DJ27

Carol Elizabeth, I would be really interested in hearing your response from lawyer. We are in similiar position to yourselves and pulling our hair out here having only just found out through this forum/thread about the procedure and deadlines.
Thanks.

Cptnemo

Hi

This is a change in tact, hopefully your lawyers are just trying to protect your position, as at the moment it is difficult to see how you are creditors. Having said that, should the Administrators deem that MF can no longer trade the sales contract is worthless and the property/land could be resold, leaving you as a creditor to claim on the bank guarantee for any deposits paid.

Hopefully the depressed market will help the Administrators take the view that a quick completion will bring in more funds then trying to dispose of yet more property.

As has been mentioned by others, time to get some qualified advice.

I hope everything works out in the end

Mike and Carol

Sorry to hear of your problems. If the UK lawyer works in London at the Spanish Chamber of Trade, then I suggest that you follow his advice. He acted for uswhen we bought our property and also afterwards. He has always acted promptly and everything when smoothly.

Good luck

Mike and Carol

steph

I would like to know if anyone has sold a property back to fadessa and not yet received payment?

big wheels

A bit worrying if you have never seen your bank guarantee.

"One of those being investigated is Martina-Fadesa, one of Spain's largest listed developers, which recently went into administration. It apparently failed to provide bank guarantees for many of its clients"

http://www.propertywire.com/news/eur...808291547.html

CAROL ELIZABETH

Yes I know - have asked lots of times - even had assurance today but still no sign.

Dantill

We are 50% plot owners and we have also received the same email message regarding creditors meeting from MP.

I cannot believe something so important has been emailed. If we had been on holiday we would have missed the deadline required

Have tried to speak with Moron Pendas today but we only got the answerphone.

When MF went into administration we asked if MP had our Bank Guarantee in place to protect our money. We were told that it was not possible to have a Bank Guarantee on a plot. Our fault I suppose for not finding out 3 years ago.

We have our original contract and receipts for all money paid and MP are asking us to send original documents to them and PA and of course the E1750
fee.

We then dont have our money, documents or receipts!! Also E1750 down!!

Surely we own 50% of the plot and owe MF the balance so how can we be a creditor?

Your thoughts.....

Dave & Lynn

betris

no sorry its only what I have been told.surly if you have paid a deposit and they have gone into liquidation then you are a creditor.unless you have completed.you dont own nothing even if you have paid half thats just a 50% deposit.they owe you money.or you owe them money before you can complete.
I mean this sincerely.I hope every thing works out for you all.but it would be wise to get legal advise off 2 different solicitors and see if the answer is the same but dont forget there is a dead line.

GerryW

If you owned the plot - it would presuably be a Spanish asset on which tax is owed. However I believe (as a fellow plot 'prospective' owner) that the plot is not owned until full payment is received by MF. The deposit was not protected by bank guarantee as was the case with Plots at CE. Therefore you may well be a creditor for the 50% deposit that they owe you that is sitting in their empty bank account - but not the land - which still belongs to MF.

However, the receiver has a ready market - he has a load of plot owners who wants to complete, can hand over money, and have no snagging list to go with it. Therefore I am hopeful (no more than that) that completion is on his mind. When I was in CE the week before last Paula stated that they had permission to complete on properties (they are still selling them after all) from the administrator(s) - however it did not mention plots. This was then sent back to the admiistrators quite swiftly to request includsion of plots and would be ready first week or so of September. We shall see. But given the law surrounding bank guarantees and houses I can see why the Administrator feels obliged to complete - less the property owner seeks recourse to the banks - the very same ones who are circling MF. Plot owners on the other hand have no recourse and presumably the land could therefore be sold off once more. But can you imagine what would happen if that happened....so hold tight..looks like another ride coming...

betris

the meeting at la corunia is the final straw.thats why you have to get every thing sorted with your sollicitors before the dead line so you can all be represented or you could have no claim to nothing if you arnt on the list at the time of the meeting.

betris

I dont mean to be rude or anything but a email is the quickest way to inform you.if they phoned every one it proberly would take maney wasted hours.dont forget this problem was caused by fedesa and the fee is for the legal reprisentation at the meeting in la corunia nothing to do with the fee for the property purchase I presume.I dont know.but seek legal advise pronto.good luck and I hope every thing works out for the better

Michaelh

Couldn`t resist giving my idea and thoughts on whats happening

I would just like to point out that all the plots of land on Costa Esuri which were sold to private individuals were sold on a basis of 50% + 16% Vat at contract and 50% + 16% Vat on Completion ( 16% vat because it is land).

