24 Jun 2009 10:29 PM:

Sorry I haven't got any names for you - not that not having a name should matter however you can contact the lawyers I used to see if they can act for you.   But if you did not try to rescind your contract before the 14th day after the 18 months of the building license being issued I don't think you can get your money back under the BG UNTIL the developer breaks the contract by failing to complete it or going bankrupt.  However I feel enough time has passed on the phase 1 purchases for legal action to be started without the fear of a Judge throwing out your case - if you've bought on the later phase then I don't know what you'll do.

Sorry I can't be of more help apart from saying call Lawyers of Spain and ask for Roberto Leiro.

Community thread: Return of deposits for latter phases

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20 Jun 2009 10:20 PM:

Hello Brickie & thanks.

The Agent I used was Spain Select but I chose to make the deposit payments direct to CG as I didn't want there to be any question about who I paid and when.  I just did international chaps transfer through my bank they give you a receipt confirming the transaction and the developers name also appears on my bank statements.

I had to first give my solicitors Power of Attorney in order for the bank to pay attention to my request to discharge and refund of deposit, they then asked for proof of payment to the Developer so I sent copies of the chaps transfers and the bank statements they then asked for the original guarantees.

Hope this helps

A

Community thread: Return of deposits for latter phases

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19 Jun 2009 8:00 PM:

yes I was buying on Phase 1 and i can now confirm my lawyers are transferring the money to me today. 

I am over the moon and will be able to clear my credit card bill!!

I do not know what the insolvency legislation is in Spain but I am an Insolvency Administrator in London have been in the business for 18 years - I am also a property landlord have been for 10 years.  Keeping a close eye on the market my biggest concern from last summer was what if the developer goes bankrupt - then when CAM bank started offering easier than believable to get loans to buyers I got worried even more - I realised that the bank was obviously so deep into this that they had to lend to buyers to get the money loaned to the developer back - which made me realise that it could be that CAM bank also become insolvent as we all now know banks can do! - it was these thoughts that made me seriously look at the contract closer to see if I could get my money back before that happened. 

This was a good development to take a punt on - (subject to the planning permission being legal) it is just bad timing that has caused the situation we have today, here and all over the world.  So my advice (not that it necessarily wanted) is don't get angry - as it just burns too much energy and gives you a headache!  it is what it is - a financial mess which is no fault of your own!!  So If you have your guarantees and you've acted in accordance with the contract try to get your deposit back now!!!!!  £1,500 plus disbursements to get back a lot more is a worth while investment.  For those of you without Bank Guarantees - if the development doesn't complete and the developer becomes insolvent (if not already according to some posts) and is not able to sell the development on then - unfortunately I can not see how you will get your money back as there would be no point spending money suing if they have no money to pay you when you win - because you will win as it is illegal to sell off plan without them.  I'm not trying to put a downer on things I'm just a very matter of fact person - there is really no point throwing good money after bad.  You never know - someone may take the development on for a real bargain price (as long as the planning permissions are legal) and then you'll be ok in the long run.

So yes - i've won - but it was bloody hard work & honestly a few sleepless nights.

Be lucky

Community thread: Return of deposits for latter phases

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19 Jun 2009 2:26 AM:

Hello

I just wanted to let you know that I had serious concerns about this development last summer what with the change of the economy.  I too signed contracts in December 2006 paid deposits and received (Thankfully) BG's (after much chasing).  SO in september last year I thought there must be a way out of this contract legally - I noticed the get out clause that said you could formally rescind the contract within something like 14 days of the 18 months months following the building licence being approved if the developer is not in a position to complete or the hacitacion licence is not in place.  Then the following clause says the developer is not responsible for delays beyond their control which basically looked like even if you did try to rescind they would say the delay was out of their control and that was why they could not complete.  Therefore making it impossible to end the agreement which posed the question of whether the contracts were legally acceptable and (as I had used a lawyer for the purchase) if they were not then surely I'd have a case against my lawyer for negligence as they should have seen that the contract was unfair.  As it turned out my lawyer (AT THE TIME) said he tried to change the 'force majeur' clause but Cley Ges refused - he then said that as I had a guarantee I didn't have to worry because if it was NEVER finished I could get my deposits back under the guarantees.

