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TOPIC: 'Hang in there'

'Hang in there' 9 years 1 month ago #9196

  • ham
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We bought on Cabonuba and feel the only way is to stay 'in it till the end'

It may be very tempting to cancel the contract and try to get money refunded, but :

According to our solicitor, there is no money in the kitty to pay anyone back, but the developers claim to have secured a re-mortgage to continue the build. I suspect, should there be a few people going down the money back route, which could take years to resolve through the courts with additional legal costs, the developer might declare insolvency, in which case we all stand to lose the lot.

Would it not be better to stand together and get the build finished, and then having our own places in what will eventually become our intended investments or 'places in the sun'
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Re:'Hang in there' 9 years 1 month ago #9198

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Ham, are you saying your solicitor is saying Tecnicil are having financial difficulties ?

If so, who is your Solicitor ?
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Re:'Hang in there' 9 years 1 month ago #9199

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Difficult one that ham.
Some have no option than to go for money back.
Some will not complete, due to the way that they have been treated by Tecnicil.
Some have just had a change of heart.
Making a plea to others to hang in there so that all don't lose out is therefore difficult, I don't think people are pulling out to spoil it for everyone else, they have their own reasons.
What if the people wanting to pull out were ask for the support of those who wish to complete. They may state, Tecnicil will not honour our contracts by giving us money back, if we all stick together and you don't complete, people power should win. Will the people who wish to complete do that, probably not, they will do as they wish.
I'll never lose my socialist roots!
I think the comments you make re money and time to resolve money back issues may well be valid.
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Re:'Hang in there' 9 years 1 month ago #9200

Buckie the post refers to Cabonuba not VV
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Re:'Hang in there' 9 years 1 month ago #9202

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Buckie

We are not talking about Technicil - Cabonuba is the issue here
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Re:'Hang in there' 9 years 1 month ago #9203

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Oh, terribly Sorry, I was just surprised at that statement, should have looked closer.

Sorry guy's
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Re:'Hang in there' 9 years 1 month ago #9206

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Did the same buckie, I thought that was another complex name within VV, they after all do have some strange names!!
However the basis of bits of my reply, probably still apply and are still my thoughts on Vila Verde, for anyone reading.
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Re:'Hang in there' 9 years 1 month ago #9216

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they are all the name of plants
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Re:'Hang in there' 9 years 3 weeks ago #9484

HI
IM WITH HAM ON THIS ONE.I LIKE ANYBODY ELSE WOULD TAKE THE MONEY BACK AND RUN IF IT WAS AS EASY AS IT SOUNDS BUT IN THE REAL WORLD ITS NOT THAT EASY. I THINK THE COMPENSATION ROUTE WOULD GIVE US A BETTER CHANCE OF US NOT LOSING EVERYTHING AND GET THEM BUILDING AGAIN IF THEY HAD THE CONFIDENCE IN US ALL NOT JUMPING SHIP.
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Re:'Hang in there' 9 years 3 weeks ago #9485

ham , who is your solicitor and have they seen this \"re mortgage\"
karen has your solicitor said anything like this to you
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Re:'Hang in there' 9 years 3 weeks ago #9486

HI THERE
NO IVE NOT HEARD FROM CARLA.
IF WE WAIT FOR THE DEVELOPMENT TO BE FINISHED.
AND WENT BY THE COMPENSATION FORMULA ON THE CONTRACT
THE DEVELOPERS WOULD HAVE TO PAY US OVER A MILLION EUROS
IF THE PROPERTY WAS TO BE COMPLETED IN MAY 2010.SO THAT IS NOT A REALISTIC OPTION IS IT. IF THEY CANT PAY BACK WHAT WE HAVE PAID THEM WHAT CHANCE HAVE WE GOT OF GETTING COMPENSATION ON THAT KIND OF SCALE.I STILL BELIEVE THE CAPEVERDIAN GOVERNMENT SHOULD STEP IN.
AS THE ISLANDS ARE GOING TO BE A NO GO AREA FOR ANY FUTURE BUYERS.THATS SUCH A SHAME.
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Re:'Hang in there' 9 years 3 weeks ago #9493

i dont think they would just give us the money back it would be deducted from the final payment that we would owe to them. the ball would be in our court this way, we just need the building to start.
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Re:'Hang in there' 9 years 3 weeks ago #9494

IF YOU GO BY THE CONTRACTUAL FIGURES FOR LATE DELIVERY
THEY WOULD NEVER BE ABLE TO PAY US COMPENSATION THAT WE WOULD BE DUE.IT IS EIGHT PERCENT OF THE DOWN PAYMENT MULTIPLIED BY THE DAYS THAT THEY OVER RUN.SO DO YOU THINK THIS TIME NEXT YEAR IF THEY FINISH THEY WILL HAD US THE KEYS WITH ONE MILLION EUROS TO BOOT BECAUSE THAT IS WHAT WE WILL BE DUE. LOL
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Re:'Hang in there' 9 years 3 weeks ago #9495

well i think my contract is different than youres then. mine says the buyer can demand a compensation for each delayed day estimated on a basis amount of the down payment deposit through a legal estimated interest rate. this does seem a more realistic figure.
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Re:'Hang in there' 9 years 3 weeks ago #9497

If you wait for the completion, you will entitle in a compensation for each delayed day estimated on a basis amount of the down payment deposit through a legal estimated interest rate.

For ex. If the completion date is 31th March, 2010, you will be entitle in a compensation of 3,224.50 EUR (46,704 x 8% x 315 = 1,176,940.80/365 = 3,224.50 EUR).



The calculation shall be done as follows: (down payment deposit x legal interest rate x days of delay) / days a year.



Kindly do not hesitate in contact me should you have any further queries or would like to clarify any matter.

With best regards,

sorry about my last calculation forgot the last part of the formula. having one of those moments you get when you reach forty.above is the calculation i recieved from the solicitor
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Re:'Hang in there' 9 years 2 days ago #9870

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Hi all. Any news on any front from anyone?? I haven't heard from Carla for a while - are we all supposed to be waiting?
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Re:'Hang in there' 8 years 11 months ago #9886

hi
if you go to 24 forum some one has his daughter there now ,has been to site several times seems closed up , thats it started, chase for money ,builders going bust , people living in 1/2 built developments ,contracts that you would be as well to wipe your **** with(more use)years of builders and governments bringing in new taxes etc that they \"forgot\" to tell you about , another spain in the making, who would want to go and stay in building sites, it will cost cv dear
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Re:'Hang in there' 8 years 11 months ago #9887

Hello Andy
Have you had a good time away from the rain.
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Re:'Hang in there' 8 years 11 months ago #9888

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Derek

This sounds like hearsay, and some of the statements are way out ( certainly nobody living there , be it 1/2 built or otherwise - please only state facts )scaremongery will do no good.

Are we on the same subject here - Vilas do Sal - Cabonuba, and not as has happened before a mix up with other developments?
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Re:'Hang in there' 8 years 11 months ago #9909

afraid not ham , bill has his daughter there and she has been to site several times, no sign of anyone on site or answering emails or calls ,i would rather listen to someone on the ground , are you out there -no , #
i wish it was scaremongering but face facts , who has any positive messages from their solicitor , we all want it finished
i know cabonuba has no one living there , but some projects have some people have completed on other developments and it is them who face uncertain times not knowing taxes , resort fees , and not knowing if there neighbour will be joe bloggs (sorry to any joe bloggs outthere )or a pile of bricks , i too have been conned out of 55k approx , no point in burying your head in the sand and hoping for the best ,
think about it ?
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