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.

Re: Martin Fadesa apartment deposits
 

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

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!

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

Re: Martin Fadesa apartment deposits
 

AGREE!

Re: Martin Fadesa apartment deposits
 

AGREE !

Re: Martin Fadesa apartment deposits
 

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

Re: Martin Fadesa apartment deposits
 

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

Thank you.

Re: Martin Fadesa apartment deposits
 

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.

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.

Re: Martin Fadesa apartment deposits
 

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.

Re: Martin Fadesa apartment deposits
 

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.

Re: Martin Fadesa apartment deposits
 

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

Re: Martin Fadesa apartment deposits
 

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

Rosemary

Re: Martin Fadesa apartment deposits
 

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.

Re: Martin Fadesa apartment deposits
 

A few years ago there was a discussion on this forum, after a big international legal decision was made, giving people the chance to go for their depositmdeposit ..

Effectively opening the door to a legal process which could lead to a refund. It had enough details to get the ball rolling... Including names of legal companies specialising in this

I have no idea how to find that thread, and have forgotten the details (as they dont apply to me).

If anyone remembers, please share.... For those who may be interested. If its not too late...

Jon

Re: Martin Fadesa apartment deposits
 

Interesting to hear that as nothing came our way. I wonder if anything came of it or did everyone just end up paying more to a Spanish solicitor?

Re: Martin Fadesa apartment deposits
 

Our friends in Marina Esuri - in fact our neighbours - have been going through the new process and seem very optimistic that they will get around d €50k back. Don't know the details as it isn't really our business but I do know they had to be very proactive and it seemed very long winded. But the prize is worth the game..

Re: Martin Fadesa apartment deposits
 

Hi Carol perhaps you weren't on the AC and were busy with your Portugal move.

The thread was informative enough to kick off activity...

It may not be too late ( but I am not at all current with this). Lets see what pops up here..... :fingerscrossed:

Jon

Re: Martin Fadesa apartment deposits
 

I just had a brainwave :)

Whilst I cant find the thread I remember that I sent a mail to a friend with the name of a legal company that apparently specialises in this, that was mentioned on the thread.

Now I have no commercial connection with the company, I haven't used them and I dont know if they still offer this service.

Back in September 2017 they were offering 'no win, no fee' - again no idea if they still do - but it could be a starting point :)

https://costaluzlawyers.es/for-you/off-plan-claims-against-banks/

Here they mention the supreme court decision

Good luck if you (or others) give it a go.

Jon
PS whilst scrolling through the site I noticed that they know about the 'Brexit friendly' residency card TIE,...... Also a free consultation on the contacts page

Re: Martin Fadesa apartment deposits
 

I was looking at the 'for-you' section of the legal company in post 20 they cover lots of stuff... Take for example negative equity..

They say:

At the end of the negotiations we carry out on your behalf, you will find yourself completely free of mortgage debt and no longer face the risk of your mortgage lender chasing you for assets you own anywhere in the world.

Worth a look at their services for future reference

Jon

Re: Martin Fadesa apartment deposits
 

Here is a link regarding off-plan deposits you could check https://www.off-planpropertydepositr...WFgFcAW_lMAP3o

Re: Martin Fadesa apartment deposits
 

”Deposits paid by mainly British and Irish expats for the purchase of holiday homes, ranging from a few thousand to well over a hundred thousand euros, must now be repaid with interest. Recent court decisions have proven the responsibility of Banco Popular as the guarantor bank for the development; so the chances of success of each claim are very high Huma Mediterraneo was building the holiday complex stopping building work in 2005. Buyers did not see a cent of their deposits returned in the aftermath.

After a 15-year wait for a resolution, victims of this scam are able to claim back their deposits plus interest from Banco Popular (now Banco Santander). Although Banco Popular never issued individual purchase guarantees, the bank is liable under Spanish law for the lost deposits.

Register your claim with MySpanishDeposit as soon as possible, to allow the team enough time to assess and process your claim on a risk-free and cost-free basis.”

Saw this yesterday and it seems to show that the banks have face up to their obligations in the end. Banco Popular were the guarantor for some developments on Esuri so you might be lucky since they are now part of Santander one of Europe’s largest banking groups. Other banks might be a little more risky but if it doesn’t cost to find out why not.

Re: Martin Fadesa apartment deposits
 

Thank you everyone for your responses on our behalf. We still have all the paperwork but we did give up simply because we were so intimidated and afraid we could be forced to complete. So I wonder if that would negate our options. I must admit the Spanish solicitor we employed here in the U.K. was worst that useless in trying to sort it out for us. It became clear the best we could hope for was just to be let off completing. When I tried to get hold of this solicitor a little later he had left the practice and the existing solicitors who were British really did not want to know. I know my husband won’t want to follow this up as he has just ruled a line under it but I still feel angry about it. I will look into some of the leads you have suggested.

Re: Martin Fadesa apartment deposits
 

Just had a very quick look at what some of the lawyer/companies are saying and their services seem to relate to houses that never actually got built. In our case it did get built but not to the quality or standard we expected from having seen the earlier properties. In addition, of course were the lack of promised amenities but I think these don’t count. It may still be worth an email.

Re: Martin Fadesa apartment deposits
 

iIf you do CostaLuz lawyers might be a place to start the senior partner is a lady and her father who has involvement with the company is a judge. They are down in the Cadiz area so have wide experience of the kind of problems in our part of Andalucia. Also if they take 25% fee 75% of something is better than nothing for sitting on your hands.

Re: Martin Fadesa apartment deposits
 

I just got this notification. So just a little time left to reclaim off plan deposits.

Note I have no connection with this company or the other one I mentioned earlier. I've never used them

Jon


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