JAG SIDHU

DG,

I agree with most people I think you will find it nigh on impossible to get your money back due to breech by Fadesa, even though technically they were. They will probably pass the buck on to Endesa and the courts will probably allow them leeway of 2/3 years anyway.

If you don't want to complete, or are not in a position to, the only way you are going to recover any money is by selling your contract. What you have to now do is set a price on your contract ie if you have paid €75k what are you willing to accept for it, €40K?, €50k? whatever you decide.

Then if you can find someone who is happy to complete on their plot sell them your contract. They will merge the two deposits together, the buyer will have his plot at a discounted rate (your loss) and you will get some funds back.

I think you will find going down the legal route will prove expensive and fruitless.

EsuriJohn

Sound advice as ever Jag you could be a Lawyer!

GerryW

I do not mean deal as in new price. I mean as in completion of the deal.

CAROL ELIZABETH

Firstly I did not enter into this as an investment - had I got waht I thought I was buying over 3 years ago none of this would have been the case - those of you who bought on the earlier phases were used as a means to sell later one. I bought an apartment based on a load of facts (and a quality that failed to materialise), I then asked more than a year before administration to change it for another (at the then existing rate). Fadesa and my solicitors twice went though the motions of promising to sort it - twice I had even chosen a new home. On both occasions thay failed to sort - they were determined I would buy the apartmernt I contracted to (as they have been unable to sell these) and this was even though they admitted it was not what I had a right to expect. Three years later with it unsorted would you now pay more than the price the banks are selling the same houses for? And we are not the only ones in this situation. I have to say also that we have still not been formally asked to complete. I resent your attitude when you have no idea what we have done to try and resolve the matter. Buying a resale still leaves us with a contract we don't want - if Fadesa would sell us one at anywhere near the existing price not 30k more we would complete and have the end of it all. It has caused more stress than it has been worth and I for one want to see the end of the contract. So please make sure you have the facts before you start accusing people.

MikeJ

Ouch - a broadside However I most certainly was not having a pop any anyone in particular - just pointing out a few generalities about contracts. As you say I am not personally familiar with your circumstances (apart from what you have posted ) If you feel it was directed you, what can I say?

In fact, I too bought a property near the top of the market - which would now sell at a considerably lower price, even allowing for the exchange rate, (if I could sell). But I haven't attempted to get my money back. The same thing happened to my flat screen TV - they're selling for much less now! But I'm not complaining - that's the way things are.

What I was trying to say, in a clumsy way perhaps, is: it's no use crying over spilt milk, make the best of it. In fact I don't look at it that way at all as I think I do have the best of it. I have a property in perhaps one of the nicest parts of Spain which I and my family enjoy whenever we get a spare moment to stay there. I am hoping to become much more permanent soon. In fact it has has made us more determined to enjoy every minute.

In the long term it will certainly give me back all the value I expected.

CAROL ELIZABETH

You said in response to my posting:

It sounds as if you are the one who wants to renege on the contract not Fadesa. I'm not one to champion Fadesa but I don't think that they are in the wrong in this case.

Not directed at me?

I will say again - this is not about investment loss of money etc. Had I been a purchaser on the earlier phases of CE I would not be in this position. Fadesa failed to meet the quality standards they promised and it is now down to those who did complete on our particular part of CE to fund the necessary changes (which I am sure they will ultimately do - I know they are making improvements daily but it is a challenge for them) - that we chose not to complete in the hope of trying to sort an alternative only to find we were left high and dry by the company going into administration is not our fault. It remains clear the only option left to us is to complete on a property we don't want or possibly say goodbye to our not insubstantial deposits and hope there is no further come back. This is what we propose to do and just wait and see. An exchange has not been possible. I feel sorry for anyone in a similar position plot owners or otherwise.

Jon-Bxl

He is!!

Jon-Bxl

Sorry John no Costco in Spain, thats why it was a big talking point for us when we saw Costco products (imported).........

