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-   -   Martin Fadesa apartment deposits (https://britishexpats.com/forum/ayamonte-club-138/martin-fadesa-apartment-deposits-933808/)

CAROL ELIZABETH Jul 16th 2020 10:41 am

Martin Fadesa apartment deposits
 
Many years ago we decided that Costa Esuri was not for us and we tried through our solicitor to recover our large deposit to no avail. We used an English solicitor to stop the threatening emails we got at the time to try and get us to complete. We agreed to sign away our deposit to end the matter. The apartment was quickly sold. I still feel bitter about it and I wondered how many others were caught up in this and tried like us to recover something of their deposit. Our deposit was over €50k.

Rosemary Jul 16th 2020 11:08 am

Re: Martin Fadesa apartment deposits
 

Originally Posted by CAROL ELIZABETH (Post 12882513)
Many years ago we decided that Costa Esuri was not for us and we tried through our solicitor to recover our large deposit to no avail. We used an English solicitor to stop the threatening emails we got at the time to try and get us to complete. We agreed to sign away our deposit to end the matter. The apartment was quickly sold. I still feel bitter about it and I wondered how many others were caught up in this and tried like us to recover something of their deposit. Our deposit was over €50k.

If I remember correctly when we bought our house we were told at the onset that the deposit was non-refundable so to be sure about our intentions before paying out any money.

Rosemary

Roger77 Jul 16th 2020 4:01 pm

Re: Martin Fadesa apartment deposits
 
THE DEPOSITS WERE NOT NON REFUNDABLE. THEY WERE “GUARANTEED” BY THE SPANISH GOVERNMENT WITH 12% INTEREST. OR SO THEY TOLD THOSE WHO WERE CONNED INTO LAYING OUT LIFE SAVINGS TO THE CROOKS KNOWN AS MARTINSA FADESA. THOUSANDS OF PEOPLE LOST A SMALL FORTUNE TO THE CON ARTISTS, THAT INCLUDES THE SO CALLED “SOLICITORS” WHO WERE IN CAHOOTS WITH THE CROOKS. PEOPLE WERE HOODWINKED INTO GIVING A TONNE OF HARD EARNED CASH TO “BUY THE DREAM” WHICH TURNED INTO A NIGHTMARE FOR MANY, MANY HARD WORKING PEOPLE. YES, THEY TRIED TO THEN FORCE THE SECOND PART OF THE PURCHASE PRICE. THEY JUST WANTED MORE AND MORE MONEY FOR NOTHING IN RETURN KNOWING FULL WELL THEY WERE GOING INTO ADMINISTRATION AND THE MONEY WAS “LOST” TO THE ‘PURCHASERS’ BECAUSE THEY HAD REFUSED THE CORRECT PAPERWORK. IN CAHOOTS WITH THE SOLICITORS AND ESTATE AGENTS WHO KNEW FULL WELL THE PAPERWORK WAS NOT COMPLETE - THEY NEGLECTED TO PASS THE ‘AVAL’ TO THE PURCHASERS. TURNS OUT THE SO CALLED “GOVERNMENT GUARANTEE” ALTHOUGH ACTUALLY WRITTEN INTO THE CONTRACT, WAS ONLY ‘VALID’ IN ASSOCIATION WITH THE ‘AVAL’. THESE AVALS WERE NO WHERE TO BE SEEN, NOR MENTIONED THROUGHOUT THE PROCESS. AND THE SALES AGENTS, SOLICITORS AND MARTINSA FADESA ALL KNEW EXACTLY WHAT THEY WERE DOING. THE SO CALLED GOVERNMENT GUARANTEE WITH 12% WRITTEN INTO THE CONTRACT AND MENTIONED ALL OVER THE SPANISH PRESS (TO ENTICE FOREIGN BUYERS) WAS A SHAM AND NOT WORTH THE PAPER IT WAS WRITTEN ON. AS ALL THOSE WHO PAID OUT “DEPOSITS” OF 50K; 75K AND MORE HAVE UNFORTUNATELY ALL FOUND OUT. MEANWHILE MR MARTINSA FADESA WAS “EARNING” OVER 75K A DAY,,,, ALL THE WAY THROUGH THE ADMINISTRATION PROCESS.
THEY CREAMED THE PROCESS; THEY MADE A FORTUNE; THEY SCREWED HUNDREDS/THOUSANDS OF “BUYERS”; THEY GOT AWAY WITH IT.
SAD BUT TRUE!

