LAWYERS UPDATE 16th October

Below are the main points I have taken from a report sent out yesterday by Abolex.  Many of you will have this anyway.  Some may be slightly different depending on your circumstances. Out of courtesy, I have asked Martin if he has any objection to me putting this information on this forum.  I have not copied it  in its entirety but retyped so any spelling mistakes or otherwise are mine. 

16 October.

For those with a BG (even a copy) it is recommended to reverse the contract as proposed by San Jose.  Reversing the contract without taking SJ to court will save money and time as these agreements can be concluded next week.

If reversed the client will no longer have the option of the house but instead will have the option of executing the BG  directly through the bank. Executing the BG directly means the full amount included in it will be paid by the bank.  If the BG does not fully cover the amount paid as a deposit, the remaining amount  will stay in the administration process.

If the banks do not pay straight away The Judical execution becomes necessary.  It is important to know that clients will still be part of the administration process for the full credit until it is paid by the bank through the BG

Next week SJ will be signing termination agreements as approved by the Administration members.

Clients without a BG.

It is important to understand that legally SJ owes you the execution of a contract to purchase of a house.  This equals a credit for the amounts you have paid so far.

If the contract is terminated, you will loose the position of a buyer and will become a creditor of the same amount as before, except for the fact that there is no chance of obtaining interest or maybe legal fees.  This credit will still be in the administration process with the same credit as if the contract had not been terminated.  This option will mean incurring more legal fees and end up in the same position as before. A creditor with an ordinary credit.

Some colleagues were already sueing SJ for the termination of contract prior the the Administration process starting and some have decided to sue since.  On the 24th October it is expected to have a court session to decide on these cases that have already started.  The court decision will let us know if it is in your interest to litigate for the termination of contracts.

The following inforamtion comes from SJ representatives.

SJ are negotiating with foriegn investors to take over SADM development or, at  least part of it, where all clients who wish to have their house built would be concentrated.
With regard to the other developments, like El Pinet, many houses are partly built (over 60%) and the remaining licences have been granted.  They are pretty confident that this development will go ahead and that San Jose Inversiones company will sign deeds for sales in the near future which will give them room to breath.

Thanks for sharing Linda. I fundamentally disagree with his advice but have found it interesting reading nevertheless and thank you for sharing

Linda

Many thanks for posting so many facts - and please thank Martin too for allowing you to share them with us.  This is what the forum is supposed to be about - everybody sharing information and helping each other.  Let's hope that you don't get any sarcastic comments as a result of it!

Unfortunately we don't have a BG - when we first paid our deposit we didn't know how things should be done in Spain, however once we found out we got our agent to pester San Jose for one, but sadly it never materialised.

Best wishes to you and David.

Sue and John

Hi Linda,

Thanks for your posting, its really helpful.

Sue, 

Exactly the same thing happened to us. We were first advised that we did not need a BG, we were naive, then we pestered for one but it was too late. Ho Hum!!

We will have to hope and pray we get something out of this, won't we.

Kind regards

Gill & Keith

Many thanks linda,
Ive had to sign up again cos my laptop didnt want to let me log on with my old details, 
so for all who want to know this is the user formally known as victheviking!!!!!!!!
I thought i would mention it so i dont get accused of covering up my identity!!!!

gamble. You think that will stop you being accused?
Haven't you learned yet that many only read what they want to believe and facts are not what they want.

Thanks Linda and thanks also to Martin for allowing this report , 
Dave says I have to thank you for your reply on Spainserve too
We will be at our solicitors 10am monday with this info
luckily  we live just round the corner from the office

There seems to be some who believe that you must obtain permission from your advisor, to publish the content of a letter or report from them to you. 
It is your property which you pay fees for. It is yours, you can put it on a forum or wherever you wish. You have paid for it.
If you buy a house from a builder (assuming they come up with the goods), you can show people around, take photographs and publish, without their consnet. It is yours.

Many thanks Linda,
Your posting from Martin confirms your report and the 14 Oct update and it was also confirmed to me by my solicitor .
So all being well those of us who want our house will get them and those without BGS who want there moeny back will have a way for HdT to get funds to repay them.
All the best
Tony R17 18

I just hope to god that every asset they own can and will be put into the pot, melted down and we get our money back to whatever degree.  I also hope those who still believe they will have a house on SADM (to whatever extent it gets developed) actually get it , but  personally I want my money back and move on.  There has to be an end to this sometime soon.  Its not surprising tempers are high with all the alias and who who stuff but it's detail, facts and advice we need.  I couldnt give a fig how many sign on in what name.  I know who I trust and there are some good folk on here who just need to chat, listen, ask questions and not feel so alone.  There are some strong characters and its bound to bring out forceful opinions.  That's ok, but it just takes longer to have to go through 7 different topics!

Here's to a good weekend

Sal

Your right Fin I dont have to ask but I do it out of courtesy. 

Good weekend to you too Sal

Im going to open a nice cold bottle of cider now....just put my feet up after a busy day......mmmmmm  heaven

I think cold cider to me must be as close as chocolate is to a woman.......except its wet....and tastes of apples...etc

anyway.....im looking forward to it

Quite right, Linda.  Courtesy, sadly, is one thing that seems to be lacking in this forum!

I am enjoying a nice cold glass of vino rosado before going to bed!

Good weekend to all.

Sue

Hi All

Ah Courtesy sadly lacking the world over these days
let's face  most of us on this forum were taught courtesy as children 

Sue
 just what I was drinking last night  vino tinto frio can't beat it cold

Brian
You enjoy your cider us "living the dream"  or is it "nightmare" don't have weekends anymore we could if we had the money owed to us be blathered everynight  He! He! He!

Hi all 
what do people with BGs think about the information about SJ/HdT agreeing to the reversal/resolution (different lawyers refer to what is actually going to happen to the contracts differently can any one clarify the correct term Spanish or English ) of the contracts .Do people really think this will make any difference and the banks will pay without a lengthy court battle .What makes SJ and admin so sure the banks will then pay.This must be in SJs interest or they would not be doing this.Have any of the lawyers approached the banks /financial institutions concerned and asked if this will make a difference ie will they payout with out court action if the contracts are reversed .What is the benefit of agreeing to this going to be .Bare in mind there are some who have taken the banks to court had a decision in there favour the judge has ordered the bank to pay and they still have not paid .Just thought I would throw these points out  get a  real discussion going to see what we all think . I don't know what to make of it all but first thoughts are there is something  fishy about it .Sorry for being unable to see this as good news and just take it at face value but I have been through the wars .All constructive points of view will be welcome regardless of spelling .grammer ,typos or WYW cheers  JA .


This message was last edited by julie anne on 10/18/2008.

Hi JA,
So who has won a lawsuit against a bank for non payment of a BG and the bank still hasn't paid?

Hi Taxi parrot if you go on the general forum you will find many . Cheers JA

Can't find any JA although many have gone to court and won and been paid


This message was last edited by taxiparrots on 10/18/2008.

Taxi parrot are you looking at the right thread I will look and get back to you .If you know loads that have been paid out who are they I have only ever found 2 . I hope you are right and I am wrong  cheers JA

JA you usually are wrong.