[QUOTE=CAROL ELIZABETH;6770672] the lawyers arnt on to a good thing.ask micheal H the owner of luz living the most honest and trustworthy estate agents in ayamonte in my opinion.the lawyers are trying to look after your best interests.its not the lawyers that caused the problem it was fedesa going bust due to the credit crunch

[QUOTE=betris;6770831] Hear Hear

I think the plot owners issues are different from those who have put deposits on townhouses/apartments, and this is causing some confusion.

I am going to arrange an appointment tomorrow with Gloria Crespo, who has been recommended by several people. I mentioned before, that plot owners perhaps need to join up to protect their interests, if anyone is interested in forming some sort of a group please pm me and I will try to co-ordinate matters...

Registering our interests as individuals may be expensive, but to do it as a group may work out far more reasonable.

The IBI bills have been issued for Ayamonte and the payment period is 1st May until 30th September. If you haven't received yours, then I would suggest a visit to the Counil Tax office in the town opposite Solbank otherwise you will suffer a penalty and accrue interest. The bills are payable by those who owned their property on the 1st January 2008.

I think it is too late for Plot Buyers to join up to protect their interests with the tight time schedules for completing or registering as a creditor.

Be interesting to hear how you got on today.

There was a window of about 3 weeks at the outset of the current problems where it was possible for plot buyers to make a rapid completion. From the appointment of the liquidator this opportunity was suspended. It seems to me that MF are shooting themselves in the pocket by not urging plotters to sign up now asap since there is no ongoing commitment and no tie-ins so it is just straight cash into the bank.

Hi John
Bit worrying as today we were told by MP that we can still complete on the plot before 30th September.

It seems a bit tight to me. Anybody else rushing through a property or plot?

What are other solicitors advising their Clients?

We still havent got confirmed electric to plot either although with the progress on supply now that does not worry us quite so much...

Hi John... whilst what you say is correct... it is better to get a swift inflow of cash... the liquidator will be under instructions to get the best deal for the Creditors.. ( mainly the Banks who will be the largest creditors) and it may just be that they will see a better opportunity to take (keep) ownership of the plots and to sell them on for more money than the outstanding 50% ( or whaever is due on each plot). Also... if buyers have not completed on the purchase on the plots.. they cannot be 'owners' with legal title.. Title only transfers when the final contract has been signed... there is no joint-(or part)ownership... just part payment... What potential owners have done is to pay in installments ... and the final payment secures the transfer of Title.
This is only my laymans interpretation... I am lucky as I completed on my plot earlier this year... and I feel for all of those who may be left in Limbo and at the end of the day..... may just be creditors. Brian

I would have to agree with Brian if you intend on completing, then take your action now. It is the uncertainty of what's going to happen with creditors that is the problem. Don't get me wrong Fadesa have an obligation with you to hand over a plot complete with services. Fadesa and the Spanish govt have both said their intention is that contracts will be respected.

The plots that I have dealt with can now be connected to mains electric and water.
The problem is where in the line of creditors a plot buyer would come. Do ask me I don't know.
Going off on a tangent the last Spanish company listed on the stock exchange in Madrid that went into protective liquidation was a company called Española del Zinc and I think it was 2 years before everything was sorted out.
Fadesa are now going to present their balance sheets on the 26th Sept and not on the 3rd Sept as previously expected. ( they have stated that under the circumstances it was impossible to get all the information together before that date).
So as you can see delay could be the name of the game.

You have not taken into account the fact that by law they have to provide bank guarantees for the plots. They cant re-sell the plots. In some cases the bank guarantees have expired or werent issued. This is illegal.The banks cant take them back and sell them on.

The senario you quote is possible but unlikely. Any new purchaser of plots would want a substantial discount as an incentive. Cash is short. A ready made market for the plots already exists and I hazard a guess that most plot owners who have not completed are ready to complete. I rang my solicitor today and they are ready to complete - the delay is the administrator end of things but they are stlill saying 'do not worry'. I used to work in Administration/receivership many moons ago. The Administrators have to run the company like a company! At the moment they are trying to trade their way out of trouble and there is a whole load of cash waiting to be picked up - relatively hassle free. It would be a very strange turn of events for the administrator to not complete on a contract that would satisfy both parties when the guy with the money is willing and able to proceed - I would personally argue that it would be negligent on behalf of the adminstrator. Besides there is also a bigger political picture to all of this - the spanish Government will want this to be seen to be fair otherwise you can kiss the Spanish building market goodbye - hence earlier promises of honouring contracts. If it seen to be fair and they pull through then the party will kick off again several years down the line.

Hi Gerry,
I hope that you are right... it would seem the logical thing to do... I am not trying to scare anyone but I have been caught out by Liquidators and administrators not acting in a logical fasion in the past...I am optimistic about the long term future of Esuri... we will start to build once the exchange rate £ / € sorts itself out! Let's be positive/// Esuri has a lot going for it !

Absolutely. Stiff upper lip and all that :-)

Do I see small patch's of blue in the grey sky. The cost of a barrell of brent crude is now below $100 and the pound has recovered all the losses of last week (lowest ever value) and now is just short of 1.25 interbank.

Hi All,

Spent some time looking but just found this quote: -

"If you were not granted a Bank Guarantee for the deposits handed in any of the FADESA development ( now in ways or being under judicial administration for creditor´s meeting), you have got a way to obtain a guarantee for the money that you have paid and which were not guaranteed by the legally obligatory Bank Guarantee or Insurance Policy out of 57/69 Law or General Building Act of 1999.

There are some Commercial Courts Magistrates that, out of interpretation of the Bankruptcy´s Act, consider that those buyers off plan of real estate are special and privileged creditors and this translates as them having a real guarantee on the asset they were buying so none else but them, the buyers, can exceute that asset for the cashing of the debt against the company under bakruptcy.

This way, you stop your building process but keep the buying or executuion rights on the property you were buying: much better than being lost among the whole bunch of creditors of the company: worrkers, suppliers, lawyers, banks...."

Regards,

John.