I am in shock!!

Oh yeh thats easy

in order

True

True

True

and Does anyone know the Spanish for "Pigs Might Fly"

Anyone who hasn't yet completed and is considering doing so must now get lawyers involved to tie the mortgage to rental income if this is possible.  The marketing scammed us all....

From 5% yield guaranteed for 10 yrs and index linked to peanuts 6 months in arrears if ever!

Pay up on your promises Peninsula.  Without us completing you will not have a development at all.

How about some communications too.  A letter would be nice explaining what the hell is going on and giving assurances of contractual fulfilment of obligations.

Now, back to those stable girls - did anyone manage to get a picture yet?  My daughter is dying to see if the stables exist.

Hi All

We are also buying on Fairways and are concerned.  When we spoke to our solicitors and they said  they had a few clients who had tried legal action and had failed, having also to pay costs.

The other week we received a letter from Peninsula saying we needed to visit and to inspect & complete but we have told them on the advice of our solicitor we will not complete until the first occupation licence has been granted. 

We have also yet to source a mortgage and understand from our adviser that it won't happen until first occupation has been granted - we have heard nothing about this from Peninsula or about the guarantee scheme or the valuation.

When we visited in November last year we were advised by Sharon that Peninsula in Madrid had taken over the guarantee rental scheme and details were imminent.  We are still waiting.

Try all these forums for information.  the good news is that it is here.  Not a single person has posted yet and said they have failed with legal action so just a thought - perhaps your lawyers failed to secure you bank guarantees and fear that in the end you may be taking them to court?

If that is the case then try the lawyers below as they have a clearer picture of the case you may have than most.

 

I would be surprised if anybody has lost a case yet, as there hasn't been time. 

I know of one court case which has been going on since August 2008 (ME23), and is still ongoing.

Agreed,

so far I don't think anyone has even made it to court.  I believe the developers / bank etc are trying to delay everything so that when the court date does arrive they can say - "hey we've finished our work - what's the problem, it's a litlte late but everyone can complete at last." Perhaps the courts will agree - who knows.  I guess that's the chance we are willing to make.  It's got better odds than getting any money from rentals that's for sure.

It will all depend on how the courts handle it. You are taking them to court as the contract has been broken. The fact that they have finished in the mean time is irrelevant,  you are totally in the right to ask for your money back. I think the courts have a lot of pressure on them to follow the law. If Spain wants to continue to be a place for investments, then they must uphold their own laws protecting the buyers. If things go to the European courts then I don't think there will be any questions.

I have no prove or any evidence at all, but I can imagine that developers and lawyers entangled with them are desperate to stop people pulling out. The lawyers probably don't want to be found to have been heavily involved with the developers, as this surely would be a conflict of interest.

AIS

Hi All,

I am on owner of an apartment on Medina 23. We completed last March. We signed up for the guaranteed rental last March.

We still have not had our furniture installed in our apartment, seems in the handover from MC to the new set up things have still to be sorted out.

I am trying to get in touch with any other person that has paid for a furniture pack but not yet had it installed.

So if anyone out there is in the same position please can they contact me personally?

I am also visiting the site (staying in another apartment on medina 23) from March 28th for a week, I will try and update here after the trip, all I find on the site.

Reds

Hello all - Fairways

Has anyone been out to the site recently? I am still waiting to hear about Fairways but everything has gone quiet again? Has anyone completed on fairways yet?

Thanks

Jonny

Hello everyone,

Last weekend I visited Medina Elvira with another client.  We met Steve Hindley and took plenty of photos of most of the developments.

I wasn't able to download the photos here so they are on this page:

http://cid-7f7a8054051f6525.skydrive.live.com/browse.aspx/Medina%20Golf%20Mar%202010

News from the site then:

• As a Medina Golf purchaser I was very disappointed.  There doesn't seem to have been much progress in the last 6 months.
• The finish standards were quite poor and at the moment I would say that without a huge workforce the Habitation Licience is at least 6 months away.
• Some piping has been delivered which Steve said would be to take the sewerage away from the site although works on this has not yet started.
• We found no sign of your riding school Jetdog (I was looking forward to some good photos).  Steve Hindley didn't even know where it was but said it was built years ago.
• The club house is quite impressive and everything seems to work.
• The landscaping is terrible everywhere.  I would be shocked if I were a tourist.  Much of this has been delayed by such a wet winter.
• The electric pilon is an eyesore.  Steve said it would be moved but a Spanish employee on site said that would be extremely unlikely as there isn't any money for it.
• There is very little security at the moment.
• The 12 villas will not be built.
• ME23 looked OK.  Paint had been damaged by the rain, lifts definately didn't work but in general it looked fine.  What Peninsula really need is for other clients to move here and complete.
• If enough clients complete here then perhaps the new rental program will be able to operate.  Steve said this will operate at 4% guaranteed rental and give access to your own apartment for 2 weeks a year for 50 euro a week.
• Peninsula can and have been offerering ME23 apartments at a discount due to people losing deposits and not completing after the licence of occupation has been issued.
• Although Peninsula are not aparently related to Nadasol (the builders in administration for Medina Golf) they can still cancel your PPC with them and move you to ME23 or another development.

Sorry if this is a bit harsh in places but I think being direct is best.  The site with the pictures is public so anyone can coment I think.  A lot of people on this forum seem to be in the dark with things so I recomment that you also take the trip.  Don't expect lunch or even a coffee though.  Steve Hindley was very good to meet us and seems to be the only person genuinely interested in making progress here but I dont think he exactly has the cash to splash.

I stayed at Fuengirola and have to say that talking to the locals the Costas are certainly suffering.  I met an estate agent who was closing his business and cleaning out the shop.  He stated that although clearly no one was buying, very few people were willing or able to sell at lower prices hence he sold up before going bust.  Steve said that prices in Granada were holding up and that good valuations wouldn't be a problem on our properties.  I think people there are living in a dream and that by the end of 2010 things will be in a desperate state in Spain but we will see.  At least Granada should be more protected than the costas from any further downturn anyway as building has been more limited.

I agree with Steve that the most important thing for the development is the commercial centre.  Without this there is no future to the development.  I wish the developers would also realise this and concentrate their efforts in that area.  Perhaps then the site may come alive and people could realistically live there.

The site still has the potential that I saw in 2006.  Perhaps less residential properties and more care over what is there now should be going on to realise this though.

I'll sign off before you all fall asleep now and get back to my ironing LOL.

The Licence of First Occupation has just been granted by Atarfe Town Hall for Fairways.

I thought it was a joke but then I remembered we're in Spain.

Obviously it must cost less money to pay off the officials than connect the sewerage system.

Hello all

Is Fairways ready to complete now the licence has been issued?

Has anyone completed on Fairways and if they have does the guaranteed rental start immediately?

Thanks

Hi

NO....the rentals do not start immedietly, you pay for your funriture, insurance etc. They then rent out for six months then you  start getting the money

thats right 6 months before you start getting any money

Reds

Well if you ask those unfortunate Medina 23 owners they'll tell you that you don't get paid even after 18 months!

But I also heard that you now get paid on the variable, monthly for the first 6 months until your guaranteed rental income kicks in. Mind you, at 4% gross, you can hardly call it an income.

Does anyone out there know of anyone who has actually received any rent?

Hello

Has anyone actually completed on Fairways yet?

Has anyone been over to see the finished article?

Thanks

I have some news and a recommendation that you might be interested in if you are one of those people involved in litigation with the insurer over failiure to complete Fairways on time. Send me a private message and i will update you.