Bought apartments off plan in Fuerteventura,cant get money back

[Ferryman]

Hi all,in a desperate situation here,3 of us bought an apartment each in an off plan development in Correlejo,Fuerteventura. Developer has failed to even start building and this is after 2 years.Cant get money back from him.he promises the earth moon and stars but still no money. have gone to solicitors and got promises by letters also but still no money. Is there anyone i could go to?? coulrt seems a long way off. have signed contracts but by now they are outside the time for handover. he is getting more and more elusive every day,what can i do,Desperate

 

[ringledman]

Hi all,in a desperate situation here,3 of us bought an apartment each in an off plan development in Correlejo,Fuerteventura. Developer has failed to even start building and this is after 2 years.Cant get money back from him.he promises the earth moon and stars but still no money. have gone to solicitors and got promises by letters also but still no money. Is there anyone i could go to?? coulrt seems a long way off. have signed contracts but by now they are outside the time for handover. he is getting more and more elusive every day,what can i do,Desperate

Issue a Writ and show him you are serious about reclaiming the money.

There is no other option. Letter from your solicitor mean nothing without the back up of a potential court case.

 

[GDE]

Hi all,in a desperate situation here,3 of us bought an apartment each in an off plan development in Correlejo,Fuerteventura. Developer has failed to even start building and this is after 2 years.Cant get money back from him.he promises the earth moon and stars but still no money. have gone to solicitors and got promises by letters also but still no money. Is there anyone i could go to?? coulrt seems a long way off. have signed contracts but by now they are outside the time for handover. he is getting more and more elusive every day,what can i do,Desperate

Was there no bank guarantee, or insurance bond on the development?. Is the developer also a contractor? If the developer is the contractor also and there was no bond or guarantee in your contract, then as harsh as it sounds it your own fault really as these are the things that protect you in such a circumstance of non completion.
If they were not in place then your risk is way up and you are really rolling the dice on the company you sign with, and its likely that your developer has paid out your cash already in commissions to agents and various other things and hasnt got enough money to build the project. The two key things with off plan, are a financer backing the project and the insurance in case of bankruptcy.

Check if the developer owns the land and if that is still an asset of his