30th Jun 2007
Hello,
As you may be aware, Grupo San Jose on the 9th May 2008 have declared themselves into voluntary bankruptcy which could mean lots of people, like you, who have bought through them facing the prospect of losing the money which they have put down. Not only is this a financial worry for everyone concerned but the emotional and stressful period which you have to go through cannot be underestimated. The legal process in Spain of trying to get this money back is long winded, complex and there is no guarantee that the financial commitment you have made will be returned in full, if any at all.
Under the terms of voluntary administration, the company is allowed to continue to trade under the supervision of the court appointed administrator but they must renegotiate debts (about 30 million euros) and present a viable business plan otherwise they will be put into liquidation.
If you haven’t already done so you should seek legal advice in Spain and we’ll speak about how to go about this very soon.
Introducing YPC…
Before we continue let me introduce myself. I’m Brett Wood, Managing Director of YourPropertyClub. I have been successfully investing and selling millions of pounds of property in the Costa Blanca of Spain since 2004. Over this time we have developed some lasting relationships with many developers in the region. These developers are painfully aware of the developers that have succumbed to the economic slowdown including San Jose.
This places my company in a unique position to help you out.
Let me explain…
Gary Lewis my International Property Director has lived in Spain for 5 years and even though he moved back to Bristol earlier this year (he now has a young family) he still runs the business and stays very close to the developers we work with.
A great idea turned into reality…
Gary approached me with a great idea after he heard about San Jose applying for bankruptcy protection.
He thought that if we could negotiate enough discount off the valuation from our developers that we would be able to use this discount as the replacement deposit on another property.
Now obviously it wouldn’t be on an El Pinet property but we have a range of sites up and down the Orihuela Costa.
You see Gary bought together two things:
Firstly, some our developers are struggling to maintain sales volumes due to the obvious slowdown yet they are happy to negotiate on prices.
Secondly, property values in the area have remained constant despite what the papers may be saying.
This has created a difference between the valuation the banks are accepting and the price that we can negotiate for you.
Here’s your opportunity…
We have negotiated on selected plots in various developments. You simply have to choose a plot and the developer will accept the amount you have paid as a deposit on El Pinet as your deposit on the new property. So it means that you effectively won’t have lost anything and in fact will get a property.
All our properties are ready to move in or let out within 30 days…
We are able to offer key-ready properties, with the price being discounted by the amount of money you have already invested in your property at El Pinet. The reason we have gone key-ready is that we don’t want to risk going through the same process of off-plan purchasing which has created the initial problem.
Your only investment will be a valuation on your new property…
We understand that you took a risk in paying so much money over to San Jose and may feel like you have been burnt. So the last thing we want you to do is have you take the risk of losing more money in reservation fees, arrangement fees and solicitors fees. So the way we have structured is that your only investment will be a valuation fee of about £250. We have already pre-valued most of the properties so this valuation is for mortgage purposes only.
We have assembled a team of professionals that can assist you during the entire process.
Don’t worry about anything, the entire process is covered. We encourage you to call each of these professionals and check them out as well as checking YourPropertyClub out. After all this is all about building a lasting relationship.
Our solicitor will help you complete this purchase and represent you to try and have your San Jose money returned.
P.F.M Solicitors who are based in Torrevieja will work on your behalf with the completion of the property and they can also represent your interests in trying to get your money back on the deposit with San Jose at no extra fee to you.
Their contact details are Tel: 0034 9669 27584 or p.f.m@telefonica.net . They have a great team of English speaking people, both Spanish nationals and ex-pats who would be happy to answer any questions which you may have. Pablo, the solicitor, has experience with UK based clients, understands their needs, knows the Spanish legal system very well and explains things clearly to ensure you understand.
Our experienced mortgage broker will help you secure your mortgage…
European Mortgage Advice Centre has four years experience with Spanish mortgages and all their team has qualifications from their time in England and understand what is needed from a client’s perspective but also what’s needed from the banks perspective. We have spoken with the broker who can offer you two choices, the builder’s mortgage which allows lower set-up costs or an individual mortgage on the open mortgage market which will cost slightly more. If you have questions you would like answered and would like to speak to European Mortgage Advice Centre then please email info@europeanmortgageadvicecentre.com or call 0034 9653 19286.
Your property can be totally managed including sourcing tenants for you…
Golf & Beach Properties specialise in rental management and lettings and have a very different way of working to most other companies in Spain. They take no money up front from you; the first money you hand over is when your property is rented out. It shows their desire to get properties rented and also confirms their confidence in the way they go about their business. They can also help with snagging the property, furnishing the property and ongoing maintenance for you, making it as stress free as possible. Markus would welcome the chance of discussing this and can be contacted on 0034 6071 59444 or via email, markusbrall@golfandbeachholidays.co.uk .
If you are coming over to live full-time in Spain then our knowledge of the area will be invaluable and we can give you advice on many things including furniture, banks, mobile phones and even when the markets are on in the area.
The important thing to realise is that you have options, all is not lost. I encourage you to explore our main business website at www.yourpropertyclub.com you will see that we have a huge amount of experience in the UK and Spain. We are UK based with offices in London and are happy for you to come and see us to discuss your exact options.
If you want to discuss this in more detail then please feel free to give Gary a call on 0797 1000 567 or call the office on 0207 812 1255.
Live with passion,
Brett Wood
Managing Director