Cancellation of contract & the return of funds?

Hi everybody,

I am buying in block 2 of Phase 1 and my contract expired June 2007 so legally since there is no first occupancy licence I can cancel. Anybody out there knows if there is any problem about cancelling and getting the funds (30% + deposit) back plus interest? I do have the bank guarantee but I have my doubts. Can anybody tell me? Thanks

hi i also had an apartment in arenal duqesea on phase 2 deposit put down in may 2006 and in june 2007 i went to see the development and did not like what i had seen and when on the return my solicitor informed me that due the failure of completion which was surpose to be at the end of july 2007 i had 3 months from that date to cancel my contract to which i said yes arenal said i would get my deposit back at the end of sept this did not happen then they said it would be the end of november as long as did not have the 10% compensation which i agreed , then nothing happened then informed it would be the end of feb 2008 then i was getting worried and angry the solicitor said that it would be in march then the deposit came back in full on march 16th  but without any compensation i had to open a spanish bank account to have the money put in then i transfered it to britain, as it was and still is because of the euro against the pound i actually gained i wish you luck i still look at the threads i think the ones left are not really interested in the one trying to get their deposit back but the market is collapseing i would ask you to think carefully i ask your sol about the 3 month window for cancellation and the compensation and if successful keep going and pushing

                                                                                            hope this helps

Hi Costaman

I am pleased that you eventually received your deposit in full.  You will find that each and every one of us had different reasons for buying an apartment in Spain.  For some it was purely an investment, others wanted a life style change and decided to buy and live in Spain permanently, others a holiday home that they could use and then rent out as an income, others strictly a second home for them to use at their leisure.  The world economy is in a very bad way and Spain has been hit very hard, especially in the tourist and construction areas.  As I am sure you realise markets are falling like a 'Ton of hot bricks' all over the world.  Property in the UK has been hit just as drastically as in Spain.  Those of us that have seen our project through at Arenal are enjoying the reasons we bought there in the first place.  That is not to say we are not interested in those of you that have left us, it is always sorry to see anyone leave but at least you can, at least you are able to claim your deposit back and for those that bought for investment only, that must be a great relief. 

It is a very unstable time and yes we all do wonder what will happen to the development, due to the cancellations.  Only time will tell, but in the meantime I wish you well with any future projects that you decide to proceed with in the future and please do continue to follow us all on EOS.

Tracey

Thank you for your comments and my plans for retirement in the near future was to be duqesea my reply was to sun123 to explain that if you want to cancel this is the way it happened for myself and others and to contact their sols i wish you and well and i am still looking for somewhere to spend some days in the sun

I Costaman,

Thank you for your reply. I have already spoken to my solicitor and since the contract expired in October 2006 with a clause for both parties of 8 months (until June 2007), there is no reason why I cannot resolve the contract. The problem is when will I get the funds back!!! I have been told to execute the bank guarantee and speak directly to the insurance company cause Prienesur will mess around and will return the funds in about 7 months or more. I was really looking forward to live in this urbanisation but I got fed up of waiting, no communication and I feel that they have laughed at me. Too many promises but nothing happens!! I hope I do get my money back. I wish you all good luck and Merry XMas!!!!!!