So I looked at the documents I had and saw that the building licence was approved in March 2007 and that the 18 months and 14 days would end in 48 hours - so I tried to get my then solicitor to rescind the contract but they weren't available! - so I did it myself by way of letter to Cley Ges in english then used google translate to turn it into Spanish.  My then solicitor said I shouldn't have done that and that it wasn't acceptable so I 'told him' to do it for me as my lawyer - he said he quit!! So I had to find another lawyer with 24 hours to go to put the rescind request in formally - it had to be sent by Burofax - i didn't know what that was!  Luckily on this site I believe I found Roberto Leiro of Lawyers of Spain in Marbella - he has been absolutely invaluable.  So he read emails between me and my former lawyers about the whole Las Hig scenario he got the formal request to rescind in time and as they did that they requested a refund of monies paid under the BG's from CAM due to the failure to complete in time - CG said its not their fault why its delayed and CAM ignored the request.  That was in September last year.  Roberto told me that in Spain things take long and the courts usually give a developer a further 6 months after the contracted completion date to complete and that there was really no point trying to take it to court just yet.  He said I had 4 options -  1. To complete the purchase when ever it happened (as an invester this was not an option for me) 2. Wait another 6 months then request the money back from CAM 3. Go to court now and try to sue the developer and Cam bank 4. Sue my previous lawyer for negligence if I can't rescind or get my money back from the guarantees.

Knowing I had been exploited by my previous lawyer I was refreshed to hear straight talk for once.  He said the best and most cost effective thing for me to do was to wait the 6 months as it looked like the development wouldn't complete before then but I had to do it before the certificate de habitacion was issued.  In January of this year I had a letter from the developer through Spain Select the agents saying I had to arrange to come to spain to sign the contract as the certificates were due to be issued.  I did not go I waited - Roberto called CAM again requesting a refund under the BG's but they ignored him.  He said we should ask one last time in March when it'll be 6 months overdue if we get no joy then we'd have to consider legal action against the developer and CAM which would cost money.

So I was about to email Roberto 2 weeks ago to find out if it was now time to go to court when I got an email from him instead saying CAM have contacted him asking for a copy of proof of payment of the deposits - I got them off to him that day via email.  Then a few days later CAM called him back to say they need the original guarantees in order to refund the monies I paid - so I got them off.  On Wednesday of this week Roberto Leiro of Lawyers of Spain emailed me to say he's given the bank guarantees in and had got a cheque for all of the deposit paid plus legal interest and that as soon as the cheque cleared he'd deposit the funds into my account!  I CAN NOT BELIEVE IT - I won't believe it until I see the money in my account - the pessimist in me thinks they'll cancel the cheque!  So I won't say I've won just yet but if and when my bank account looks a lot healthier I shall let you know.

Good luck - I feel for everyone on this development - it would have been and may well still be a wonderful development - if you 'don't need the cash' right now if the development does finish it'll be a brilliant investment however the emphasis is on IF!!

Email roberto @ lawyersofspain. com to see if he can help you out tell him Miss A McG recommended him.  Only because he's aware of the situation of the development and the unfair contracts issued and he seems fair - not just out for money!!!

GOOD LUCK

 

 

This message was last edited by adaurable1 on 19/06/2009.

This message was last edited by adaurable1 on 19/06/2009.
Community thread: Return of deposits for latter phases

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19 Jun 2009 12:00 AM:

Hello All

For those of you who received Bank Guarantees and tried to rescind your contracts on time but have got no further to date - don't give up hope!  I've successfully got CAM bank to make good on the guarantees - my lawyers are arranging for funds to be transferred to me today.

Roberto Leiro of Lawyers of spain helped me.

The full story of my struggle to get my hard earned money back is in a reply to a thread called "Return of deposits for latter phases"

I wish you all luck and I hope you manage to get your money back or the home you've waited so long for.

roberto@ lawyersofspain. com  - Email him see if he can help you too - I have had nothing but a professional and honest service.

Community thread: Phase 1 Success - I've got all of my money back!!

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