Anyone considering pulling out?

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Valle Romano forum threads
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31 Aug 2008 00:00 by guillaume Star rating. 1 forum posts Send private message

Hi All, We bought a flat in "The village" in Oct 07. We were told it would be completed in 2009, which doesn't seem likely: A friend has a flat less than a mile away, and went to see the development this week. There is little activity. Communication from "The Village is zero, and photos on the site carefully avoid showing any "progress", i.e. you don't see any cranes at all. We were told there would be a webcam, but that hasn't happen. All in all, I am feeling more and more uncomfortable with the project, and I am starting to consider canceling the whole thing. I will read the paperwork in more details this week. Even if, as mentioned in another thread, we have to wait for Sept 09 to get our money back, it might stil be worth getting out rather than get a flat that will most likely have lost of lot of its value by the time it is finished due to the current financial climate. What are your thoughts? Anyone thinking of pulling out? Regretting the purchase? Regards, G.


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01 Sep 2008 15:18 by mcgarvm Star rating in Scottish Borders. 24 forum posts Send private message


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.



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Regards Mike


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01 Sep 2008 19:50 by Millwall Star rating in Manilva, Costa Del S.... 82 forum posts Send private message

The best way to get any questions answered is to get your lawyer to ask them for you it seems to be the only way they will communicate with anyone. I dont think anyone should be panicing yet because they seem to be setting up a new office at the main entrance to Valle Romano maybe they are waiting on new phone lines. 
I had my spanish lawyer double check my BG and he said it was fine. I have asked for my money back under a friendly agreement now due to the completion date being moved. (fingers crossed). I will let you know how it goes.   

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02 Sep 2008 10:47 by sgm71 Star rating in Ayrshire, Scotland. 30 forum posts Send private message

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,
 




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03 Oct 2008 13:40 by johnf Star rating in London / Costa Del S.... 66 forum posts Send private message

Hi,

Have a look at the "Bank Guarantee" forum on this site for further information. This is quite common practise on many developments. We had the same issue with our lawyers on this matter too when we were pressurised to complete.
 You can research many other people's experiences on this issue prior to making any decisions.

Best Regards
John


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27 Oct 2008 17:34 by estopona Star rating. 1 forum posts Send private message

Hi,

I am also worried about this development and have concerns that we are being conned.   Put faith into this because it was backed by the Premier Football Clubs.

Would be interested to know if anyone does get their deposit back and how you go about doing this.

Have requested a copy of the Bank Guarantee from Lexland so will let you know what it says.




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27 Oct 2008 19:33 by johnf Star rating in London / Costa Del S.... 66 forum posts Send private message

Hi Estopona,

Have a look at the "Bank Guarantee" forum on Eye on Spain site for further information. This should help you.

Regards

John


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31 Oct 2008 10:47 by ringy Star rating. 4 forum posts Send private message

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




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01 Nov 2008 22:45 by jilloff Star rating. 19 forum posts Send private message

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!)




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02 Nov 2008 22:04 by Rob78 Star rating. 7 forum posts Send private message

 

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.




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03 Nov 2008 13:29 by musicman007 Star rating in Lichfield. 41 forum posts Send private message

Hey All Stating the obvious but any property is only ever worth what someone is willing to pay. It does seem incredible that our purchase could have increased in value so much in the middle of the global credit crunch. That said, why would the Football Village make things harder for themselves by increasing the costs when times are tough? It doesn't make sense unless they genuinely believe these properties are worth more. We are out there at the end of this month and will write an update for you guys when we get back.


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03 Nov 2008 14:20 by ringy Star rating. 4 forum posts Send private message

 My main point is if at anytime i am not happy i am in a position to pull the thread.
Therefore nothing to lose.Investments like this always sound good on paper.
The reality is no one can forcast the future.Remember you bought as long term investment!!.
Negative thinking makes anything look bad.


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03 Nov 2008 16:49 by musicman007 Star rating in Lichfield. 41 forum posts Send private message

I agree Ringy. The negativity is doing no favours.


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03 Nov 2008 17:32 by Millwall Star rating in Manilva, Costa Del S.... 82 forum posts Send private message

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.



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03 Nov 2008 19:42 by ringy Star rating. 4 forum posts Send private message

   
Remember my first post.
My contract gives me two options.,We bought march 2007.The contracts might have been altered since.
option 1     If work did not commence on time.
option 2     if work not completed on time plus 6 months grace.
After visiting the site ten days ago i saw no reason to take up the first option which was offered to me by my independent spanish lawyer.
What im happy to do now is sit back for 12 months and then go and visit again.
We will all be getting regular updates in the near future.Things are progressing
     








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03 Nov 2008 20:05 by jilloff Star rating. 19 forum posts Send private message

Ringy
 please let me have your spanish lawyers contact details as I am sure that if he can get my BG for me then I can put a lot more buisness his way.  I am not being negative but I would like the village to deliver what they promised, i put my money where my mouth was now lets see them do the same for us.  I was also told that i am guaranted a mortgage from the developers!!!!!!

All my love Jill

p.s cant wait until we all are able to meet up at the promised and advertized exclusive beach club.  Come on Kate from fv you must all be reading this.  What about a free trip for us to see how the development is going!!!!


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03 Nov 2008 21:25 by Millwall Star rating in Manilva, Costa Del S.... 82 forum posts Send private message

Ringy I also purchased in March '07 
I would also like your lawer's details and I will be glad to forward them my BG and give them my business
Katefv you promised another news letter by now when I spoke to you on the phone, where is it?
Anyone know what has happend to the magazine on the fv website?

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04 Nov 2008 15:06 by ringy Star rating. 4 forum posts Send private message

David Garcia Virto
  Abogado
c/castillo,edif,anita n 8 Bajo izqda.
29680 ESTEPONA.
E-mail  baugat@telefonica.net
Tel 952 79 13 10
fax 952 79 40 18


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04 Nov 2008 16:51 by Millwall Star rating in Manilva, Costa Del S.... 82 forum posts Send private message

Cheers Ringy, I've contacted him today and he said he will talk to my lawyer. I've forwarded the details on and will let you know how it goes. FINGERS CROSSED!!!

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04 Nov 2008 21:27 by jilloff Star rating. 19 forum posts Send private message

Thank you Ringy. 
I will also contact him this week to see if i can take things further.  Either way I am determined to buy a place in spain.  I am buying for a holiday home rather than a long term investment.  I now have four children (only 2 when purchased) and the 2 bed will be too small for us.  If I cant get my money back then I apologise now to you all for the noise that will be heard from our apartment.  We bought in the Bolton Wanderers block.  Not that I am a fan but i was promised that I would be able to see the sea from our apartment!!!
Will let you all know also how I get on


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