Altos De La Zubia

Hi everyone

We should have completed last January but have been waiting for the LFO to be granted.  Our solicitor has now said we are in danger of losing our money as the contract only gives you a year to complete?  Has anyone else been told this?  We have asked another solicitor to look at our contract and he also said we were on dodgy ground as there are no time limits specified for the granting of the LFO.  We do feel more confident now about completing without it as so many people seem to have done so, its just most banks won't give you a mortgage unless it has been granted!  We are coming out on February the 2nd to try and arrange a mortage with a local bank and sort things out.  Is anyone else in a similar position?

Thanks

Jo

Hi Jo

Ours should have been ready for completion in Jan 07 as well.  We were advised not to sign without the LFO by our solicitor.

I will e-mail him now with this info that you have received.

When we were told that ours would be ready by Jan 07 I expected that all the Legal Documents would be finalised including the LFO.

Cheers

Pauline & Peter

Hi Jo / Peter & Pauline

We too were expecting to complete in January 07 but have held off due to mortgage lender requiring granting of LFO before releasing funds. We have been told in the past that Taray cannot force completion without the LFO in place but will now go back to our solicitor to double check. Although the properties were completed by January 07 the properties were not registered with land registry until March or April so it would have been impossible to complete in January. If there was a 12 month deadline surely this would have had to be written in the contract somewhere and would have to start from date properties were registered with land registry. In our contract there is a deadline date of 3 months +24 months from planning approval for property to be ready for completion and our solicitors understanding is that the LFO forms part of what is promised in the contract. To that extent our solicitor feels that Taray are in breach of contract from 1st November 2007,although surprise surprise Taray's lawyers don't agree.

Adrian & Liz

HI

Thanks for your responses. 

When we took our contract to another solicitor, he told us that our solicitors were not acting in our best interests by allowing us to sign it, as the contract is heavily biased to the developer and very vague, so even if we tried to pull out for breach of contract , it would be very difficult to do this and win.  In his opinion he told us we had two options - either to pull out and lose our deposit , or to go ahead and complete as soon as possible.  It will be interesting to hear what your solicitors say.

Jo

You can LEGALLY refuse to complete without the LFO being issued and if it eventually reached Court the developer would loose the case and there is legal precedent for this

The problem is that it may take 2 years to get to Court and chances are by this time the Certificate will be available

The issue with lawyers is that if they have been recomended by the agent or builder they may not be as independant as they should be

There are all sorts of issues if you dn not have one, not just the connection of services, water electric etc but also, if you plan to live in Spain, issues with getting medical cover, and signing onthe Padron

I have a guide which explains more about this and includes a process, outside of going to Court and using the department at the local town halls who will help you with the builders and they are key to granting the license

If you would like a copy of the guide please mail me at cayetano@inspectahomespain.com

Hi All

Does anyone have any idea when the LFO will be granted.

I complete end of March 2008. With the EURO at an all time low it could be beneficial financially to delay completion in the hope the pound recovers. Reading in the newspapers the pound could stay low or fall further over the next few months. This must be very worrying for all those nearing completion.

When I paid my deposit the exchange rate was 1.46. Now it is 1.31. At this level my place will cost almost £10000 extra.

Thanks for any info.

Dave

You should be asking your lawyer this question but there is no real set term

There are lots of people that will be doing the same thing, a lots of developments

Considering the first completions happened on this development almost a year ago it gives you a good idea in my own case on another development 3 years and still waiting