Unregistered
05-03-2009, 04:58 PM
We bought a 1 bed villa going via a Uk estate agent thinking that all would be ok in 2005. We bought on a resort that was once a timeshare resort. The villas were sold with 8% guaranteed purchase price rental for 2 years. At point of sale we also asked for projected rental revenue for 3rd year onwards. We were given costs on 75, 85 and 95% occupancy. We also were never advised of any By Laws at point of sale. Many spanish people have also fell victim to this problem.
18 months into our property purchase we were sent letters saying our rental was being halved and this was also before tax, nothing anywhere near what we were advised of in the initial sales patter. We also were then quoted very heavily loaded By Laws which are not in our favour but the favour of the resort owners. These loaded By Laws were never produced at point of sale or no one would have bought.
I have asked the banks why they failed in their duty of care to their customers and approved mortgages on these villas in some cases approving more than 100% loans and if they saw these By Laws. The banks are distancing themselves from the problem.
We pay the highest communal fees outside of Madrid and are also being hit with additional levies on top with no explanation as to why. They use voting rights to continually out vote us, and many owners are facing bankrupcy. The accounts have far too many anomolies in them and the resort alos misplaced our communal payments although we have proved beyond doubt we paid. They want to write off the money they cannot reconcile as a good will gesture.
We need some urgent help to resole this matter and need advice on where we stand legally. The Timeshare people were also victims of this regime and are taking legal action, although its taken 7 years already, the court case is pending.
18 months into our property purchase we were sent letters saying our rental was being halved and this was also before tax, nothing anywhere near what we were advised of in the initial sales patter. We also were then quoted very heavily loaded By Laws which are not in our favour but the favour of the resort owners. These loaded By Laws were never produced at point of sale or no one would have bought.
I have asked the banks why they failed in their duty of care to their customers and approved mortgages on these villas in some cases approving more than 100% loans and if they saw these By Laws. The banks are distancing themselves from the problem.
We pay the highest communal fees outside of Madrid and are also being hit with additional levies on top with no explanation as to why. They use voting rights to continually out vote us, and many owners are facing bankrupcy. The accounts have far too many anomolies in them and the resort alos misplaced our communal payments although we have proved beyond doubt we paid. They want to write off the money they cannot reconcile as a good will gesture.
We need some urgent help to resole this matter and need advice on where we stand legally. The Timeshare people were also victims of this regime and are taking legal action, although its taken 7 years already, the court case is pending.