chased to complete

5 years ago i put down €100k 30% deposit on a place in spain. I understood that if i pulled out i would get back 50% of my deposit. As the property is now worth less than the €200K, i tried to do this I was informed by my lawyer that it was at the developer's discretion and that they said no.

After a couple of years I have come to terms with this loss of all my life savings. Now however I have a debt collection agency calling me to get me to pay the other 70%, i.e. €290K. My lawyers previously informed me that they couldn't do this, but now claim they told me they could.

I know that at least 60 other people are in the same boat on the estate.

Any advice to stop these people further destroying my life?

Dear Sir/Madam,

The topic of forced completion has been covered already in other threads:

forced complete ( 1 2)
Unregistered

When you buy an off plan property in Spain you will sign a binding contract for both parties. Whenthe developer attains what is known as the Licence of First Occupation from the Town Hall the developer will send you a registered letter to complete on the property ona given date before a Notary public.

If you fail to close, at the developers own discretion, he may withhold the amounts and/or sue you demanding fulfillment of the contract. i.e. that you complete. This can be enforced against any assets you may hold whether in Spain or elsewhere such as in the UK or in the R.O.I.

What you cannot do is simply walk away on having lost on your investment thinking there will be no legal consequences to your actions.

When you sign a purchase contract you are committing yourself to buy that property in the future at that price regardless if the price later on goes up or down. That is a calculated risk you are taking.

In Spain we have no gazumping or gazundering, unlike the UK.

In any case it may be a good idea to contact us privately on your matter.

Yours faithfully,
Raymundo LarraÃ*n Nesbitt