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 I am sorry if I am being thick but I am seeking clarification on this whole sorry tale. Are we in danger of losing our deposits only or are we committed to any further monies? Also, I believe a lot of people have bought through agents, how do we know if we have a bank guarantee? Is it on the contracts etc? Are people who bough very early on any better off at all?  

i have been informed that allthough san jose have gone to the courts they will be advised that they cannot sell any more properties but must complete the properties at jumilla that they have committed to build.

who told you that dave?

my agent told me this yesterday as they have received a diffrent notification to what we all received at a meeting held yesterday for agents only.

and you believe this, it just seems yet more san jose spin

Hi, my partner and I were with San Jose last Thursday 8th May with our Agents and we didnt fly back until the 14th May, so when it all hit the news we were actually 15 minutes away from the SJ offices.  Our Lawyer does NOT believe our money is safe at all much bigger Builders have gone to the wall recently) and keenly and totally believed we should secure our money in the only way possible.  ie. take another property with a key that at the very least you can sell on!!  Now we are in the hands of the Courts to decide whether even a new transferred contract can be achieved at all.  We are all in different positions (ours dire without a Guarantee and a huge deposit), so we decided to take a key if possible at Playa Golf III.  The amount of activity in SJ's own sales team showing people round available properties was more than those living on the Development had seen in many many months.  It would seem that other people, like us, are not going to take their word (having experienced negotiating face to face, then they changed the Contract!) or leaving this to the Spanish Court system.  This may not be everyone's view and I understand that hopes are still alive.. but it was a personal decision to take what was offered... if it's still possible!!!  a % of something in our view is better than years of not knowing how much we can get back.. if anything at all..  We would offer no advise but trust your instincts and ours was to Act rather than be pacified any longer.  Is anyone else attending this planned meeting in Birmingham???  We certainly will be.  My heart went out to Pilar who has to front face this Company.

Hi, what time is the planned meeting in Birmingham, is it in the afternoon, does anybody know.

If you haven't already signed or completed you won't be able to move to a key ready property as all thier assets are currently frozen. 

 

Hi ,

To you all, I joined up to the forum due to circumstances surrounding our propective properties.

I have found it interesting reading the comments and have some thought of my own:

• Clarity is needed in dealing with this problem and panic must be avoided.
• Accurate information must be aquired.
• Objectives must be defined.
• Means of gaining the objectives idenfified.

This mat seem obvious but it is important that ALL focus on an agreed joint stratergy and objective. It is also important that a representative group of ALL purchasers is formed ASAP and this includes our Spanish and other Nationals who are purchaseser. As a group we are most probably the biggest "creditor" and we need a strong voice in the proceedings and any decisions that are made with regard to OUR MONIES. This would also mean that if we have groups repesented by different lawyers we need to get them to co-ordinate. We must not have any in-fighting between diferent purchaser groups.

It would be very helpful if we could get informatio regarding the level of debt, the amount of money still held by San Jose, for the individual projects, cost of completng the project and what amount of cash is required for the projects to be completed , even if it is only the phases curently sold.  It may be possible for us as a major creditor to either assist in a rescue and or be actively engaged in the process and the activities of San Jose.  Possibly similar to a buy out or joint owners of the company and its assets. it may be cheaper in the long run and have a more speedy outcome, i do not really wish to give money to solicitors but prefer to try to keep the projects going. 

I am not a lawyer nor an accountant but I feel that the main objective of all is the sucefull conclusion of the project, which,  i believe is viable and caters for a different market to those of the coast and I include the expat ghetos near Basicalas in that.

I and BrianDo are going out on Wednesday to try to find out what is going on and will let the forum know what we find. It is those who keep a calm head that have a postive out come .So what we need are facts, not anacdotes or opinions but hard facts. Then informed decisions can be made.

Be well and positive.

Tony

Tony - San jose have lied through their back teeth for 5 years, do you really believe they will tell you the truth. When my mums sister was there in April the liars in the sales office said work was again "starting next week".

