Interesting article re the property market

No idea
The Spanish law requires a Bank Guarantee or an Insurance Company Guarantee....in UK builders bonds [ for completing contracts etc can also be either]

A seperate company has been set up for OTCC.....Huma Indalo SL ...quite normal for each development to be done by seperate companies with seperate finance
As guarantees are now being issued and building has started everything does look OK.....as far as any development can at this stage
Does not seem to be any purpose for the Huma people to set up OTCC to try and transfer all their buyers to from ACC......only for it to fail because the finance is not set up
Of course it could be the situation and on the other hand they maybe had the choice of putting ACC in to voluntary administration...like San Jose!!!!......I do not know
But to me without a ACC BG ....OTCC is a good way forward to protect my 40% deposit
I have not yet received my guarantee but I'm sure that it will be with me shortly.....my completion date is end May 2009 [ with a couple of months leeway]

it is also nice to hear that most of the ACC buyers who visit OTCC seem to like it a lot....see postson EOS and other forums

Everyone who does not have a BG for ACC should at least look....and then consider with good legal advice their options

If you have a BG for ACC , lucky you!!!! .....you have the option of getting your money back in € probably bought at circa 1.46 and you can

1 Change it back to £ with a profit
2 If you still want Spain, you will find a good deal in the current market if you look, and there are lots of people like myself to help you find ' that good deal'     

hi rowlands

i beg to differ, but if you read the e-mail from my lawyer you will see that things are not ok! huma are still lacking certain paperwork and my lawyer has advised all of his clients not to sign the transfer contract until these are sorted, so i think it is a little careless of you to tell everybody "things are ok"

Just re read the e-mail you refer to

To be able to respond fully item by item you need to be a Spanish lawyer but myself and others have been advised that everything is OK
Planning by the appropriate authority has been granted
Work has started and I suggest that in todays scenario in Spain that no developer is allowed to start now without it!
People who have changed have received their guarantee.....again in the current scenario re property development in Spain [ some going into voluntary administration such as San Jose who are I think much larger than the Huma people] .........it does seem a touch unlikley that an insurance company would issue a guarantee on a development which was not legal

I see your lawyer wants compensation....and fees I expect!

Naturally everyone must make their own decision....and I always say this....and their own legal advice

But I had a simple choice:

Stay with ACC which may re start.....sometime......no BG.....definately not legal at present...53,000 € swinging!!!

Go with OTCC where I  get a BG...[ or MCC which is a choice taken by others]

& from my perspective and advice legal in 2008 terms

OTCC is a winner all the time....even if it turns out not legal or the new company Huma Indalo SL goes bust......I have a BG for my 53.000 €

I will spell it out for you again, with respect:

53.000 € was at full risk with ACC 

53.000 € is guaranteed at OTCC, what ever happens

Now I fully appreciate that even with no BG you can take Huma Mediterraneo SL to court, pay the legal cost up front and in due course get your money back with interest......would take a long time in UK never mind Spain....too risky for me


But again every one......make your own mind up

        

Rowlandsbb,

You say that "people who have changed have received their guarantee".

I have asked twice if anyone has received a guarantee and not one person has replied to say  "Yes I have one, its here with me now".

You do not have one !  

We considered the argument you put forward for changing. You are an Agent selling these properties so it was interesting to hear your point of view. 

You have only moved forward from ACC when you have a guarantee (As a start).

You and others haven`t got one so how have things moved forward for buyers transferring from ACC ? 

HUMA still have your money, no guarantee, no building finished, and a prospective buyer saying that his Lawyer is saying that it is not all legal yet.

Seems sort of familiar !!!!!

If thats moving forward I will stay with the Court route.

See G & T post on EOS ' And Now the final curtain-The Dream is Over'

G & T have said that they have their guarantee!

However, good luck with your court route....it would be interesting to read about how you get on as I asume that you do not have a BG and that you are going to court for your reservation fee of 3005 €, 40 % deposit , interest and costs

Perhaps the ACC part of the forum would be best for this 
Suggest heading: AndyLynnW go to court...watch this space!

Can you start by posting your experience, anticipated time scale and costs so far then regualr updates

I' m sure that many of us will be interested, just in case you are right about OTCC and we have to follow your route !

Again lots of luck and I' sure that everyone who has experienced ACC on EOS will feel the same

just to let you know rowlands, i HAD a bg with acc, my money is safe but the bg did not guarantee that acc was legal, and neither does it with occ!! all i am trying to say is, don"t tell other people contemplating swapping to occ that all the licences are in place, because they are NOT, they are nearly there, but not quite, so essentially the development is not fully legal for all the properties YET!

The point I am trying to make.....and do not seem to make it clearly is:

If you have no BG on ACC....then a transfer [ if that is your decision] to OTCC 

Does get you a guarantee for your money

If, what you say is correct......surely it is better to have a guarantee for your money on OTCC .....than not one on ACC

You are a lucky.....you have a BG for ACC...not quite[!] the same situation as many of us.....me included  

You say it is not ' legal in planning terms in Spain in 2008' .....and say yet!...the presumption is  that ' it will be'!!

Why is it not legal at this stage of a development?

What documents are required to make it legal?

If it does not have the legal requirements in 2008 to start, why have the Local Council and Regional Council , allowed it to start?

The development world has changed in Spain in 2008....not easy to start a large illegal development!!!

Your answers will help me satisfy my own mind that everything ' to use my words' is OK at OTCC ........and that in 12 months [ my date is June 2009].............. I will have a Tarifa with a Licence of First Habitation and everything else I need to make it as legal as any house in UK 

Look forward to your answers

*The only comment I would also make is that as you have a BG why not look elsewhere.............eg there is still the odd unit at Polaris World  Condado de Alhama first phase which I could sort out for you.......or lots of other alternatives

Most certainly, if I had a BG for ACC , I would look seriously at other options in 2008...good time to buy!






This message was last edited by rowlandsbb on 5/22/2008.

to be perfectly honest with you, i quite like the location of occ, bg or not, regards the licences for the same, i have posted a copy of the e-mail from my lawyer on this forum, and pilar from huma is chasing their legal dept. to obtain the answers because all clients of plazas that are contemplating transferring have been advised not to until he is satisfied with the answers, if all the licences were in order, then my lawyer would have said it is ok to sign, after all, is that not what we pay them for??

Hi jethro

I like the location also

I was No 2 to change.....for reasons already stated

Now everyone, if you are happy with [ what you know or are advised  about OTCC] ......and you have a BG ACC .......and decide to go for OTCC.....then...:

You should consider the options.....with a BG.....you are in a very nice position for buying in Spain , including this part of Almeria , in  2008

Apartments and the Tarifa's are hard to beat.......even now. [ even at the new price!! ]...the villas...well....I think you should certainly look

Please Note ....I am an agent [ Chartered Surveyor] so you should bear this in mind !!

If you have no BG and transfer to a villa.....then post the credit crunch.....say 2010....they look good.......nice location........'location, location, location' is all that matters in ' property'....................in simple terms!! 

But if you want Spain say for next winter......good deals around.....just ask

I see on the other forum, Spanish Property Insight a story about Trampolin Hills referring to bank guarantees.

It seems that although the developer has taken 50 million euros off mainly british clients, & issued BG's, only 6 million is covered by a bank approved in Spain to issue BG's. The balance of 44 million BG's have been issued by a Swiss bank which is NOT authorised to issue a BG in Spain.

Who has/is issuing BG's for OTCC? Is this a reason for ACC's BG's having problems?