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Hi All, Happy New Year to you , I agree with Paul and will give IAP Global the opportunity to put this situation right for us their payed up members, I have faith that IAP Global will deliver and I too will be eagerly awaiting for a clear messege soon about a positive alternative to our present situation.
Best Wishes and keep the faith
Mark K
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I admire your optimism Mark and I hope for all our sakes you are right and IAP Global justify the membership fees and save us from this potential nightmare !!!
I am yet to engage the developer with legal action as I too am waiting for a clear and positive message from IA Global in the coming weeks. I am still waiting to hear back from Plus advisors regarding my bank guarantee, I sent them a message a few weeks ago but suppose with the number of upset clients they are dealing with it will take them a bit longer to get back to me !!
I didn't intend to bring a negative outlook to this forum because I am trying to remain positive but am also naturally preparing for the worst !!!
I will keep the faith and hope for a positive start to 2009
Best wishes
Mark
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Hi all,
As much as I want to remain positive I have just had confirmation that I am not one of the lucky ones who has a bank guarantee in my solicitors file, I have to say I am beginning to think some sort of 'flipping' deal offered by IA Global might be our only way of salvaging something from this mess.
After looking on various sites to find someone in a similar predicament I found the following correspondance :-
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Suzanne Says:
Tue, Dec 2nd 2008, 16:32
Regarding those who do not have a BG; on another thread it was stated that 'Developers can be fined up to 25% penalty of the amounts they should have guaranteed'. I was wondering how rigorously this is enforced? Is this up to the Judge presiding over a particular case, or up to a prosecuting lawyer to try & get this Fine enforced?
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Lawbird Lawyer Says:
Tue, Dec 9th 2008, 16:59
Dear Suzanne, It's up to your lawyer to pursue this penalty if his client wishes so. However, we stress this is not a means to recover your deposits only to impose a punishment on the developer whose failed to comply with Law 57/68. That's why many people choose not to follow it because it doesn't really help them.
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Does this mean that without a bank guarantee the best we can hope for is to impose a bloody fine on the developer, what good does that do us, and we'd have to pay for the priviledge of fining them !!!! The whole process of passing a deposit over to a developer and just trusting him to issue the bank guarantee seems ludicrous. If the worse that can happen is he's going to get fined 25% it's no wonder there are cowboy developers out there breaking the laws. I'm sure they are clever enough to get our deposits into some swiss bank account where no one else can touch it and then when it's time to get a rap on the knuckles in the form of a 25% fine they say 'sorry I've gone bust' !!!! what a great scam !!!!
I only hope that there is a case for recovering all deposit monies for simply having not met the stated completion date in the private purchase contract. I will be getting independant advice on this shortly. There's no way I'm paying out another penny unless I have a realistic chance of winning !!!
Best regards,
Mark
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Dear All,
We have only just come across this web site. We started the purchase on our villa at Fortuna through Atlas International in February 2007. Our build is on Phase 2. We would be interested to know if anyone has completed on Phase 1 yet. From the emails on this message board it would appear not??
Even though through our spanish solicitors we have been chasing for a bank guarentee, we still do not have this and our solicitors have now suggested we take legal action against the developer.
Before Xmas we tried to meet with the developer on site to discuss progress but they reclutant to do this. Has anyone been out to Fortuna recently? If so, we would be interested to know the state of the development and if anyone is actually working on site?
Our villa was due for completion December 2008 but to date only the foundations have been laid. The builder now anticipates that the property will be completed December 2009! However, in the current climate, lack of progress on site, not to mention the number of other dissatisfied clients, we are doubtful that the property will ever be complete! Therefore, we feel we have no option but to try and seek reimbursement of our deposit back from the developer.
Is anyone else buying through Atlas International? If so, what support have you received from them?
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Hi
I am not buying at FortunaHill Golf but sympathise with all of you. We purchased a property from San Antonio through Atlas International last year. We were promised in writing by Atlas that as soon as the deposit was paid we would get our Bank Guarantee. Guess what?? We never got one. All I can say is that if I were in your position I would certainly take a look at La Cinuelica. Despite all the delays and frustrations we are delighted with our apartment and feel that we are in an up and coming area in Punta Prima with Villamartin Golf course nearby and the beach in walking distance. If San Antonio go into administration at least you will have a property even if it is not your first choice of location . La Cinuelica is now fully completed and so can see no reason why you could not go ahead now. A hand in the bush and all that....... Try asking for a good discount. If the builder needs money he might be amenable. The Spanish property market alongside the English market may be in decline at the moment but history has shown that house prices have always bounced back. The more builders go bust and stop building in Spain the fewer properties there will be in years to come and there will always be people with a dream of a place in Spain. Good Luck and I hope everything works out for you. (Just as a little aside-I have it on very good authority from an expert that Global Warming will actually make England colder and not the reverse as people seem to believe.)
Regards Madmau
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Dear all,
Just found out :-
(i) from Plus Advisors that I have no Bank Guarantee
(ii) meeting proposed for early New Year by IAP Global to update on San Antonio is now anticipated for early February.
I was very early on this proposed development - committing with my IAP administration fee and initial deposit in March 2006. My property was due for completion spring 2008, therefore have gone through 6 month delay built into contract.
Has anyone got some good news!
Andy.
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Hi All,
You will have probably received your emails from IAP GLOBAL detailing your options ,lets hope they offer us some good alternative investments in February and if you are considering going for return of your deposits and interest best of British.
Best Wishes
Mark K
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Hi johnny6
In reply, erm No, no one has completed on Fortuna.