San jose basic remit on the cv is "can you lie in english as well as spanish"

TonyMal.  If you can find  a way  "Means of gaining the objectives idenfified"  that would be a huge step forward for all.  Many thanks for your post.

I AGREE WITH TONY WE NEED TO ASCETAIN ALL THE FACTS BEFORE WE CAUSE A SITUATION WHICH WE ALL DO NOT WANT BY PANICING.

HAVING DEALT WITH THE LEGAL SYSTEM FOR OVER 25YRS I DO KNOW NOTHING HAPPENS FAST (IN SPAIN WHO KNOWS!!), AS FAR AS I KNOW THERE ISNT EVEN A CREDITORS LIST FOR PEOPLE TO GO ON YET AS PROCEEDINGS HAVENT GOT THAT FAR.

HOPEFULLY THE ACTIONS TAKEN BY SAN JOSE THROUGH THE COURTS/ BANKS MAY BE ABLE TO RESCUE THE SITUATION WHICH I BELEIVE WOULD BE THE BEST SOLUTION FOR US ALL.

I AM NOT AN ACCOUNTANT BUT HAVE BEEN TOLD, ALL BE IT THIRD HAND (AS IS MUCH ON THIS WEBSITE) THA THE DEBT OWED IS 6% OF SAN JOSE ASSETS, IT DOES NOT  SEEM A MASSIVE PERCENTAGE OF SUCH A BIG COMPANY.

SAN JOSE HAVE BEEN FAR FROM TRUTHFUL TO US ALL AND HAVE FAILED BADLY IN KEEPING US APPRAISED OF THE PROGRESS FROM DAY ONE,

I AM NOT NIEVE AND DO NOT INTEND TO LOSE OUT FINANCIALLY.

LAW FIRMS WILL BE FALLING OVERTHEMSELVES TO SIGN YOU UP, REPUTABLE FIRMS WILL TAKE YOU ON AT ANY TIME.

I TOO POTENTIALLY HAVE A LOT TO LOSE BOTH FINANCIALLY AND THE "DREAM" OF LIVING IN JUMILLA.

FOR THE SAKE OF A SHORT WHILE I INTEND TO GE THE FULL FACTS AND THEN MAKE AN INFORMED DECISION.

 

Hi All

I have just returned from Spain today, I did not bother to look at Santa Ana, there has not been any point for some time. The news about San Jose was all over the Costa Blanca News (which can be viewed on line) and on Spanish TV. Unfortunately I did not get all the news until late Friday so I was not able to contact my Spanish Solicitor (a job for Monday) I have copied a Piece from Chanel 4 news, which sums up quite well. I think the main point being the need to be known as a creditor being most important:-

    Source: PA News

More than 1,000 Britons could lose money they have invested in Spanish property, a UK law firm has warned.

Jose Maria De Lorenzo, a partner in the Marbella office of Irwin Mitchell, gave the warning after Spanish Property Company San Jose Inversiones announced it was going into administration.

He said the move, known in Spain as 'concurso de acreedores voluntario', could leave as many as 1,500 British investors who had paid deposits to the company unable to complete on their property.

He added: "Once the application to the court for 'Concurso' is accepted and notified by the judges, which we expect to happen very shortly, buyers should be extremely vigilant as there will only be a month to become included in the proceedings.

"Given the amount of documentation that will need to be filed within this time, including the document of representation that people will need to prepare themselves, those affected will need to act quickly to ensure they are not left out of the list of creditors."

But a spokesman for San Jose Inversiones, whose properties include large golf developments in Murcia and the Costa Blanca, said the court application would protect its assets and its clients' deposits while allowing work to continue on two new building projects.

He said: "The well reported credit crunch in the finance industry and its effect on the construction business has affected our cash flow which has restricted progress on two projects.

"As a consequence voluntary administration proceedings were considered as the best financial alternative to overcome the present situation and guarantee the future of both companies.

"Both companies can confirm that the down payments paid by each client are fully recognized by the courts; they acquire the conditions of creditor and are protected under the law.