Fredbargate Jul 16th 2020 4:09 pm

Re: Martin Fadesa apartment deposits
 
Roger77 that's a long winded way of saying Spain.
I feel sorry for you and many others with many more that will be conned in the future

Roger77 Jul 16th 2020 4:11 pm

Re: Martin Fadesa apartment deposits
 
AGREE!

Roger77 Jul 16th 2020 4:13 pm

Re: Martin Fadesa apartment deposits
 

Originally Posted by Fredbargate (Post 12882646)
Roger77 that's a long winded way of saying Spain.
I feel sorry for you and many others with many more that will be conned in the future

AGREE !

MikeCol Jul 16th 2020 4:24 pm

Re: Martin Fadesa apartment deposits
 

Originally Posted by CAROL ELIZABETH (Post 12882513)
Many years ago we decided that Costa Esuri was not for us and we tried through our solicitor to recover our large deposit to no avail. We used an English solicitor to stop the threatening emails we got at the time to try and get us to complete. We agreed to sign away our deposit to end the matter. The apartment was quickly sold. I still feel bitter about it and I wondered how many others were caught up in this and tried like us to recover something of their deposit. Our deposit was over €50k.

I think I remember you, Carol Elizabeth, from back in 2006. Didn't you buy in Portugal in the end?

christmasoompa Jul 16th 2020 4:48 pm

Re: Martin Fadesa apartment deposits
 

Originally Posted by Roger77 (Post 12882648)
AGREE!

Please turn your caps lock off, on a forum it's 'shouting' to type in all caps.

Thank you.

casey948 Jul 16th 2020 6:00 pm

Re: Martin Fadesa apartment deposits
 

Originally Posted by Roger77 (Post 12882638)
THE DEPOSITS WERE NOT NON REFUNDABLE. THEY WERE “GUARANTEED” BY THE SPANISH GOVERNMENT WITH 12% INTEREST. OR SO THEY TOLD THOSE WHO WERE CONNED INTO LAYING OUT LIFE SAVINGS TO THE CROOKS KNOWN AS MARTINSA FADESA. THOUSANDS OF PEOPLE LOST A SMALL FORTUNE TO THE CON ARTISTS, THAT INCLUDES THE SO CALLED “SOLICITORS” WHO WERE IN CAHOOTS WITH THE CROOKS. PEOPLE WERE HOODWINKED INTO GIVING A TONNE OF HARD EARNED CASH TO “BUY THE DREAM” WHICH TURNED INTO A NIGHTMARE FOR MANY, MANY HARD WORKING PEOPLE. YES, THEY TRIED TO THEN FORCE THE SECOND PART OF THE PURCHASE PRICE. THEY JUST WANTED MORE AND MORE MONEY FOR NOTHING IN RETURN KNOWING FULL WELL THEY WERE GOING INTO ADMINISTRATION AND THE MONEY WAS “LOST” TO THE ‘PURCHASERS’ BECAUSE THEY HAD REFUSED THE CORRECT PAPERWORK. IN CAHOOTS WITH THE SOLICITORS AND ESTATE AGENTS WHO KNEW FULL WELL THE PAPERWORK WAS NOT COMPLETE - THEY NEGLECTED TO PASS THE ‘AVAL’ TO THE PURCHASERS. TURNS OUT THE SO CALLED “GOVERNMENT GUARANTEE” ALTHOUGH ACTUALLY WRITTEN INTO THE CONTRACT, WAS ONLY ‘VALID’ IN ASSOCIATION WITH THE ‘AVAL’. THESE AVALS WERE NO WHERE TO BE SEEN, NOR MENTIONED THROUGHOUT THE PROCESS. AND THE SALES AGENTS, SOLICITORS AND MARTINSA FADESA ALL KNEW EXACTLY WHAT THEY WERE DOING. THE SO CALLED GOVERNMENT GUARANTEE WITH 12% WRITTEN INTO THE CONTRACT AND MENTIONED ALL OVER THE SPANISH PRESS (TO ENTICE FOREIGN BUYERS) WAS A SHAM AND NOT WORTH THE PAPER IT WAS WRITTEN ON. AS ALL THOSE WHO PAID OUT “DEPOSITS” OF 50K; 75K AND MORE HAVE UNFORTUNATELY ALL FOUND OUT. MEANWHILE MR MARTINSA FADESA WAS “EARNING” OVER 75K A DAY,,,, ALL THE WAY THROUGH THE ADMINISTRATION PROCESS.
THEY CREAMED THE PROCESS; THEY MADE A FORTUNE; THEY SCREWED HUNDREDS/THOUSANDS OF “BUYERS”; THEY GOT AWAY WITH IT.
SAD BUT TRUE!

