06 Nov 2009 1:30 PM:

I would'nt be able to sleep straight at night if I dragged a close friend or family member into this mess.

Even though I researched this purchase extensively and felt assured in my own mind that I was happy with the risks, I am living to regret dealing with the associated agents and developers.

I do not have any confidence in the Spanish legal system either which is why I am not rushing into a decision to prosecute the developer.

To all that have contacted me directly, I will be in touch over the weekend.

Thanks

Chartered

Community thread: Hallo

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19 Oct 2009 12:00 AM:

Hi everyone,

I haven't posted for a while as unfortunately in the early part of this year, I had to make the decision to pull out of my purchase, so I have been watching from afar.

I thought that it is important to share my experience and ask for some advice from forum members. We issued the developer with notification of our intention to stop the purchase process and invoke the clause in the contract, which would result in the developer returning 50% of our payments to us.

After 6 months, the developer has notified us that they 'have no money' to repay us, which leaves me with two options, either take them to court or walk away.

Has anybody had any experience with taking a developer to court? How long does the process take? How much does it cost? How much compensation did you receive? All in all, is it worth it?

From reading this forum and my own personal experience with Peninsula and the developer I would just like to say to you all please be vigilant as things are not as they seem and even if it is written in black & white it is worthless.

To all of you continuing with your purchase, then good luck to you and I hope it works out. It is just a case of circumstances that forced our dream to end.

If anybody can offer any advice I would appreciate it.

Thanks

Community thread: Advice on court action?

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21 Sep 2008 7:59 PM:

Hello everyone,

I have just been reading through the postings relating to the mortgage offers from Peninsula. I would be very interested to learn from highlander the actual mortgage valuation from the bank against the purchase price of the property.

From the information I gained talking to various mortgage lenders before committing to reserving a property, I was informed that an 80% LTV was only available on established properties and that anybody purchasing 'off-plan' would only be able to obtain a mortgage which is 80% of the purchase price, so I have worked on this principle which is the worse case scenario.
When I was communicating with various agents before buying, it was these people who were pushing the Peninsula mortgage, which I had some reservations about.

I will be talking to Peninsula and my solicitor about this subject, but I view this as a long term investment, the markets will recover in time. Each owner must weigh up their individual situations and decide if they proceed or not.

Community thread: putting up curtain poles/pictures worried about electrical wires/pipes

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17 Aug 2008 12:02 PM:

I agree with the various comments about the need for Peninsula to improve their customer focus, as I too was one of their clients that received virtually no contact from them either before or after the reservation of my apartment. So I contacted both Sharon Hitchcock and Margaret Corley directly and last week took the opportunity to meet with their repesentatives during a visit to the development.

I met with Frederic Fourestier (Peninsula), Sarah Bowden and Alex Corley (Royal Peninsula) last Tuesday and over the afternoon discussed the progress of the development and also issues relating to the rental contract. All of them were very honest in their answers and they admitted that customer focus was one key area that they are addressing. They are aware that in the current climate, they cannot rest on their laurels.

The development is coming along and has made a lot of progress since my last visit in February. Yes there have been a number of set-backs, but on a project of this scale that is inevitable. I will be happier if Peninsula adapts a pro-active approach in keeping me updated with any issues that arise and hopefully after setting up direct contact links with them, this will happen. However, there are some people that are nieve enough to think that problems do not happen and that the finishing dates are set in stone.
I would prefer a longer build time and a high quality finish rather than rushing to achieve the finish date.

In such situations in the UK, companies are judged on how they handle obscure situations. All I can say is be pro-active and set up strong communications links yourselves, use your time to contact them and instill some self confidence in your purchase rather than spreading negativity.

Community thread: Hallo

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09 Jul 2008 1:03 PM:

Dear Jool,

I can appreciate the concerns raised by Donefor relating to Peninsula.

I paid my initial deposit on a unit on Tee 17 in December of last year. I only received the receipts for the transaction from Peninsula in May of this year (over 5 months to post a piece of paper). I have not had any correspondance from Peninsula relating to development updates, rental program etc.

As for obtaining a username and password for the Peninsula client centre to enable me to view the current progress of the development, I have never been informed of this service or received any log-on information!!

As my apartment is not due for completion until mid-late 2009, I have not been as concerned as some of the owners who are awaiting imminant completion, but what is disturbing is the reoccuring issues and lack of owners on this forum offering positive comments for Peninsula.

Community thread: Hallo

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