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17 Jan 2022 8:18 PM:

Thank you Maria for your responses.

Just to expand, it would appear from a little background research the following concerning scenario….

Problems have been detected in several promotions that Bynok is currently undertaking, in particular la Boladilla Suites Resort and La Boladilla Village developments. These problems consist, fundamentally, in the impossibility of Bynok to undertake and execute the works committed to its buyers, as well as in proceeding to the return of the amounts contributed by clients, denouncing, also, the state of abandonment in which these works are.

 

The clients affected by Bynok, express their concern about the non-execution of the works and the lack of concrete answers to this situation by the promoter, thus generating important doubts about the viability of the project and the solvency of the group itself.

 

Likewise some have become aware of the existence of contributions of plots securitized by the developer on behalf of the clients to another company of the group, without the knowledge or consent of the same and without the Bynok Group having offered any explanation of the reason that assists such corporate operations.

 

Grupo Bynok advertises itself as the fifth largest developer in Spain in square meters and units sold and first on the Costa del Sol, as well as selling the best and most exclusive products on the market.

 

 Last year it announced the opening of an office in Dubai and investments for a total amount of 550 million euros, which generates an image of solvency that clashes head-on with the concerns and doubts expressed by the clients.”

 

So the question then arises Maria, if monies have been deposited by clients without the security of building licence or Bank Guarantee under this new Spanish Law, does that inevitably mean that their monies remain unsecured in the event of developer/ promoter insolvency?

And does it then follow that if this “ risk “ was not identified by the conveyancing lawyer to their client from the outset, without their knowledge or explicit agreement to such in the purchase contract, that this would be deemed a lack of legal due diligence, and the conveyancing law firm can be made liable for return of clients’ deposited monies? ( presumably evoking the law firms’ legal liability insurance)?

 



Thread: buying off-plan comes more risky. Law 20/2015 abolishes Law 57/1968 and modifies Law 38/999

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16 Jan 2022 10:27 PM:

Also what role does the notary play in this scenario if a required licence is not in place at point of Puchser deposit?. Would they be in a position to check from the outset if a licence is not in place and refuse to authorise the purchase contract?

Would they then also be culpable of lack of due diligence along with the conveyancing lawyer, bank, and promoter if this was allowed to proceed thus placing the purchaser's monies at risk of being unsecured ?

 

 



Thread: buying off-plan comes more risky. Law 20/2015 abolishes Law 57/1968 and modifies Law 38/999

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16 Jan 2022 6:29 PM:

Sadly I have just come across this forewarning on Spanish Property Insight forum regarding a promoter bynok

and an offplan  development in Estepona namely la boladilla village resort 

https://www.spanishpropertyinsight.com/2022/01/15/by-nok-promoter-of-la-boladilla-village-resort-in-estepona-leaves-investors-in-the-dark-and-fearful/

https://one-marbella.com/en/development/show/129/la-boladilla-village/

Given there was a change in Bank Guarantee law back in 2015 involving the abolishment of Ley57/68 for those who purchased offplan after 1st January 2016 as explained in this EOS archive blog below, highlighting the risks, this begs many questions.

https://www.eyeonspain.com/blogs/rightinspain/15129/buying-off-plan-gets-more-risky.aspx

Who were the conveyancing lawyers involved in this development in Estepona?

Did they demonstrate all legal due diligence by ensuring that building licences were in place PRIOR to purchasers making any deposits. Note the above blog stresses

"should you be interested in buying an off-plan property, you shouldn't make any payment until the building licence is granted to the promoters, unless you want to risk to be unprotected for the advance payment."

Did the promoter identify that failure to have proof of building licence would leave purchasers deposits unsecured under this new law?

Note on the promoters website it makes mention of a guide to buy property in Spain but there appears no reference to the requirement for building licence to be in place prior to purchasers making deposits.

https://spain-real.estate/construction-companies/bynok/

C/ Ortega y Gasset, 6 piso 1º Izquierda. 28006 Madrid

Camino de La Boladilla S/N. 29680
 

And a more general question ..

Under the new law governing bank guarantees with regard to off plan new builds, if a BG has been issued without a building licence in place, does this make the BG worthless?

Are there any automatic restrictions in place to prevent a BG being issued under these circumstances to act as regulatory control from the outset?

Or will the purchaser be left with no alternative but to litigate, and who would be responsible for this failure that leaves the purchaser at risk of their deposited monies being left unsecured? The conveyancing lawyer or bank or promoter, or all  (joint and several liability)?

Perhaps Maria de Castro could advise?

So sad to see continuing loopholes that continue to place purchases at risk in this way, especially as there appears to be a recent increase in the marketing of new Spanish developments. 
 

 

 

 



Thread: buying off-plan comes more risky. Law 20/2015 abolishes Law 57/1968 and modifies Law 38/999

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27 Nov 2021 7:45 PM:

joyjo

Has your lawyer ( or Barrister) submitted the calculation for costs for approval by the judge and if so have you been advised when this was actually submitted? This is an additional procedure following a successful ruling and again relies upon the judge to review and approve the calculations so have you asked your lawyer on average how long this is taking?

 

 


This message was last edited by ads on 11/27/2021.
Thread: A strong battle against Supreme Court´s recent interpretation of Law 57/68 we are in

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10 Nov 2021 6:57 PM:

Bottom line.. EU define and declare the rules and timings re dates associated with lifting restrictions of movements, etc but the EU mandarins ( Commisioners) have sadly been  insufficiently flexible over the years to recognise the ensuing problems, not only with differing member states ( this is not just the UK), but also have turned blind eyes to how their intransigence has resulted in impacting cohesion and tolerance across member states and have proliferated unnecessary division ( and if not careful the rise of political extremes)  in that process.

What is needed is calm rational open minds to seek MUTUALLY acceptable solutions with a willingness to remain flexible to deal effectively and in a timely manner with any ensuing problems, as opposed to constant divisive political rhetoric and intransigent federal mantra, which does little but alienate and further divide.

We all deserve better.

 

 


This message was last edited by ads on 11/10/2021.
Thread: Location advise please

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