24 Jul 2008 6:21 PM:
We have reserved a property on the development through Global Spaces, I e-mailed them yesterday regarding the progress of development and also if we decided to pull out the chances of a refund on the reservation fee, here is his response which you might find useful.
Thanks for your latest e-mail. Apologies for not replying sooner but we wanted to provide you with an accurate account on the status of the development.
As you are aware through previous communications the development has been taken over by a new company under the development name of Archival and they are making excellent progress with planning permissions and now have bank guarantees (in respect of purchasers’ payments) in place with Bank Bancaja. I can also confirm that Archival are offering to honour all the reservations made through Caravaca Nature Golf (“CNG”) (the previous development company) and also the prices agreed even though they were sold at a discount.
With regards to the reservation fees I would like to clarify the following - the reservation monies were in fact paid to CNG, an equal 3 way joint venture between Llanera (the real estate and construction company) and two land-owning families. As you may be aware Llanera is now in administration for reasons unconnected to this project. As part of this process in Spain we understand that the authorities have prevented the withdrawal of any further monies from CNG bank accounts, including any “ring-fenced” accounts, (which require all 3 parties’ signatures) until the administration process has run its course. There are rumours (the accuracy of which we cannot and do not comment upon) that Llanera had removed monies from this account without the due authority of the other parties. The land-owning families are working together to get to the bottom of this as they have potentially lost significant sums in the venture. We met with representatives of the families two weeks ago to discuss this further – together with their admirable progress in terms of taking the development forward without Llanera (further details of which you will receive shortly). Some buyers who are now seeking recovery of their reservation fees have therefore faced difficulties in having them repaid. We continue to assist and update such buyers on the progress of our recovery attempts on their behalf as more information comes to light.
As mentioned, we are expecting a further official communication imminently from Archival with regards to progress on the development which we will distribute, and we have been advised this will also include the bank guarantee certificates from Bank Bancaja. We have also been advised that all necessary planning permits should be in place this Autumn whereby construction will commence.
This message was last edited by AandB on 7/24/2008.
Community thread:
Planning permit
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