If all of you plot buyers( I am using buyer rather than owner as I will explain later) have a look at the paperwork you have you will see that the note from the land registry that defines your plot has Fadesa as 50% owner of part 1 and 50% owner of part 2 or in simple terms 100% of the whole plot.

As far as I know Fadesa did not take mortgages out against the land ( let me clarify that: all plots of land that my clients completed on had no mortgages against them when we went to completion.) The only person / entity that can take out a mortgage on a plot of land that has not been completed is Fadesa.

The contract plot buyers have with Fadesa is a private one and only at completion is that contract elevated to public where the buyer is then recognised as the owner. The plot is then registered in land registry under the new plot owner’s name.

I wish I had all the answers for you but I don`t as I have never seen something like this happen. I would recommend that you speak to a lawyer whose job it is to deal with these kinds of processes.
If you are a plot buyer and want to keep you plot and have the intention of completing at some stage, I would go ahead and complete now, Why should I,I hear you say!
Because if CE is where you want to build your villa and you have found your plot. Then taking Fadesa off you plot and putting you name on it eliminates them from the equation.

In the last few weeks things for plot owners have been happening and happening fast. I ordered builders electric to be connected on a plot last Thursday thinking as has been the case (before this MF thing blew up) that it would take a month before I could get it connected. The Endesa worker caught me completely off-guard when he told me the following day that he was on the plot and could he speak to the site electrician. The person responsible in fadesa told me that if I had any problems getting connected to contact him directly and he would follow it up. Like I said things are happening now a speed that wasn’t there before.


Regards
MichaelH

betris

keep the imformation comming if you can as there are a lot of people who are caught up in this at CE and they would be very greatfull for the info from a reputable source

CAROL ELIZABETH

[QUOTE=GerryW;6770121]When I was in CE the week before last Paula stated that they had permission to complete on properties (they are still selling them after all) from the administrator(s)

How true is this - completion has never been offered to us. I am aware we have tried to change our property but given we have been told no exchanges will be possible under this scheme it seems we need to consider all options. At the moment the choices are to pay lots of cash to complete on a property we don't want or lose the money - no option to choose another property - no reductions. If you are saying we can complete without going through this process it is an option I think we need to consider before we lose more. Anyone able to check this out? I don't think the lawyers will help us with this - they are onto a good thing here.

Brizey

[QUOTE=CAROL ELIZABETH;6770672] At the moment the real issue is with MF being in administration and to be blatantly realistic it is highly unlikely that there will be encouraging news from either MF or the administrator. I mention this as i had the misfortune of being contracted by a large company that went into voluntary administration but was lucky enough to supply a service that the administrator required to maintain it as a going concern. I do not propose that this scenario is the same but having been involved with the administrator for six months I realise that there are several important factors which may have a relevance to this situation.
1. Even if you paid 90% of the total value it is unlikely you own or co-own any asset where title has not legally passed.
2. It is highly improbable that administrator will be able to react to individual claims in the short term and such claimaints should pool resources to add power and strength to application through relevant legal representation
3. Secured creditors (banks, lenders, etc) will be the power brokers in negotiations as all monies lent to MF will have contracts involved to lessen risk even in the current situation
4. MF are now in "protection" and may still come through at the end of the administration process albeit in a very slim version, if the administrator believes it is a going concern and convinces the judicary that they are solvent (borrowing 4.5B - asset worth 8.5B)
5. Judicary rule against MF and third party buys assets (this is where strong representation will come into play to try and ensure safeguard of monies placed)
6. Make sure you register in the alloted time as it is most likely the administrators will not entertain any other claims which cannot be accounted for before application to judicary
AS MENTIONED ABOVE THIS IS NOT AN EXPERT OPINION BUT AN EXPERIENCE OF WORKING THROUGH SIMILAR CIRCUMSTANCE A FEW YEARS AGO

It is not unusual that MF (administrator) are allowed to continue selling but total payment may be required to allow exchange title of ownership (highly unlikely that banks will lend against any property under administration). Administrator may accept total outstanding balances as revenue is always an important factor but ensure title is passed over.