buying off-plan abroad - cancel contract

tradetime

Trollfever wrote: »

Is this thread real, or just a wind-up?

Was also wondering the same thing as a lot of it doesn't quite make sense, but was bored so thought I'd play along.

pinkshoes

avicola wrote: »

We were just so assured that this would not happen. We have just been lied to again and again by the estate agents who we trusted as they have every award going.

Everyone knows that estate agents lie to make a sale, so if you went as far as trusting the estate agent, do you at least have IN WRITING that they would DEFINITELY be completed the given date, due to all the penalties that the EA mentioned?

If you have nothing in writing, then you'll just have to kiss goodbye to the £100k, and put it down to stupidity and perhaps greediness.

If you're already looking at losing £100k, then you might as well spend another £2k on an english speaking spanish lawyer, who will go through your paperwork and tell you if you're screwed or not.

avicola

well, it was a very long shot posting the thread, I know.

A few points just in case there is anything good that can come of it.

We paid the 35,000 euros x 7 out of money left to me when my mother died. yes, her hard earned cash that i was hoping would bring me in enough money for my retirement and to leave a significant amount to my children.

at that time the market in Tenerife was booming and the exchange rate was good. Buying off plan is common practice and people rarely have the money to actually purchase them.

We bought them purely as a speculation to sell, which the estate agent said would be no problem and they usually sold the same property 2 or 3 times before it was completed.

Theoretically, they have been for sale since the day we bought them. They have been for sale in earnest for a year now with the sales manager and his team of 7 'doing everything they can.'

The sales manager left the company 3 weeks ago, just after our meeting when he said the completion date would be October.

Right now the two directors are on holiday, which isnt helping.

The PA to the directors has asked for a stay of execution from the developers which they have refused.

I agree that we would be lucky to get half the money back.

I will look at the links given
and sadly it is not a wind up.

Rick62

So if I have this right, you paid £203k deposit with a further £840k committed without reading the contract in a market you had no understanding of?

Where did you expect to find £840,000? What are the apartments worth now? Why would the developers give any of your deposit back if you pull out?

Jorgan_2

avicola wrote: »

at that time the market in Tenerife was booming and the exchange rate was good. Buying off plan is common practice and people rarely have the money to actually purchase them.

Part of your problemis that it is three years since you first decided to buy, a lot has changed in that time. Why take so long to get themback on the market?

pinkshoes wrote: »

Everyone knows that estate agents lie to make a sale, so if you went as far as trusting the estate agent, do you at least have IN WRITING that they would DEFINITELY be completed the given date, due to all the penalties that the EA mentioned?

The vast majority of EA's do not lie to make a sale. The penalties & dates would have been in the contract dealt with by the solicitor.

markelock

get the EA's to explain the terms of the penalties. Would you have any rights under misrepresentations of the sale by the EA's? I'd also think about getting some expert legal advice, even if it costs another £1k, it's not much compared to your current £exposure.

beecher

avicola wrote: »

We paid the 35,000 euros x 7 out of money left to me when my mother died. yes, her hard earned cash that i was hoping would bring me in enough money for my retirement and to leave a significant amount to my children.

at that time the market in Tenerife was booming and the exchange rate was good. Buying off plan is common practice and people rarely have the money to actually purchase them.

We bought them purely as a speculation to sell, which the estate agent said would be no problem and they usually sold the same property 2 or 3 times before it was completed.

You've bought into a pyramid scheme - buying off plan with the hope of selling properties at a profit only works as long as the boom continues, and it never lasts forever as you've found out to your cost.

What is your solicitor saying about all this? You need someone who can look at the contract immediately to make sure you're not liable to pay the remaining £800k+

SouthCoast

Bearing in mind the amounts being discussed, I think your only hope is to try and get the media interested in your story.

Clutching at straws I know.

moneysavinmonkey

avicola wrote: »

people rarely have the money to actually purchase them.

avicola wrote: »

We bought them purely as a speculation to sell, which the estate agent said would be no problem

just from your above post is clear that something doesn't add.

Unfortunately you have been caught out in a modern-day pyramid scheme. You took a risk in the hope of making a big profit on very little effort and it hasn't worked out. Best you can do now is investigate the late completion penalties + hope you can walk away just loosing 50% of your deposit. I think you do need to get a good Spanish lawyer also.

Next time you have a large sum of money to invest maybe get some independent financial advice - not just the views of an estate agent!! I'm sure you have learnt these lessons now and I hope you can get out of this with the minimal of losses. Good luck.

avicola

SouthCoast wrote: »

Bearing in mind the amounts being discussed, I think your only hope is to try and get the media interested in your story.

Clutching at straws I know.

Well, it is something like that which might work.

I am so embarrased by my stupidity though that I would hate to be named.


But I might have to.