You'll have to get your multi-pack foods + clothes + cheap books and all those tools elsewhere

Ayamontino

Carol, although mike quoted you in his reply I think he is quite clearly talking about plot owners and not yourself. I have read your posts about your probs with Fadesa and quite clearly nobody in their right mind would side with Fadesa. I think yours is a quite different situation than the guy with the plot.

EsuriJohn

Not quite! but he would make a good one.

CAROL ELIZABETH

Yes I think you are correct - just a mistake.

dg123

I bet most of the people who say you don't have a chance to get your money back,,,,,who criticize people, who signed for their plots . Never bought anything through fadesa . "Well " Let me say one thing . I bought this plot on the understanding ,that everything would be in place ie shopping center within time stated on my contract TO build with electricity ..... Well 5 years later still nothing stable .People say I don't have a case . When I spoke to a sales person for fadesa 2004 their market team was selling under false pretenses miss leading .How would you like it. Paying for something THAT WAS PROMISED TO YOU AND 5 YEARS LATER Nothing . apart from the land being completed with "now" electricity ......much much later then expected causing people like myself "having" to change all my plans . Far has I'm concerned they have let people down like myself . Why should i loose out

Fortaleza

Look Dg. I don't think anyone is saying that you haven't been unlucky. But try and look at this from a different angle.

Would you expect, say, if Barrett Homes in UK decide to sell their properties on the basis of whatever else they may put in an area? When putting pen to paper on your house in UK, would you then expect a refund because they didn't build a corner shop? Your deeds - as you would expect - relate solely to the property you have bought, and nothing else. In your specific case you haven't even bought yet, you have an option on a plot which you have yet to complete on. Under Spanish law, this is not your property, it is still 100% Fadesa's even if you have paid 50% deposit or whatever it was. You need to look through your contract - NOT WHAT YOU THOUGHT YOU UNDERSTOOD VIA A SALESMAN'S SPIEL - and see where exactly Fadesa have defaulted. If they legitimately have, then you have a case which may be worth persuing.

As I have said to you before, run all this by a lawyer. I have given you suggestions both on the public thread and in private message. Only then will you know where you stand. You can preach to the converted on here til the cows come home - you will find plenty of sympathy. Unfortunately sympathy isn't going to solve your problem. So, continue to tell us all what a bum deal you feel you've got - and you will get plenty of sympathy - but get no further, or take action as to where you go from here. You may be surprised actually at the number of options available to you

JAG SIDHU

DG,

I actually did buy through Fadesa and like you I was told various things would be done, like shopping centres, hotels and leisure facillities. However, none of this is in the contract.

The only thing in the contract that Fadesa have breached on are the utillities, which although delayed are now in place. But as I said earlier they will probably be allowed sufficient leeway to get around the delay.

Look, no one is having a go at you. I was simply suggesting options to you but if you do go down the legal route make sure you get a decent lawyer, not local, and be prepared for a long, long fight.

MEL & JOHN

Posted a little in the restaurants thread and thought I would prattle away on here as well. Arrived at our house for a break with a friend early this month and, as always, think how lucky we are....it is lovely. The gardens around Lomas de Esuri are looking good and our M2 garden and pool area was very green, lush and the pool clean and inviting - FABULOUS !! All the plants looking healthy and John was glad that his beloved Yucca is thriving. Found the river beach at Alcoutim which is lovely albeit very small, the bar along the river there was closed but had a coffee by the Customs Officer and watched the cruise boats come in. On the way back took the old road and ended up being surrounded by "spotty" goats.....50 plus, with BIG horns and saw some chunky birds (Huh who am I to talk !!) with very bright yellow breasts, about the size of a crow - but not crow-like.

Walking round Lomas De Esuri early evening we were startled by a rustling in the bushes (along by your place Marisol) and a donkey came out with a small foal, a few evenings later it followed us up in between the Manzana's.

Back out in Sept with the family and can't wait.

Take care all

Mel