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03 Nov 2008 00:00 by MichelleDa Star rating. 6 posts Send private message

Hi, I'm new to this but site came highly recommended.  I like many others have paid a deposit on a property in Hondon de los Frailes, should have been finished in May with 3 month clause.  Bank guarantee but is it worth a light in the current financial climate?  Quite despondent as sat on rest of cash but not quite enough to do anything with (property wise, that is!)  Any hope?



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03 Nov 2008 15:47 by georgia Star rating in Algorfa (As seen on .... 1835 posts Send private message

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Hi Daisy,
What development was it?
Regards
Georgia

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03 Nov 2008 16:51 by MichelleDa Star rating. 6 posts Send private message

Los Vinas de Hondon, builders are OC-TEC.



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03 Nov 2008 17:33 by georgia Star rating in Algorfa (As seen on .... 1835 posts Send private message

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Are they the apartments around the back of the village on theright hand side as you are going out of the village towards Barinas?
I think they have other developments,have you considered swapping or cashing in your bank guarantee.....
If you also check out the thread "on a brighter note....." there may be another option for you.

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03 Nov 2008 17:53 by MichelleDa Star rating. 6 posts Send private message

Thanks, Georgia.  There are alsorts of horror stories out there, any idea how long it takes to get the money back under bank guarantee? And yes that is the development.  Michelle D



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03 Nov 2008 18:14 by georgia Star rating in Algorfa (As seen on .... 1835 posts Send private message

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It can be quite quick it can take an age or never happen at all.
My advice would be to get a decent lawyer and if you are not happy with the build time or the development then ask them to look into envoking your guaantee.
Have they stopped building or are they just behind schedule?

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03 Nov 2008 18:46 by MichelleDa Star rating. 6 posts Send private message

They haven't done any work on the development since May, althought the apartment is "finished", they haven't even started with the mains electric or the communal areas & the second block has about 3 months work on it.  People have pulled out because the developers are out of contract & even the banks stopped funding it.  Michelle D





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03 Nov 2008 19:06 by georgia Star rating in Algorfa (As seen on .... 1835 posts Send private message

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Its probably time to seek the advice of a decent lawyer then.
Best of luck.

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13 Nov 2008 08:15 by MichelleDa Star rating. 6 posts Send private message

OC-TEC have filed for bankruptcy so it looks like the money has gone completely!

Daisy





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05 Jan 2009 18:56 by asbestos Star rating. 1 posts Send private message

  My name is Roy I put a 30% deposit on apartment in Hondon Sept 07 it was due to be ready end of Jan 08 just before xmas I emailed our solicitor to get our money back & then I here today builders have gone belly up.I know we have bank guarantees in place & I can not believe we will not get our money back.

I spoke to someone today that said the local town hall have to find another builder to take over the comletion of the build this is the law in Spain?My solicitor & estate agent are not back till Thursday so I will give update then.Anyone else out their with any info.

 

                                                                                  Kind regards

 

                                                                                                        Roy





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05 Jan 2009 19:28 by MichelleDa Star rating. 6 posts Send private message

Roy,

we have managed to find a builder of a property in Formentera del Segura we had previously viewed who negotiated a good price that included the all the credit from OC-TEC depending on what he can retrieve but I suspect that it won't be much, if anything! 

I have no idea how the building will be finished or by whom but I am interested - it's a good development and what work has been completed is of good quality.

I hope you can retrieve your money or at least do what we did & at least get something out of it.

Regards,

Daisy





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