I was out in Spain last week in an effort to find out what was happening with the El Balcon development.
What I found out was not good , no work has taken place on the site, no drainage,foundations etc have been started. It would appear that the developer has definately defaulted on payment to the owner of the land and that owner has reclaimed ownership , so this in all probability means that no building will ever take place.
Further to this there is also a problem with planning permission due to the new building regulations now in place and because of this even if the developer owned the land planning permission could take a further two years if it is granted at all. The overall situation is very much a disaster and getting any money back may prove very difficult and time consuming.
With regard to recovering any money from the developer I spoke with the owner of another construction company who through an affiliated company (Compra Consulting) offer a legal contract on a NO WIN NO FEE BASIS in an attempt to recover any money outlaid.
This is as I said on a NO WIN NO FEE BASIS but any money recovered would be shared as follows:- 80% returned to the client , 20% to Compra Consulting as Fees and if the client still wants to puchase property in Spain they can offer a package of good value ready to move into properties.
If anyone is interested in the above send me an e-mail and I will pass on Compra Consultings contact details
Best Regards to all
Brian Vaughan