06 Nov 2008 7:36 PM:

Hi everyone

We bought on this development through IAP and have been far from happy with them.

We bought as an armchair investment as Bridge Holmes were going to be looking after the properties and they would cover everything from advertising to cleaning and they said they could achieve very good level of rentals.  For some reason IAP parted company with them but  IAP wouldn't give me a reason when I questioned them about it. 

We have also been approached by European Mediation and they say they can get our money back as the builder is in breach of his contract.  The deposits are held in an Escrow account until completion so the builder should not have any of your money.  I can't vouch for the company's credibility but they have told me they have a fair number of clients who are buying on this development.

Their fees sound a bit steep but what you have to weigh up is do you want to be landed with a property that is not going to pay its way and possibly leave you in debt or gamble by going through European Mediation and get your deposit back.  It's a lot to think about in the current economic climate.  They told us they would also claim for the reservation fee and interest ,that would have acrued if you had the deposit in a savings account , as well as their own costs.  Give them a ring and have a proper chat or email them.

When we signed up for this property, the mortgage rate in Spain was about 3.5% and is now 6% so if you were thinking of mortgaging to the so called increased value of the property so that you would have funds to pay the closing costs and towards furnishings....you might be out of luck.



Community thread: Anyone else bought an of plan property at FortunaHill Golf and waiting on completion ?

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