My daughter and son-in-law were buying a town house but pulled out. Their solicitor 'tried his hardest' to get their deposit refunded, eventually being given a cheque on a Friday but asked not to present it until the following Monday - Fadesa went into administration over the weekend and the cheque was bounced! They have still not received a cent back several years later.

CAROL ELIZABETH Jul 17th 2020 10:52 am

Re: Martin Fadesa apartment deposits
 
Hi Mike yes we bought an apartment in Portugal ( spending much less than Esuri as we had lost some money) and then 3 years ago we bought a house close by that needed work doing and put a pool in. It is lovely and we love being there but house prices are considerably higher than Spain and the language a nightmare, a good job English is spoken widely. My Spanish wasn’t bad when we were going to buy on Esuri which has helped but knowing I will never get it to my Spanish standard I have become lazy. I have no regrets about buying in Portugal and pulling out of Esuri. We have shops, cafes and the beach in walking distance. It has just cost us so much more and although I am bitter about the loss of the money I had forgotten about it until someone I know asked me about it recently. The money would have helped our children. I feel it is unforgivable that the whole situation was so corrupt. We still have some friends with homes on Esuri and they love it and as far as I know have no plans to sell. Very occasionally I drive across to see the place and apart from the eye sore of the commercial centre and the entrance there appears to be growth and development. My friends gardens and immediate surroundings are lovely.

CAROL ELIZABETH Jul 17th 2020 10:56 am

Re: Martin Fadesa apartment deposits
 

Originally Posted by Rosemary (Post 12882527)
If I remember correctly when we bought our house we were told at the onset that the deposit was non-refundable so to be sure about our intentions before paying out any money.

Rosemary

We tried desperately to change the actual apartment when it was clear it was not going to be delivered to the promised standard as seen in the earlier condominiums. They kept promising but nothing came of it. The woman who ran the shed at the time was deliberately unhelpful. After that we tried to get our large deposit back as I assume others did too.

MikeCol Jul 17th 2020 11:21 am

Re: Martin Fadesa apartment deposits
 

Originally Posted by CAROL ELIZABETH (Post 12882940)
Hi Mike yes we bought an apartment in Portugal ( spending much less than Esuri as we had lost some money) and then 3 years ago we bought a house close by that needed work doing and put a pool in. It is lovely and we love being there but house prices are considerably higher than Spain and the language a nightmare, a good job English is spoken widely. My Spanish wasn’t bad when we were going to buy on Esuri which has helped but knowing I will never get it to my Spanish standard I have become lazy. I have no regrets about buying in Portugal and pulling out of Esuri. We have shops, cafes and the beach in walking distance. It has just cost us so much more and although I am bitter about the loss of the money I had forgotten about it until someone I know asked me about it recently. The money would have helped our children. I feel it is unforgivable that the whole situation was so corrupt. We still have some friends with homes on Esuri and they love it and as far as I know have no plans to sell. Very occasionally I drive across to see the place and apart from the eye sore of the commercial centre and the entrance there appears to be growth and development. My friends gardens and immediate surroundings are lovely.

