Recovery Of Deposit & Legal Fees

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30 Nov 2011 12:00 AM by DoubleJ Star rating in Las Alpujarras and L.... 143 forum posts Send private message

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{Also Posted On The Main Forum}

Just thought it was worth letting you know that a successful outcome is possible, even when the odds look stacked against you. Today we received back our full deposit and legal fees associated with our cancelled purchase of a Promaga off plan property at Vista Hermosa in La Linea.
 
When I read the experiences of those unfortunate people who were struggling to recover their money even when their development hadn’t even been built after 5 years, I was really unsure about our chances of success, since our property had already been completed, albeit late by about 8 months. It just required the issuing of the Habitation Licence.
 
When I first realised that I needed legal help to recover my deposit, I felt extremely exposed and uneasy. There was a real concern that I could risk losing even more money. Although I could have chosen a number of different Lawyers to represent me, the positive recommendations on EOS for Costa-Luz Lawyers made the choice easier. Any lingering concerns we may have had were quickly swept away by the focused approach and clear processes employed by Maria and her team, which ensured that there were no surprises for us.
 
In this day and age, we have almost come to expect a very basic level of service which is de-personalised and perfunctory. This can be particularly true of the legal profession and especially in Spain, where there are numerous examples of individuals and teams who have self serving agendas and who are not prepared to fight the cause of the individual. However, what Maria provided was above and beyond my expectations and is a real example of what true customer service excellence really is.
 
From the initial appraisal, where Maria provided a wealth of valuable information at zero cost, right through to the highly successful outcome, Costa-Luz delivered a highly professional service which left me feeling fully supported throughout the process.
 
Without doubt, the recovery of our deposit took far longer than any of us initially expected, but Maria was very clear when circumstances changed and communicated all the potential implications in a timely manner.
 
I honestly can’t recommend Maria and her team enough, not just because of the outcome but because of the way in which we got to the outcome.
 
Best Regards and Good Luck to everyone else still going through the process.
 
JJ



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07 Dec 2011 10:41 PM by tgarcia Star rating. 2 forum posts Send private message

Hi

We are thinking about buying a house in Vista Hermosa. We have actually been looking for a while now (about 5 months) and we have been up there and seen a lot of houses already. We were called last week to tell us that a house had become available with a bigger garden. When we went there we also found that in total 3 houses had become available in the same street which were not available when first went to look at the properties. They told us the houses had been reserved a long time ago and that the purchase had fallen down but couldn't give us more details as they didn't know.

I would like to ask you if it is not too much, the reason why you backed out at the end and in which bases you could cancel the purchase. Have you heard bad things about the house?? We really like the houses and the area but we are also scared as we have heard a few things, specially when it comes to humidity. I was talking to a neighbour  and he told me he had not had any problems with the house so far.

Many thanks,

Maria




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07 Dec 2011 11:53 PM by DoubleJ Star rating in Las Alpujarras and L.... 143 forum posts Send private message

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Hi Maria,

The reason we were able to cancel our contract was because the developer failed to complete the development on schedule.

The reason we had to cancel our contract was due to the credit crunch, the changed £ / Euro exchange rate and personal circumstances with our own finances etc.

Our situation was made easier because we had a Bank Guarantee.

We had no major problems with the property. We were buying a 4 bed appartment on the top floor of Phase 4. The views out to Gibratar and Africa were amazing.

I have also heard about the humidity problems, but this is not uncommon with new builds and in most cases it resolves after several months....... but you do need to be aware of it and look for the signs that it is still there.

The other issue may be related to the limited number of people living on the site. Unless there are a sufficient number contributing to the community charges, it is unlikely that a suitable and reliable service will be provided. There is also the risk of vandalism and robbery when the site is largely unoccupied.

On the up side, you can probably get a property at Vista Hermosa for much less money than we were going to have to pay.  How much are they asking for these days ?

Anyway, good luck with your purchase. Whatever the asking price, offer them significantly lower.... you may be surprised what they will accept.

Regards

JJ




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08 Dec 2011 10:11 PM by tgarcia Star rating. 2 forum posts Send private message

Hi JJ,

Many thanks for the info given. I guess considering how much the prices have dropped a few people saw some light at the end of the tunnel and decided to cancel the contract with Programa instead of paying the asking price. The prices have gone down about 35-40% and now you can get a 4 bedroom house for about 200-220.000 depending on the size of the garden or the location. I kow the apartments started from 90.000 but they were the 2 bedroom ones. And now the VAT is 4% and not 8% at least until the end of the year but the new goverment said they will continue with the reduced VAT for new properties. The only problem is that because the price has gone down a lot, they give you the house the way it is, I mean, if there is something missing or broken, we will have to fix it.  We are looking at the first phase.

We have been looking at the houses since July and we have been waiting to see if the price dropped . I also spoke to the bank manager a few times and tried to put the price down but he said the price wasn't going to go down further unless they were not selling at all and they seem to be selling, slowly, but they are selling. I think a few people have already tried by the comments the bank manager mentioned. I don't think they will manage to get rid of all the properties even though they are giving all kind of facilities with the mortgage ( you can finance it up to 100% and with a special mortgage rate) butd not sure what will happen next if they don't sell them but let's see.

It is just a scary time to get into the property market specially in Spain as the housing price seems to be dropping and the situation in Europe is not the best either. Anyway, we have big decisions to make, either we wait to see if the prices drop but we might miss out on the specific properties we want or we get one with a lot of damages.

Many thanks for the info.

xxx M




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