I myself paid a deposit in Feb 2006, 3 LONG years ago and, unfortunately, put down a deposit for another villa 6 months later, hmmm.
Anywho, I am now contemplating my next move, going after my deposit via legal action is a BIG NO as far as I’m concerned, it is a
No win situation, if anything it will just push the builder over the edge to declare bankruptcy and then what? I will have forked out
Another chunk of money, the only winners down that route is the solicitors.
So, thinking cap on.
Very best of luck to all,
Paul
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Hi
Sorry to be the bearer of bad news but have recently returned from Spain. We called at the San Antonio office in Villamartin and there was a sign on the door to say they were closed for technical reasons. There was a phone number on the door:-669865408. We went to the Atlas office in La Zenia as we bought through them and they told us that San Antonio had gone into administration. We needed our key for the post box so we rang the number I have given you. It was the lady in the show house at La Cinuelica. We went to see her and asked her about the builder going into administration but although she speaks reasonably good English she pretended not to understand us. She did however get our post box key sent down from Orihuela. There are key ready apartments on R17 and, on R16 where we are, there are still town houses unoccupied. Our apartment is lovely. We have 2 bedrooms and 2 bathrooms. We looked around the show house on R17 and were pleased with what we saw.
We wish you all the best of luck.
Regards Maureen
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Hi all
Just new to this forum, however we are in the same position as all of you, received e-mail from IOP stating the various options that we had and it gave us a little bit of hope. Unfortuneatly the next e-mail from IOP put the skids on that by wanting another membership subscription discounted until Feb 5th (this takes me back when we first joined). They are talking about holding meetings in February with their members, however despite being paid up to their sister company until July we will not be involved if we don't pay up. That includes any other investments members have apart from Spain. Can't understand IOPs logic in asking for more money from exsisting members when the trust in their company and the economic outlook is at a all time low. Would like to know other peoples thoughts on this.
The worrying thing is that we as investors seem to have no rights at all and are the bottom of the pile when it comes to getting any of our investment back whether it is deposits in Spain or membership payments back in the UK.
H & S
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Glad I've found you all! I was beginning to think I was alone!
I am yet another wide eyed property investor, believing I was on my way to early retirement, just waiting for my first venture to take off at the Fortuna Golf resort first reserved back in Feb 2006, which I believe to be one and the same from the original thread.
I have no answers, but have read through with interest what everyone is going through, so I guess I'm not alone when it comes to the sleepless nights.
I shall keep my eye on this thread, my fingers are crossed, but I don't hold out too much hope. My personal preference will be to attempt to get my deposit back.
All the best for now, Jerry.
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Hi All
Although I am not involved with this development we bought from San Antonio. I have been doing some research and have found out that San Antonio does not have a licence for the golf course at Fortuna Hills and without this I am well informed that the properties are worthless. Maybe you should take this up with your agents? Good luck.
Regards Maureen
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Hi Jerry ,
glad you found us eventually and keep faith that you will get your deposit back... after all this is money that really SHOULD have been put aside in a bank account incase this sort of thing happened and certain people have been very disrespectful to us in not doing so, get the bit between your teeth and get your hard earned money back if that is your preferred route and Maria De Castro a solicitor based in Spain and a member of EOS sounds as if she knows her stuff, why not send her a private email ? and she will get straight back to you as she did for me.
GO GET THIS SORTED JERRY !!
Mark
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Hi Maureen,
Could you point me in the direction of where you got your research regarding no licence for golf resort at Fortuna - this would be VERY helpful.
Regards
Andy
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Mark,
thanks for your words of encouragement, I did try to respond by sending you a private message, but only managed to throw up an error message!
Story of my life!
I am currently trying to take stock, not wishing to make a knee jerk reaction, but am pleased that I have found you all.
Hope to see some of you soon.
Jerry
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Thank God I've found you all! Yes, I'm another Fortuna Golf - victim? casualty? Not sure about the appropriate descriptive term but I am sure that I'm seriously confused!
So - I've read through a large number of these posts and like many of you feel that there is strength in numbers. A couple of questions:
- What's the best way to move our case for return of deposits, compensation forward?
- I am receving emails from Anna re meetings around the country - no dates, nor locations yet. Can we not arrange our own meetings locally ?
- I'm in London. Happy to meet other London UnFortunates. Not simply to sit and tell our own particular stories (I suspect they're all very similar), but to create a strategy, action plan. For example, is it worth nominating 'one of us' to contact Spanish real estate lawyers ? Or spend time web-researching similar situations and their outcomes? Forgive me if you are already doing this -
- I'm not a lawyer - and this one & only foray into 'investment' serves to show I'm no property expert either! I am however, very annoyed that a significant sum of money can simply disappear and that there, so far, appears to be no way to get it back. Begs the obvious question - if San Antonio were in financial difficulties why were IAP's clients (yes, I'm one of those who bought this 'investment' through IAP ) not alerted to this much earlier?
Wait to hear.
Best
Kriss
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Hello all like everyone else we are glad to have found you guys too!
We're based in Manchester and would love to meet up with anyone else who is local. Alternatively we'd be willing to travel to meet up.
Last week we were told by Tony Kay that IAP are looking into possible properties for flipping and that they are looking into/investigating pursuing PlusAdvisors for negligence.
The whole situation is a nightmare and really all we'd really like after this whole debacle is to get our deposit back. If you have sort indepenant legal advice, we would be really grateful for a a contact name- please feel free to PM us.
Regards
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