LaBrezza Dave
08-23-2009, 01:50 PM
Good afternoon, thanks for having me on your forums, this is my first post so here goes!
I wish to describe a scenario which appears to becoming more and more common and get some general thoughts.
In July 2007 I agreed to purchase an off plan apartment in Spain with a completion estimation of mid 2009. In accordance with the contract I made payments equal to 40% of the cost of the property which have been sat in the accounts of the developer earning interest! I anticipated that I would be completing any time around now so was surprised last week to receive an email from the developer to say they hadn't started to build any of the properties on the 'complex' yet and nor did they have any plans to start building. They also said they didn't even know if it would be built!
They have contacted me and offered me alternative properties on different complexes but I do not want an alternative, my confidence in the developer has now gone and therefore I want to retrieve my monies. The contract actually states that the apartments must be built within 18 months of the building work commencing but surely under Consumer Law if they can't even tell me if it is to be built or when it is to be built I must be entitled to the refund of my monies, they surely can't jsu operate on endless timescales?
I only raise this thread as there seems to be conflicting lawyer advice at the moment and I just wanted some general thoughts.
I would suggest under Consumer Law the developer is in breach of the contract and can't simply hold on to peoples money indefinitely?
Any Views gratefully received!
Dave
I wish to describe a scenario which appears to becoming more and more common and get some general thoughts.
In July 2007 I agreed to purchase an off plan apartment in Spain with a completion estimation of mid 2009. In accordance with the contract I made payments equal to 40% of the cost of the property which have been sat in the accounts of the developer earning interest! I anticipated that I would be completing any time around now so was surprised last week to receive an email from the developer to say they hadn't started to build any of the properties on the 'complex' yet and nor did they have any plans to start building. They also said they didn't even know if it would be built!
They have contacted me and offered me alternative properties on different complexes but I do not want an alternative, my confidence in the developer has now gone and therefore I want to retrieve my monies. The contract actually states that the apartments must be built within 18 months of the building work commencing but surely under Consumer Law if they can't even tell me if it is to be built or when it is to be built I must be entitled to the refund of my monies, they surely can't jsu operate on endless timescales?
I only raise this thread as there seems to be conflicting lawyer advice at the moment and I just wanted some general thoughts.
I would suggest under Consumer Law the developer is in breach of the contract and can't simply hold on to peoples money indefinitely?
Any Views gratefully received!
Dave