It is such a shame to hear your story & those of others who lost money due to the demise of MF. We completed in 2006 (Marina Esuri, previously Pueblo Andalucia) and had no problems with any of the buying process and Solicitors (unlike some others). We lived there permanently from 2008-2015 & then returned to the UK keeping it as a holiday home. We are now selling it (we complete next Wednesday) & sadly (as all the others who completed pre 2008) we are taking a large loss due the downturn in Spanish house prices since the crash. We have no regrets as we loved our time there &, tbh, I think we had our monies worth.

Roger77 Jul 17th 2020 11:27 am

Re: Martin Fadesa apartment deposits
 

Originally Posted by casey948 (Post 12882716)
My daughter and son-in-law were buying a town house but pulled out. Their solicitor 'tried his hardest' to get their deposit refunded, eventually being given a cheque on a Friday but asked not to present it until the following Monday - Fadesa went into administration over the weekend and the cheque was bounced! They have still not received a cent back several years later.

WOW, JUST WHEN YOU THINK YOU’VE HEARD IT ALL,, AND MARTINSA FADESA STORIES JUST KEEP ON COMING...I FEEL GUTTED FOR YOU GUYS, SO CLOSE AND YET SO FAR..NOTHING IS SURPRISING...AND NO MONEY WILL BE RECEIVED BACK, THAY’VE ALL HAD THEIR ‘CAKE’ AND THEIR ‘CHERRY ON TOP’....!
AT THE END OF THE DAY, LET’S JUST KEEP SAFE & HEALTHY AND LEAVE THAT ALL IN THE PAST WHERE IT BELONGS.
CHEERS

Rosemary Jul 17th 2020 11:44 am

Re: Martin Fadesa apartment deposits
 

Originally Posted by Roger77 (Post 12882952)
WOW, JUST WHEN YOU THINK YOU’VE HEARD IT ALL,, AND MARTINSA FADESA STORIES JUST KEEP ON COMING...I FEEL GUTTED FOR YOU GUYS, SO CLOSE AND YET SO FAR..NOTHING IS SURPRISING...AND NO MONEY WILL BE RECEIVED BACK, THAY’VE ALL HAD THEIR ‘CAKE’ AND THEIR ‘CHERRY ON TOP’....!
AT THE END OF THE DAY, LET’S JUST KEEP SAFE & HEALTHY AND LEAVE THAT ALL IN THE PAST WHERE IT BELONGS.
CHEERS

Please turn off your Caps Lock. This is the second time of asking.

Rosemary

CAROL ELIZABETH Jul 17th 2020 3:05 pm

Re: Martin Fadesa apartment deposits
 

Originally Posted by MikeCol (Post 12882949)
It is such a shame to hear your story & those of others who lost money due to the demise of MF. We completed in 2006 (Marina Esuri, previously Pueblo Andalucia) and had no problems with any of the buying process and Solicitors (unlike some others). We lived there permanently from 2008-2015 & then returned to the UK keeping it as a holiday home. We are now selling it (we complete next Wednesday) & sadly (as all the others who completed pre 2008) we are taking a large loss due the downturn in Spanish house prices since the crash. We have no regrets as we loved our time there &, tbh, I think we had our monies worth.

Good luck Mike - hope it all goes through smoothly. We only ever intended to use the house as a holiday home and our children and grandchildren now love their trips out. They are all gutted that Portugal is not on the air bridge list but none of us intend to fly via Sevilla as has been suggested to avoid the problem.i am sure you will miss your time there.


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