Lost money on Spanish off-plan property

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02 Feb 2017 15:10 by Bissime Star rating in Spain. 4 posts Send private message

I am trying to find groups that have lost money on Spanish property, my family invested over 100,000 Euros and we want it back.

Looking for help and advise.





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02 Feb 2017 15:38 by baz1946 Star rating. 1830 posts Send private message

Put a add in a local paper asking the same, from what I gather about others who have lost money you should be inundated with replies.





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02 Feb 2017 16:27 by johnzx Star rating in Spain. 4719 posts Send private message

Biss  I am trying to find groups that have lost money on Spanish property, my family invested over 100,000 Euros and we want it back.

I would have used the word  ‘gambled.’   

Unless you can prove a criminal enterprise then it would seem just to be a gamble which did not pay off.



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02 Feb 2017 17:16 by Bissime Star rating in Spain. 4 posts Send private message

I have started to hear that people are getting their mind way back that's why we have started to ask questions as we are trying to find out how others have done it,





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02 Feb 2017 17:58 by georgie1 Star rating. 57 posts Send private message

Bissime try the lawyer on eyeonspain Maria I dont think yuo will go far wrong ? best of luck .





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02 Feb 2017 19:21 by newworld Star rating. 872 posts Send private message

When and where did they invest ?





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02 Feb 2017 19:41 by gazzap Star rating. 34 posts Send private message

They have changed the law so you can take the banks to court who lent the builders the money 

then went bust its long drawn out doing it but people are starting to win against the banks but ever case is different see a solicitor who will look at your case and tell you yes or no you will need as much information on your lost money when you payed it which bank and prove it was paid all info you can get helps your case good look I'm doing it myself so fingers crossed





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02 Feb 2017 20:36 by Bissime Star rating in Spain. 4 posts Send private message

May I ask, are you doing it yourself or using a company to try and get your money back





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02 Feb 2017 21:12 by gazzap Star rating. 34 posts Send private message

Hi through my solicitor it cost 1000 euros then 15 percent of any money they recover

so you no there going to earn there money and wouldn't take it on if there wasn't a good case against the bank 





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22 Feb 2017 11:16 by Elsietanner Star rating in Alicante & New York. 164 posts Send private message

Elsietanner´s avatar

Where did the £4 billion off plan client account secured bank deposits go?



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22 Feb 2017 12:21 by marialuz Star rating in la vizcaronda. 4 posts Send private message

Reading this and of other calamities, isn't the legal system in Spain very flawed?  Have the Priors been paid the Euro 435 000 awarded to them by the Courts yet?  The last I heard (read) was the the local council where the bribery started for the building licences has said they cannot afford to pay?   Try that the next time you get a parking or speeding ticket.  No wonder so many "crooks" try it on when they know they have a very good chance of getting away with it.  Currently in Estepona, Costa Del sol, it takes two plus years for a civil case to get to Court.  that in itself is criminal.   Brian Deller





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24 Feb 2017 11:05 by Elsietanner Star rating in Alicante & New York. 164 posts Send private message

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It would seem only the corrupt banks know the true story and they are above the law and regulation. Appears they have immunity from prosecution and any investigation from the serious crime squad.



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24 Feb 2017 18:34 by georgie1 Star rating. 57 posts Send private message

When Spain get into the EU they will not be able to act like this ,they will have to confirm to all the strict EU rules ?





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26 Feb 2017 11:53 by Poedoe Star rating in Berkshire, England. 78 posts Send private message

Purchased in 2007, using our life savings we paid for a Lovely Spanish apartment, The Builder ceased to trade in Feb 2008 leaving 12 non national Purchasers on the complex & collecting rent from many Nationals he had let on Rent to buy. Most of the Renters did not pay the Community fees yet they were living perminently & obviously ran Air-con and all other utilities. The Builder did not pay the Utility bills and several bills when they ceased to trade. therefore the Non Nationals had to pay the debts of the Builder to have the continual utility service. €1500 each to be able to be econnected, this was paid by all the non Nationals. The community fees £100 a month which have kept the complex in good health despite squatteers and very many problems. The complex mow has a Live-in Caretaker. which has given us peace of mind for the last 6 years. 2015 the community took the Builder to court at a cost and we are still waiting in 2017 for a result. Spanish Law takes time and we are very aware it is a waiting game. With continual cost of getting Justice. 

Several Owners have now sold on at 50% to 60% loss & all the renters have gone, peace has returned at a price. It is a slow process and hopefully we will one day be able to enjoy the Peaceful homes we longed for. Just hope we live long enough to enjoy the Spain we invested in.

 



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26 Feb 2017 13:02 by Elsietanner Star rating in Alicante & New York. 164 posts Send private message

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2015 the community took the Builder to court at a cost and we are still waiting in 2017.

Don’t hold your breath. The moment you look like winning anything all his assets will be transferred to his wife and he will declare himself bankrupt.



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28 Feb 2017 20:54 by mariadecastro Star rating in Algeciras (Cadiz). 8809 posts Send private message

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This possibility of insolvency of the developer is covered by Law 57/68. That is the reason Banks are the guardians of the system of off plan purchases in Spain and why they are risponsable of every euro paid by residential buyers into a developer account



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