17 Oct 2007 11:00 AM:
Good Morning
this is the first time on this site and I have read the postings with much interest. Three and half years ago six of us paid 30% deposits on eight apartments via Majestic at Mijas La Condesa.
Majestic told us they owned the site and had a 1200 strong work force. They were never late in finishing any project and if they were late they paid 100 Euros per week compensation.
We were told our money was safe as Majestic had a bank guarantee so in the unlikely event of them going bust we would get our money back plus interest.
Our Lawyers (introduced to us by Majestic) were party to the presentation made by Majestic and endorsed their case wholeheartedly.
Three and half years later Majestic have washed their hands of the site which they never owned, they never had their own workforce, there was never any late compensation and there is certainly no bank guarantee.
We invested in these properties never to complete just purely as an investment and we may now be forced to complete on properties we don't want.
Has anybody else had the same experience with Majestic and do you know of anyway we can get our deposit back without taking the developer to court.
It is also my understanding that SMD have been the developers from the start with Majestic just being the agent and not being the huge land owner they professed to be.
Community thread:
Age limits on Spanish Mortgages
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