30 Jul 2008 12:00 AM:

 

Hi all,

 

Hope you are all keeping well,

 

I am writing to detail my position with reference to our purchase of property at La Tercia Real. We purchased a 4 bed Roda on 400m plot back in 2005 for €291000.00 and were given a completion date of June 2007 like many others since then we have been given date after date but nothing concrete. we have never had any correspondence from the developer or the lawyers, furthermore when we purchased we were told we could make changes, this turned out to be untrue as when we went to site and spoke to Sonia we were told that no changes were allowed. On top of everything else the communal area design has changed and is nothing like the original concept we were sold.

 

Peinsa have allegedly told some purchasers that it will take six months to get a refund should they decide to cancel their purchase. I can assure you this is not the case. I wrote to my lawyers (Fusters & Co) and Peinsa by email on numerous occasions and asked them to confirm how to cancel my contract and get a refund, I received an email from Peinsa asking me to reconsider and when I wrote back and told them I did not want to reconsider any further emails reference the canceling of my contract were ignored.

 

By luck I was given the details by a friend of English based Spanish Notary who could help. From there I instructed him to cancel my contract and secure a refund which he did. As I have found out it does not take six months but instead only a couple of weeks. The process is called a “Notarial Demand” and simply means that the Notary contacts the bank directly, rescinds the contract and secures the refund with Interest of 6% in might add. There is no need to contact your Spanish lawyers or the developers. I found it a very hassle free process and it costs approx £1000.00. The problem with the Spanish lawyers is that there are very few “conflict of interest” laws in Europe and in a lot of cases the lawyers are used both by the purchaser and the developer. At one stage my Spanish lawyers allegedly told the bank that I have signed an amendment to contract and therefore I could not cancel which of course was not true. This was the same lawyer that was supposed to be representing my interests in the purchase in the first place.

 

I would advise anyone buying in La Tercia Real to reconsider their purchase. In the current climate there are some fantastic bargains on offer, when we were looking for property in 2005 we looked at La Valle which is only a couple of miles from La Tercia Real. We loved the villas but they were too expensive for us at €520000.00. I am being offered the same villas which are now ready to move into with pool etc for €320000.00. This is a vastly superior development with 5 star hotel, shopping centre, bars, restaurants, 24 hour security, 18 hole golf course etc. I have also been offered a 3 bed 2 bath villa front line golf in Mosa Trajectum with pool for €275000.00 This is only an example of what is on offer in the current climate. Property in Spain is back by as mush as 40% and it has turned into a buyers market.

 

Peinsa have in my opinion treated their customers with contempt from the very start and continue to do so. They should note that their delays have cost purchasers considerable stress and hassle not to mention financial costs because of the Euro exchange rates, at today’s exchange rate my Villa would have ended up costing me an extra £35000.00 because of the delay and that is excluding my deposit. Make your own mind up and if anyone wants more details on how to get a full refund with interest then do not hesitate to contact me.

 

 

Mikey

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