

If people are buying at these higher prices; happy days...we have all made money.  

However I suspect that the reality is no one is buying and so no one knows the real value of the properties. When buyers come back into the market, i.e. after the recession/credit crunch is over, we will then know where we stand.  At that point in time, the estate should be finished and people will be able to compare similar estates for quality, facilities, location etc and decide where they want to buy and at what price.

Also If I’m not mistaken the 70% sold figure you have been given in the same one they have been quoting for the last 12 months.

Ringy you cant pull out untill the original completion date plus the grace period has lapsed otherwise believe me I would have activated my BG.(September '09)
Has any one got any info on the Lexland test case of a BG?
We recently had a valuation on a penthouse in Estepona and I had a good chat with the valuer and she tells me that Estepona is getting valuations of between €2200 and €2400 max per sq metre of the built meterage. You can do the maths from that.
Another blow is that banks are only lending 60% of valuation if you already have an existing mortage 70% if not.