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06 Aug 2010 12:00 AM:

 
Someone living in my apartment that I havent completed on or got a mortgage with, is this allowed on an offplan purchase?
 
I started purchasing a property offplan in Oasis La cala De Mijas (http://www.oasiscalademijas.com/index_ru.html)
 
I had a firm of solicitors representing me in the purchase (back in 2005 I think) based nearby La Cala.  The development required 25% deposit plus the IVA taxes and I gave this between 2005-2007 on their schedule.  The development was due to complete in 2008 I believe and was slightly delayed and it completed end of 2008 (dates are slightly vague now).  As completion happened and the recession hit (oh and when I initially purchased offplan promises were made by the agent and developer that a mortgage is guaranteed on completion and no more money would need to be put in) when I did try to obtain a mortgage in 2008 the valuation came in way less than the purchase price and so I therefore had to put more money in to the mortgage as they would only give loan to value of 75%, I tried several banks but with no joy and with the recession no mortgages were being approved.  
Going back and forth through the legal team the developer agreed to offer a 3 year period where we can rent the property and this would go against the purchase price,  and within 3 years I have to complete on the mortgage, which I was happy with and agreed to.  
Over the past year I, and the legal team have been chasing the developer to ask how much the monthly rent will be so that we can continue with this deal and sign the contract but to date nothing has come back even after so much chasing.  I had enough of chasing and decided to finish this deal and tell the lawyers I want my money back from the developer.
 
The lawyer said the maximum we should try and get back is 50% of my outlay,  but they need half their legal fees up front and the remainder between then and completion.  I am not sure if this is normal in Spain or not or if they also do no win no fee like most places??
 
Finally to put a nail in the coffin my mum went to Spain last week to visit my brother and just out of curiosity visited my apartment and it seems like someone has installed glass screens on the balcony and has plants on the terrace!!! which means someone is living there????  I am shocked and very angry at this.. .I assume this is why the developer has delayed giving a rental price??
 
What do I do, and what can I do???
 
This was my life savings that went into the deposit and I dont know what I can do now
 
Any advice is greatly appreciated.
 
I would rather get some other opinions before going back to my lawyers in Spain and seeing what they suggest now, My personal representatives have changed a few times over the years within the firm and I am just not as confident as I used to be with them
 
Thanks
 
KD

 






This message was last edited by kaush on 06/08/2010.
Forum thread: A bit of help needed please

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06 Aug 2010 12:00 AM:

 Hi there,

 

I am not sure if anyone knows or can remember when you purchased off plan at Oasis if there was a bank guarantee given with the purchase at the developers bank I recall?

 

I am going through some legalities and have just posted on another thread (http://www.eyeonspain.com/forums/posts-long-11332.aspx)

As far as I remember it was given, but as per my thread with the economic climate when it came to completion of the development hardly anyone actually got their mortgage and I want to see if this would be a means of getting my deposit money back.

I was really looking forward to moving here but that seemed to get squashed a couple of years back and so now just getting our life savings back would be all we want and start again.

 

Any help or advice would be greatly appreciated.  I am thinking of coming over next week to meet with the lawyers so the more information I have the better.

 

Many Thanks

 

Kaush & Sandra



Community thread: Does anyone remember if a bank guarantee was given when purchased off plan at Oasis?

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08 Jun 2008 12:00 AM:

Have started seeing some more information coming online again for Mijas Marina  http://www.prlog.org/10054163-state-of-the-art-marina-comes-to-mijas.html  has anyone else seen or heard more locally?  I was speaking to someone who was involved with the initial planning and he seems to think its back on the books again... this would be great news!!

I still havent completed on mine due to some issues with mortgages but finally on track and hope to get over there soon.... are people enjoying it there who have already occupied?

KD

Community thread: LG 42" LCD Television for sale. Brand new boxed

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16 Oct 2007 5:32 PM:

OK I have just had a reply back from my solicitor, I had also asked for details of compensation but doesnt look likely

 

"I hope you are keeping well too.
 
Property is almost ready for completion. The Town Hall has already approved the first occupation license as per the information provided by the developer. We are just waiting for them to send us the document.
 
I am afraid that completion was expected for February 2007 as per the report on title that we sent you, in which is stated also that the developer can delay completion for 12 months because of act of God, so I don't see any way to ask for a compensation at the moment.
 
As soon as we have the copy of the first occupation license, I will keep you informed."
Hope that helps
Kaush


Community thread: thinking about work

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16 Oct 2007 1:34 PM:

Thanks Chipmonk,

I tried contacting IPS but not with much joy.  Just out of curiosity now that the development has been delayed potentially a year from original completion date should we be looking at any form of compensation?  I have delayed my move over so many times now, each time giving my notice at work that they just laugh it off now :-)

That was a very detailed checklist you had there, looking good..I think with xmas in between I am looking realistically at Jan to be safe forcompletion, besides really not keen on moving in december :-)

Well thanks for the update everyone and lets see what happens.  I am using my UK mortgage broker for getting that setup for Spain,  is anyone going to use the developers mortgage deal?

Thanks

K



Community thread: thinking about work

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