"The court will send a personal communication to each client in order to confirm the down payments made."

These news feeds are provided by an independent third party and Channel 4 is not responsible or liable to you for the same

Hope this is of help

cargic

Hi all

I am no expert but do have my own views. Having read all the postings I am also concerned.  I still dont know what to believe is the developement going on or not.

We have had the Velencia land grab and Brits having their homes knocked down without compensation.  This has made world news and hert Spain.  If there is no confidece in spanish builders people wil stop buying (nice places in Cyprus now).

If we all lose out and Sadam does not complete it may well be the final nail in the coffin for Spain, as no one will invest. The Govenment has to back the developement or people will be loosing jobs as the building industry is huge at the moment.

Till now off plan has been safe, my son's in laws had there house built last year, my neighbour has her house in florida in December.  If this does not go through Spain will not recover with off plan properties, and that will effect their economy.

the crunch is effecting every one, I have a flat valued at £130k and cant sell it for £122k

I will talk to my spanish solisitor tomorrow,andregister with Justins EOS team to try and protect myself. I have invested about 46K for my spanish deposit and would not like to loose it.  If it went down the pan I would be unhappy but will survive.  What about the people who have borrowed on their homes to rais the deposit, and now thier homes are worth less.

Lets hope some one in power is reading this posting If These two development are not completed or people lose theif deposits Spain will be in trouble.

Hi TonyMal

Your post is very apt and the points you raise are difficult to contest. My fear is that where are you going to get the facts from!? I have been involved with the project since the end of 2004 when i paid my deposit on a property. Since then the information I have received dealing direct with San Jose has been less than honest...certainly the events of the last few days would indicate this. I am not naive in that I appreciate when selling the need to be 'economical with the tuth' can be a part of any selling process but I have now had 4 years of dreaming about my wonderful property realised as a nightmare. It is difficult to be objective so thanks for your post which has made me think more logically again.

Good luck with your visit and I wish you well in your quest for the truth.

Thanks and regards

 

Mike Smith

Hi,

Can somebody please clarify for me the following.

1 - I do have a Bank Guarantee and my property was due for completion in July 2008.....Do I still have to register my name etc with the creditors to get my money back?

2 - As we are all aware there is no properties to complete on at Jumilla so will the process of getting my deposit back still have to be within the three months after the 
     completion date has passed ?

3 - I am already legally represented, however I have took other advise from a different Law firm........I have been advised that to exercise my BG will cost me around
     €4000. I have also paid £6500 in extras and advised that the total cost to get back this money would be around €7300.

I am left feeling very confused about the different advise that I am recieving and very surprised that I need to pay such a large sum to exercise my BG,

Any advise would be much appreciated.......Lets hope that everyone whop has invested in Jumilla get back ther money

Regards

Jardei

Dear Jardei,
1.- You could take part on the process if your property building works have not started yet, i.e. it is obvious it will not be completed on time (Being in Jumilla, I presume this is the situation). You also may make use of your guarantee on this basis and, therefore, not have to take part on it. In any case, you can always wait until July and then make use of the bank guarantee.
2.- No, as explained above, it is obvious the site will not be completed on time.
3.- If you have a bank guarantee, you do not need to spend any fees on "exercising your bank guarantee", except for the minimal cost of a legal letter to the bank providing the guarantee (say 300 euros max.) as long as you wait until July. I would have to see the guarantee, though, to confirm this. Feel free to send it to us.
Regards

Hi people!!

Can anyone help me????? Me and my wife like lots of people paid a large deposit  for a villa in Jumilla with San Jose through a UK based agent in 2006. Because of the situation at Santa Ana we decided to change site to Playa Golf 3 the same property was over 50k euros higher but we managed to agree on a price which we were more than happy with, so we decided to exchange befor San Jose went into liquidation, the paper work is still going on for the transfer but I wanted to know if we should have any problems with our transfer considering the position of San Jose? Can anyone help me answer this? 

Has anyone brought with Atlas International on the Santa Ana Site??

Cheers

Dal