14 Feb 2007 11:40 AM:

Thanks Smiley - very helpful indeed. Do you know how much of a development is generally given over to VPO?

Re changing lawyers - I used a different lawyer recently for the purchase of my main residence. This guy was absolutley fantastic. Only problem is that he is not interested in acting for me on this particular development because (I believe) he has a very close working relationship with the local Unicaja branch manger. Unicaja have financed the project and offer the subrogated mortgages. I have recently (yesterday) been put into contact with another lawyer who is acting for a number of other buyers in this development. According to him, we have a case for the contract being illegal. We have no right to the return of our deposit unless we sue and prove the contract is illegal. This, I am told, we have to pay the costs of and could take 3 years. Somewhere between a rock and a hard place springs to mind.

Still, summer is on its way!

 

Thread: Deposit contract

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13 Feb 2007 1:47 PM:

I am impatiently awaiting the completion of a property for which I paid the deposit 18 months ago and should have been completed by 30th September 2006 (not long I appreciate). However, there has been a major dispute between the developer and the town hall which, rumour has it, has been resolved by the developer agreeing to release 1/3rd of the total development to the authorities for social housing. Now, I'm no snob but I fear the development will be over-run by stray dogs and the like. I see the value of my investment plumeting overnight and fear I'll not find it easy to rent out.

My lawyer, who has been near to useless throughout, has now said that the houses affected (presumably the 1/3rd above) are not social housing but rather viviendas de proteccion oficial (VPO) which is something totally different. Has anyone come across this term before? What does it mean? Apparently a certain percentage of the development has to be given over to VPO but does anyone know how much? Finally, if the actual percentage of VPO granted exceeds what is required, do I have any recourse for the return of my deposit without a penalty (which will be levied despite the over-run on the works if I pull out now)

Here's hoping for news

Keith

This message was last edited by Frustratedkeith on 2/13/2007.

This message was last edited by Frustratedkeith on 2/13/2007.
Thread: Deposit contract

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09 Feb 2007 9:32 AM:

I've always used Currencies4less (9 trades so far) who have recently changed their name to baydonhill (www.baydonhill.com). My personal dealer (Sean) has always been very professional and funds have always arrived when they said they would. Not sure how rates compare with others (tend to find I get around 98.15% of the rate quoted on, for example, bloomberg - slightly better for larger trades). Transfer fees are reasonable at £16 per trade and service is excellent.
Thread: Recommendations for transfering money

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