HDT deposit interests

Dear All,

I like all of you trusted and purchased a property off plan at santa ana del monte jumilla golf.

I paid my deposit of around 30k euros and did not receive a bank guarantee.

My current solicitors are very bad at communicating anything and although i have asked them several times to contact me as to what they are doing with my case, eg acting upon the banks under the new law that everyone else seems to be doing.

However, they do not respond. Very frustrating as i am sure everyone else is.

I have therefore looked into using a different solicitor who has offered to represent my case for me to receive my deposit back, in return they will take the interest that has accrued on it once the case has been won.

Is this what other people are doing? If not, what are you doing and do you know how much the interest would be on my deposit based at 30k euros?

Any advice or help would be greatly appreciated.

Hi 

Do not give them all your interest. Talk to gm legal experts or costaluz lawyers. I feared this type of thing would start happening. We have all won our deposits back with the 2 above law companies. We are waiting on a decision to get our interest and costs back. So we end up paying our lawyers nothing!

It does take 2-3 years, but it's worth it

My up front costs equated to roughly 1.5 k euro. Don't get ripped off

Regards

Nice to hear that yours was 1.5k Euro.

Although my 'up front' costs amount to around 5k euros, and it stated this was the fees that are agreed in the law society of Alicante.  Is that some kind of PPI scam then?

I get very poor communication too.

I do have some faith in lawyers in Spain, but its mainly blind faith, I feel more like a cash cow than a person who has a case.  If anyone could explain why it takes so long it would be a good thing, and if any lawyer delivered on their promises for me, I would be very grateful.   But then again why should I have to be grateful?

It was my money, the builder broke the law, the lawyer has a case to present.

So whats taking the time?

We used DWF we have had our deposit back and are waiting for our interest payment to come back which we have been awarded. I am very happy with the service from DWF although we have had to chase up a few times. 

Thanks for that Hew, i am really happy you posted and that you got your money back.

Can you tell me a couple of things please?  From going into court how long did it take to get the case completed to get your money back (mine is going to court now).

Did you get your court and lawyer fees back with the payment you received and did the bank appeal at all?

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Kind Regards

GM LEGAL EXPERTS

Briando55

Our case was won in the Court of Alicante on the 5th November 2014, and we've just been told the Court is releasing our deposit which should be in our bank next week.

So, in answer to your question, it's been 5 months.

We may have to wait up to 2 years for the interest and fees though ?

Hope this helps ?

Barry & Sue

We didn't manage to get to the meeting in London with GM Legal.  Any word of the court date or any other info.

Joyjo

Hi guys

I was assuming that after our case in court to claim our interest and costs 3 weeks ago , that we would expect a decision and any funds to come far sooner. Monica from gm legal stated a few weeks.  Could anyone confirm?

Thanks Barry/Sue,

You mentioned the court are releasing the fees, do they get the money from the banks at the end of the court case?

Has anyone received there deposits back from CAM Bank. looks like a lot of deposits went through them in a savings account.????? Any info would be good ....

Hi All,

Anyone recieved their deposit back from Banco pastor?

Hi Trowel

i emailed Monika last week to see if she she knew why it was taking so long . She said we just had to be patient

diane 

cheers beef, as I thought. I just want it before I get married! it will help a hell of a lot

Hello, Mr/Mrs DLDODDS

The interests granted is not a peaceful matter.

Most of the Courts are granting the so called "legal money interest rate", which has been flutuating between 4% and 5,5% within last 10 years. They alleague that Law 38/1999 modified in this matter Law 57/1968

Some Courts (including some chambers in the Appeal Court of alicante) grant the yearly 6% interests stated in Law 57/1968.

Please, find below "legal money interest rates" for 2005-2014 period:

Hi guys

don't get to excited about any interest payments. we have just found out our legal costs are not to be paid by the banks.

what now has happened is that my legal team have taken all of my interest that I accrued over the last 7-8 years.

I have mailed my lawyer to ask for an explaination of why the interest I was awarded  happens to be just the right amount I owe them.

I will update this thread as I get more information.

cheers

Dear trowell1, to be honest, I think is a mistake to generalise about this matter.

Our Firm is recovering the fees and in those cases in which the legal costs are not charged to the bank (not quite usual), our fees are really much lower than the interests recover.

Some of our clients are in this forum and could confirm this.

Kind regards

Hi, 

i am with Emilio Lucas and DWF and can confirm that my interest definitely isn't the legal cost ! We have had put deposit back and paid legal fees out of that. The barrister will get a % of interest recovered.

i suppose depends how much your claiming back. 

hi all

I claimed 30k euro and paid roughly 12k euro in fees.I recieved my deposit (30k) and 12k euro (interest) we then lost our claim for costs in court. according to the information from Lucas -14% + 8%, I should have paid 6.6k euro.

I'm still waiting for a reply from my legal team

cheers

Can anyone tell me how long it takes for court to release money that has already been paid by the bank and held till the appeal was won.

i think costs and interest if awarded can take year.

seems a complete abuse that they hold money after it is paid to them.

shoukd it take weeks ,months or years!

hopefull will change my name when I get the money !