Anyone considering pulling out?

Dear Sir,

According to the Spanish  jurisprudence and the technical code on edification, the commencement of the works is coincident with the date of the “Acta de Replanteo”, which is the date when the foundations are marked on the floor. We managed to have access to this technical document signed by the developer’s architect and also we had a Notary Public to certify the construction site according to the developers own declarations along with other evidences. For the Courts these evidences were sufficient to demonstrate they were late in the commencement of the works and therefore to automatically enforce the guarantee tracing embargoes on the insurance company accounts and other assets. The insurance company has been also forced to pay for our legal fees as part of the compensation.

The contractual date of commencement of the works is identical on all the contracts. For the people who’s completion date has been exceeded already the best course of action is executing the bank guarantee for both late commencement of the works and late completion. Under Spanish Law it is possible to accumulate subsidiary actions for the case the principal action is not admitted. One of them would be subsidiary of the principal but both would have identical pretensions in relation to accrual of interest and amounts claimed so it is not important what action would be principal and what action would be principal.

I trust you find the above helpful to understand what we are doing on behalf of our clients. Our aim is to give as much information as we legally can in relation to this case. Should you have any further queries, please do not hesitate to contact me.

Kind regards,

Dimas Cuesta

I have been told that Lexland have already returned some deposits does anybody else know anything about this .We have been told by our own solicitor that we have to wait until October 2009 before we start proceedings .We bought in VR  in 2007.

I would like to know if there is anybody on this forum who is from Ireland and has bought in The Village Valle Romano and is now in the process of pulling out.

I am not from Ireland but i did ask the questions  earlier in the week if ayone had had  their  deposits returned but i did not get a reply

Stuart

Dear Mr Robertson,

Deposits have not yet been refunded as we are still waiting to receive the final ruling from the courts. Please take into account that the courts were closed during the month of August.

Kind regards,

Lexland Marbella

We have been in contact with Lexland over the last couple of months whilst we await the ruling. Our understanding is that the insurance company have failed in their appeal and will have to pay out. There is a minor technicality, which Lexland are awaiting to be resolved which will subsequently speed up the processes for further claims.

Although no monies have yet to be refunded, I'm intending to submit my claim within the next week.

Hi Jason,

please can you let us know what date you were given as per your contract for completion.

My agreement states July 1st 2010.

Thanks

Richard

We were given Spring 2009 for completion with a 6 month acceptable delay (we understand ours wont be finished until Q1 2010 now). However this is in not about completion, it is about commencement. The contact said works would start in Spring 2007 and it didn't start until August 2008. Lexland have proof of this. On these grounds, we are told that a claim can be submitted. Even if a claim can't be sumbitted on these grounds, they still could in November when they miss the completion date.

It would be nice to have some confirmation that funds have already been returned, but I wanted to get the process rolling to increase pressure and get higher up the list of awaiting refunds. If I find out any more I'll let you know.

Jason

Hi all

Anyone got any updates or info regarding return of funds?  Its all been a bit quiet lately!

I'm just letting it run it's course at the mo. I intend to chase for an update nearer the end of October. If I hear anything sooner, I'll post.

Jason

I have heard that some purchasers are getting their money back in 5 weeks! Anyone else been told this?

I received an email from Lexland telling me that the original claimants are expected to get their refunds within 5 weeks.

This appears to be good news but Lexland will charge 6 grand for their services to claim this back from the Insurance company. Obviously I have not got a clue about the Spanish way of doing things but it does seem excessive and expensive and as I do not have this money it poses a catch 22 problem!!!! 

Stuart

Hi Stuart,

Apart from the obvious lateness, is there any other reason you are wanting out?

I visited the site again in August and things are progressing, i still believe in the project.

My concern is there are no answers regarding the start build date for the hotel. I am sure the hotel was in the master plans so must be built but who knows when?

richard

Hi

I loved the proposed development but with the mortgage market the way it is I doubt, first of all, that I will be able to get a mortgage.

Secondly, there is probably much better value elsewhere and thirdly, any time I ever asked about the hotel and the guaranteed rental income we would receive, i only ever got vague replies. This was vital to my buying here.

Stuart

Since buying at Valle Romano I have learnt a lot more about the selling techniques of the sales teams of these kind of developments. Its seems a common occurence to tell prospective buyers that there will be a hotel or some shops/bars and in some cases even mini shopping centers, none of which ever get built and the land where the prposed builds were meant to be just become waste land. Why would they build another hotel when the ones aready here are not ever full and most of which are on the beach and near local amenities. 

I recently tried to get a mortage on a town house and the bank didn't seem to want to know.This time 2 years ago they threw the money at me for double the amount I am asking now.

There is never guaranteed rental income. Places over here are like ghost towns at the moment. 

This is why I am trying to get my money back. If only I was wiser 2 years ago!

 I have heard that the builders at Valle Romano have gone bust and there has been no work on The Village for the last two weeks. Presumably this is why the opening of the golf course has been postponed.

Can anyone confirm or deny this?

There are photo's dated 20 October 09 on the website and certainly looks like works were progressing on that date. However i was on site in June and progress since then seems to have slowed, but its hard to tell accurately from the photo's. I will be out early December and intend to visit then.

I am not sure that the builders have "gone bust".The developers(who have most certainly not gone bust) have used numerous contractors.

It appears that one of the contractors,Teconsa, who have contracts across Spain, many of them within the public sector ,have major financial difficulties and may be in administration.You can google Teconsa sa to get background info.

A report appeared in the" Costa del Sol News" October 15-22 October ,page 6 headed: "Workers lose their jobs at Valle Romano" which basically states that the union had a demo/picket at the gates because Teconsa were removed from the site and 120 workers were not allowed back in "to collect their tools".

The article talks of action by the developer who has "reported the demonstrators to the courts for entering the area without permission." It then states:

"The legal threat has only intensified feelings both amongst the Teconsa workers and other construction labourers still working on the site ,who support them."

 Thanks very much Danielca

I'll have a drive up there tomorrow and see if the is much sign of life.

I'll let you know!