09 Aug 2007 10:15 AM:

Many thanks for this info. Much appreciated. Can you now provide a firm completion schedule or at least what the new Construction Company committed to?

Community thread: Sending legal documents to Spain

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09 Aug 2007 10:10 AM:

If the amount that you are going to Court for is less than 10,000Euros, I'd say take the developper's offer as the expenses and hastle of fighting in Court for it aren't worth it in my opinion. If it is over that amount, I would say you can go ahead and fight but you have to agree with your lawyer on a cap of his fees as he might be coming to you with an additional fee estimate at each stage of the procedure.

 

 

 

Community thread: SPAIN ARE CHAMPIONS!

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26 Jul 2007 11:53 AM:

Kev, I think that all that the bank cares about is to have a life insurance in place naming them as a beneficiary during the mortgage period, they really don't care where the coverage comes from. So if you have an existing life insurance you could ask your insurer to add the bank as a beneficiary for up to the mortgage amount. The bank will probably ask for commitment from your insurance that the coverage will not be revoked for the period where the mortgage is in place. Otherwise, you probably need to shop around, chances are that you might be able to get a better deal from other insurers. Just make sure you don't prepary the insurance, which would give you the flexibility of changing insurer.

Community thread: Moving to Spain

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24 Jul 2007 4:32 PM:

Pamspain, your case begs the question of whether or not the Bank Guarantee you are provided (Avales) covers not only the deposit but also the interest and whether to enforce the Avales you need to first sue the developper before you can trigger your lawsuit against the bank. These are questions that you lawyer should be able to clarify for you. If Spanish law requires you to first sue the developer and prevail under Spanish law before you can trigger an action for the advance and interest against the bank, that could take a long time. You might want to see if you can find another solicitor who would agree reasonable fees and accept a lower deposit and maybe only get paid when you prevail.

If anyone has any insight on how the guarantee (Avales) works (whether you need to first sue the developper before you can sue the bank) and whether or not it covers the deposit plus interest, it would be much appreciated.

It is unfortunate that the project owners are so short sighted and not proactive in returning deposits and interest, as if these talks about lawsuits and litigation fleurish on the web, it will do more damage to the project and potential future sale than simply paying the deposit plus legal interest to the few investors who want out or can't afford to wait.

Community thread: wanted

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16 Jul 2007 4:45 PM:

I think that the extent of what one can get is the refund of advance payments plus interest simply because you just can't have the cake and eat it too (can't keep the flat with rising value and ask for damages). I think the decision to wait is a wise one. The market seems to be going up and once this project is fully complete, it'll be a nice piece of property. My guts feeling tell me that Casajur as typical bankers are slow because they want to get it right. There seems to be high political visibility (due to the Mabella scandals) and bureaucracy, which seems to create a drag effect on the project. Once their headquarter in Qordoba releases the baby to the construction team and the local sales force, I think that this project can only go upward (they've sank as low as they could). So I would hang on for little while..

Community thread: Has anyone got refund?

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