Andalucian nightmare Homes

The nightmare is dream really, but it has turned into a nightmare. In March 2005 I purchased off plan in Fuengirola, with the intention of selling on after 12 months as advised by ** EDITED - Against forum rules **. They delayed marketing the property saying I would make more money if I hung on a while longer. Finally in March 2007 they agreed to market the property only to inform me 3 months later that they were not showing anyone around due to the tax law changes. They are now telling me I have to complete. I was never informed of these impending tax changes, they just kept telling me it would sell no problem. They don't even reply to my e-mails now, so it looks like I will lose my deposit. This is the company that is endorsed by Ian Botham, I bet he had a big back hander for that. ** EDITED - Against forum rules **

This message was last edited by EOS Team on 3/30/2008.

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Actually, they are not alone, when we bought our place off plan, the salespeople told us we would be able to rent it out no problem or sell for a huge profit, they even tried to get us to buy more than one, which others did. They were hard selling becasue they knew they had to, people have been duped over the last 5 or so years by agents who just haven't been honest. The Spanish property market is in tatters and people just dont want to admit it. I hope you can find a way to solve your problems and dont lose your deposit. We are in it for the long haul now, thankfully we didn't buy for a profit but rather to live so we arent really bothered by the price falls, but what we are bothered about is TJ222 comments on another thread about how the government may decide to up taxes from "rich" foreign home owners (thats us!), in order to claw back some money. What a mess, so not fair that good people who just want to better their lives are being penalised.  I hope to god that one day I dont say "I wish I'd stayed in Englnd!"


This message was last edited by Eva2008 on 3/30/2008.

This message was last edited by Eva2008 on 3/30/2008.

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Did you search to see if you have grounds for contract cancellation?

Even if not having, just a penalty can be imposed on you, and the rest of your deposit need to be refunded. Penlty clauses included in the most of the off plan contracts during the last years in Spain are abusive according to Contract and Consumers law, so... look for a good independent lawyer with deep knowledge of contract and consumers law to deffend your position and your deposit.

Best wishes,

MAria

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Thank you Maria,

              My appointed lawyers are Lawyers of Spain, who are recommended by Andalucian Dream Homes. They are now trying to get my deposit back as the developers have exceeded the 3month grace period. I am also having a problem with another off plan investment, which is funded by the big American bank of Morgan Stanley. My lawyers have told me I need to give them nearly 10000euros to take the developers to court to get my money back. My deposit is being held by an insurance company, and I think it highly ilegal that I should be expected to pay to get my money back even if the developers are in breech of contract. I have lots of correspondence to back my claim up if you are interested.

 

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I have just read your post and have one thing to say do not part with this sort of money we recently helped an english couple whom purchsed three off plan apartments with a deveoper on the coast in Benlamadena. There situation seems to be similar to yours and after a year battle they recieved all there money back and a further 8,000 euros interest on the money they have put down.

It is very important the contract you signed when putting your reservation down is studied as the smallest of print is the most imporatnt.

Also all developes have a grace period of bad weather, lack of materials etc basically any excuse they can find.

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