CAROL ELIZABETH

I have been trying to exchange my not insubstantial deposits for an apartment for a plot on Costa Esuri. Unfortunately Fadesa want to charge me a price that relates to the old prices and won't consider exchanging for a smaller plot at or around my deposits total. To add to this I was told that Fadesa are at the moment prosecuting all the clients that have not completed yet. The solicitor´s orders are either to make the client complete on the apartment they have a contract on or put the offer for the client to renounce on the amounts paid to date. Failing this they will take the client to court and charge them with the costs and damages arisen from the bank keeping the house. Is this happening to anyone? I feel that in spite of all my efforts over the years to come to a sensible solution nothing will change. Any advice?

Yorkshire Scratcher

I would recomend that you get in touch with a reliable law firm. There are two firms in Leeds with Spanish property sections.

I suspect three questions are key:

1. Why did you not complete to the original time table.....which I guess was some time in 2007 and before MF went into administration. What is it that MF did that allows you to wriggle out of the contract you entered into.

2. Does the MF administration make any difference.

3. If you cannot support 1. then I guess you are in breach of contract with MF. What then are the damages MF can claim. I guess you would have paid Euro 170k.....the bank re-possed to cover the outstanding mortgage debt....say this was Euro 100k....MF are Euro 70k out of pocket....you paid Euro 10K deposit you owe MF Euro 60K and have no property.


Who advised you not to complete? If a lawyer did then he may be the cause of your loss/problems.

Euro 60K is a big loss. Alternativley, see if you can complete on something....even if you end up with a negative equity loss you own something.....which may in time recover.

Jon-Bxl

Hi Carol

I highlighted the point above.... the sums look to be huge in your case and even though a better lawyer may cost more, this must be the first action. (IMHO)

My lawyer really upset and frustrated me - the added upset of dealing with a lawyer who isnt focussed on your case isnt worth it.

Good luck.... sorry I cant be of more help - except I havent heard of Fadesa prosecuting. My friend has deposits down and Fadesa havent contacted him.

Also interesting that you arent asking for your money back, and you are looking for a swap - but still they arent being flexible. Fadesa is back and it seems havent changed their customer service policies!

Jon

CAROL ELIZABETH

We changed our lawyer for the very reasons stated - we now have a UK based lawyer, but he has had little luck in changing their approach. For the record we tried initially to change for an alternative property on CE even agreeing to pay more - this was less than a year after agreeing a purchase i.e. early 2008 well before administration. They sold our first choice of property (a townhouse) and took 5 months to tell us and then asked us to complete on the initial property in the June prior to administration i.e. one month before. And this followed two years of trying to get an exchange and then finally asking for cancellation. After administration they would only allow exchanges on certain properties - something to do with the mortgages on these properties. They were not acceptable i.e. gardens with the pool toilets in front of them or view of a huge mound of earth. They were the properties they wanted rid of. This company did not play fair by us or by many others. We thought a plot exchange would be a solution. Completion is not now an option for us.

CAROL ELIZABETH

Sorry to all of you who know me if I sound like a broken record. MF already have 60k in deposits not 10k as you suggest. This forum is one of the few ways I can get in touch with others in the same boat. My intention with the thread was to try and see if MF were really prosecuting owners? This is not a sensible approach to a difficult problem.

Yorkshire Scratcher

What is (was) your reason for not proceeding with the original purchase....who did what wrong that allowed you to walk away?

I hope it works out.