Has anyone tried to discharge their contracts?

Hi, I only recently became aware of your useful forum and having spent some time going through all the postings, I figure I am not the only one upset about at what is going on in Finca Parcs. It looks to me like they are trying to get the money out of us using false promises and legal threats.

Let me explain. I have to admit that I am not the most familiar with spanish law or the legal system surrounding a property purchase in Spain.

It seems clear however that they they are massively behind schedule and that the development has been completely downgraded from what it was initially advertised as. Even after the first amendments - smaller plot size and then the new Ester house - it still seemed like a good idea. Now however the heart of the whole development - the buiseness and leisure facilities - are in question, which changes the situation completely. The other thing is the ongoing time delay.

Because of this I have actuallyy written to Cleyton & Geys and indicated that that I want to discharge my contract. Not suprisingly they did not accept my arguments and have written back to me, that in essence I do not have any legal ground to try to dischrage the contract and they are quoting their "stretchable rubber clause" in the contract, refering to reasons for the delay that are out of their influence. For good messure they added the little legal threat (which is now attached to all communication, that their legal department will not hesitate to "enforce the terms of their contarct with clients that fail to pay the balance of the purchase price".

Having gone through all your postings I wondered if anybody else has tried to discharge the contract which in my eyes has clearly been breached. Having read all the entries on this page it became obvious to me that this development might turn into a bottomless pit where all my money can disapper in and I have no intentions whatsoever to complete!!!

If there is anybody out there with some informatins I would be much obliged.

Hi

I have a plot on phase 2 and have my contract for sale with 2 agents one being t and c.So far I have had no luck selling my contract on.It is stated in the contract that you can sell before completion.Due to the full page ad in this weeks Leader showing Rosanas from 215,000 euros plus solicitors fees paid what chance do we stand of selling our contracts on .Cleyton should be helping people to sell on or to complete .They are making it more difficult for us and themselves to get all these properties sold that clients cannot complete on.I would love to complete on my property but due to the long delays circumstances change

Regards Logi

Hi,  this property advertised in the free papers is a re-sale through Town and Country not the developer, some clients that invested a number of years ago when the project was still pre off plan,  therefore they are able to undercut the current price list.  As for the developer helping clients,  has your agent tried contacting them to see what they can do to help ?  

Hi Ricman, 

But Town and Country is the re-sale agent appointed by the developers.  Anyone looking for information on the Finca Parcs site will be directed to this Agent's site for re-sales.  They charge a set fee of 25,000 euros plus i.v.a. to sell.  I reserved two Rosana's in 2004 at a price of 231,835 euros each.  So with similar houses now being advertised for 215,000 and solicitors fees paid, and the Agent's fees as stated to be deducted.  It is a nightmare situation, for many people who have had their money invested in this development for many years, and still do not have a completion date.

The promotional material I was given at the time, by the Agent, said the time scale for completion for the first one was 9 months and the second one 18-24 months, when I reserved in 2004.   How can they have got it so wrong?  People's lives and circumstances change especially with many people buying retirement homes,  and through no fault of their own they now find themselves unable to complete.  There have been life changing events happen for some, many  people have been in rental property for years, and some like myself bought another house to live in, and now unable to sell.  If the developer had kept to the advertised time frame people, who had every intention of completing, would have had the funds available to do so.  It is now a different world in the financial and property market, and because of the low advertised re-sale prices, the properties are becoming greatly devalued.

Some months ago I spoke to Gerado to ask what help may be available - possibly rent to buy at a later date, or any other help - I was told nothing was available. 

Sunlover and Logi

I feel really sorry for you guys things do change and the ridiculous timeframe in which the developer has not delivered has compounded the issue for all of us. I certainly empathies with your position, and its not only your situation that is so sad. For me I am ready to pay up and live the good life but my phase 4 is a distant dream it would seem. My issue is that because the developer is holding some of my funds and might some day actually get the job done and come knocking for the balance, I cannot buy elsewhere. I have been offered fabulous deals on other built, certified and ready to go homes, but because I am under contract on this one, cannot commit to buying elsewhere until I have some certainty if mine will ever come to fruition.

I have done everything as requested by my contract, signed in 2006, the developer has done nothing, no bank guarantee, no house and no completion date in the future.

I will be visiting Murcia and the developer in due course looking for some answers.