Fortuna Golf, a Major Spanish bank, a court ruling and how “No Win No Fee” can help you!
Spanish Solutions and Comaskey have a great deal for Spanish property clients who purchased in Spain in the past from a lawyer and Estate Agent who did not do their job. We can get you a major refund, without outlaying any of your own money – if you lose the case, you pay nothing. If you win your case, you pay us a % of the winnings- that’s how confident we are in our legal department.
An Alicante Court condemned a Spanish Bank to repay 2 Million Euros to more than 60 Britons who invested in a new development project in the town of Fortuna (Murcia) and the properties were never completed. Comaskey were in talks with the builder in Fortuna as far back as 2004 but we refused to recommend the development to our buyers due to the very issues which have now come to light.
We have seen many cases of this sort of thing on the Costa Blanca with different builders and banks involved and it is very good news to learn of justice being done.
The Judgement said that all the plaintiffs, who were all English, all had in common that they had purchased different properties in Fortuna Golf, promoted by the company Promociones Eurohouse 2010, SL, which has been declared bankrupt since March 2010. What happened was that people paid different amounts on account of price, but on the date agreed for completion (28 February 2008), the houses were not finished, and were never finished.
The plaintiffs jointly sued the Bank, as a Bank guarantee had been agreed with the promoter, Promociones Eurohouse 2010, SL, which was for the purpose of refunding those people who had lost money.
Naturally the bank was not particularly interested in helping the clients- their own shareholders being their main interest unfortunately. The prosecution argued consumer protection legislation (Law 57/1968 on advance payments on home sales), which had the purpose of protecting amounts paid by consumers. Banco Popular alleged several things in their defense, including that they had not given each of the buyers an individual guarantee to secure repayment of the amounts and that the policy provided had an economic limit.
The Court however declared that the Bank had granted to the developer a guarantee, which “guarantees the repayment of the amounts paid in accordance with the provisions of the law 57/1968 “.
The Court considers that there was no doubt and that “the clear intention of the parties was to endorse Promociones Eurohouse 2010, SL to cover the return all of the amounts that they were receiving from their customers “.
The Judge also specifies that whether the sums paid by the plaintiffs were sent to an account owned by the Bank or not, was irrelevant.
The Ruling forced the Bank to make stage payments back to the applicants, totaling approximately 2 Million Euros- hopefully they wanted to reinvest this money in to property in La Zenia!!
This ruling was very interesting to us as we have had clients in the same position who had decided not to go ahead with a purchase and sue the Bank, and now could do so, with a precedent. Also, we have many other situations involving builders and unbuilt properties from many years ago. We think there might be thousands of people who bought in the mid-2000s affected by this ruling. If you are in the same situation, please contact us as we can help you but there are time limits of 15 years on these cases.
There are other legal firms in Spain who may help you now that Spanish Solutions has helped to let the genie out of the bottle.
Why use us? We speak English, Spanish, German, French, Flemish and all Scandinavian languages fluently, we can look at the chances of your claim free of charge, and we can offer a “No Win No Fee” or Conditional Fee option.
Maybe you are short of funds, but would really like to recover that money? Perhaps you are skeptical that we can actually win and not willing to risk your own funds? No Win No Fee, when it is done right, is perfect for those of you who don´t have the spare cash to see justice, and pay Court costs and barrister fees in advance.
If you had written off the loss of income or funds anyway, then isn´t it worth seeing if a No Win No Fee option is possible? What are you waiting for? Contact Amanda to see if she can help. [email protected] or 00 34 966760917.
Spanish Solutions and Comaskey have a great deal for Spanish property clients who purchased in Spain in the past from a lawyer and Estate Agent who did not do their job. We can get you a major refund, without outlaying any of your own money – if you lose the case, you pay nothing. If you win your case, you pay us a % of the winnings- that’s how confident we are in our legal department.
An Alicante Court condemned a Spanish Bank to repay 2 Million Euros to more than 60 Britons who invested in a new development project in the town of Fortuna (Murcia) and the properties were never completed. Comaskey were in talks with the builder in Fortuna as far back as 2004 but we refused to recommend the development to our buyers due to the very issues which have now come to light.
We have seen many cases of this sort of thing on the Costa Blanca with different builders and banks involved and it is very good news to learn of justice being done.
The Judgement said that all the plaintiffs, who were all English, all had in common that they had purchased different properties in Fortuna Golf, promoted by the company Promociones Eurohouse 2010, SL, which has been declared bankrupt since March 2010. What happened was that people paid different amounts on account of price, but on the date agreed for completion (28 February 2008), the houses were not finished, and were never finished.
The plaintiffs jointly sued the Bank, as a Bank guarantee had been agreed with the promoter, Promociones Eurohouse 2010, SL, which was for the purpose of refunding those people who had lost money.
Naturally the bank was not particularly interested in helping the clients- their own shareholders being their main interest unfortunately. The prosecution argued consumer protection legislation (Law 57/1968 on advance payments on home sales), which had the purpose of protecting amounts paid by consumers. Banco Popular alleged several things in their defense, including that they had not given each of the buyers an individual guarantee to secure repayment of the amounts and that the policy provided had an economic limit.
The Court however declared that the Bank had granted to the developer a guarantee, which “guarantees the repayment of the amounts paid in accordance with the provisions of the law 57/1968 “.
The Court considers that there was no doubt and that “the clear intention of the parties was to endorse Promociones Eurohouse 2010, SL to cover the return all of the amounts that they were receiving from their customers “.
The Judge also specifies that whether the sums paid by the plaintiffs were sent to an account owned by the Bank or not, was irrelevant.
The Ruling forced the Bank to make stage payments back to the applicants, totaling approximately 2 Million Euros- hopefully they wanted to reinvest this money in to property in La Zenia!!
This ruling was very interesting to us as we have had clients in the same position who had decided not to go ahead with a purchase and sue the Bank, and now could do so, with a precedent. Also, we have many other situations involving builders and unbuilt properties from many years ago. We think there might be thousands of people who bought in the mid-2000s affected by this ruling. If you are in the same situation, please contact us as we can help you but there are time limits of 15 years on these cases.
There are other legal firms in Spain who may help you now that Spanish Solutions has helped to let the genie out of the bottle.
Why use us? We speak English, Spanish, German, French, Flemish and all Scandinavian languages fluently, we can look at the chances of your claim free of charge, and we can offer a “No Win No Fee” or Conditional Fee option.
Maybe you are short of funds, but would really like to recover that money? Perhaps you are skeptical that we can actually win and not willing to risk your own funds? No Win No Fee, when it is done right, is perfect for those of you who don´t have the spare cash to see justice, and pay Court costs and barrister fees in advance.
If you had written off the loss of income or funds anyway, then isn´t it worth seeing if a No Win No Fee option is possible? What are you waiting for? Contact Amanda to see if she can help. [email protected] or 00 34 966760917.
