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the virus and buying on Camposol

Posted: Sun Mar 22, 2020 8:07pm
35 replies3208 views14 members subscribed
Chrisnpat5758

Posts: 16

5 helpful points

Location: Camposol

Joined: 19 Aug 2019

Hi Everyone , Me and the Wife have left a large deposit on a villa on Camposol , when we left the deposit the vendor new we had to sell our UK home to complete, and the date is the end of June 2020,

And due to the situation worldwide with the Virus no one is looking at properties so we are in a situation where we cant complete at the moment  because of this, and i think the same is happening on Camposol  and all over Spain 

Does anyone know how we stand (on completion date) and is it reasonable to ask  solicitors and the vendor for a bit of give an take so to speak. any advice is most welcome especially Legal if possible , THIS IS BEYOND ANYONE'S CONTROL  , And has to my reckoning  never happened anywhere . 

Thanks in Advance Chris n Pat


paul69

Posted: Sun Mar 22, 2020 10:25pm

Posts: 40

17 helpful points

Location: Camposol

Joined: 5 Jan 2020

Posted: Sun Mar 22, 2020 10:25pm

Personally speaking i would instruct my lawyer to pull out due the the present world situation with this virus, which could last years, also this virus will create a massive recession and house prices are going to plummet, and the house you are buying could well be worth tens of thousands less than your about to pay and if we learnt anything from the 2008 crash stay put as you are about to lose a fortune, good luck with your decision

PhilTox

Posted: Sun Mar 22, 2020 10:47pm

PhilTox

Helpful member

Posts: 395

330 helpful points

Location: Camposol

Joined: 1 Oct 2018

Posted: Sun Mar 22, 2020 10:47pm

paul69 wrote on Sun Mar 22, 2020 10:25pm:

Personally speaking i would instruct my lawyer to pull out due the the present world situation with this virus, which could last years, also this virus will create a massive recession and house prices are going to plummet, and the house you are buying could well be worth tens of thousands less th...

...an your about to pay and if we learnt anything from the 2008 crash stay put as you are about to lose a fortune, good luck with your decision

The only sure way to know what you can do is talk to your solicitor. We were told when we were buying, last year, that our deposit would be lost should we want/need to pull out. It may well be that the current worldwide situation is considered a valid reason, talk to your solicitor for up-to-date guidance. 

PaulandSandra

Posted: Mon Mar 23, 2020 8:18am

Posts: 39

27 helpful points

Location: Camposol

Joined: 11 Jul 2018

Posted: Mon Mar 23, 2020 8:18am

Hi Chris&Pat,

The rules on completion are different in Spain to the UK, putting a deposit on a property without having the money in place is risky. You would be much better seeking advice from your Solicitor rather than opinions on this forum.

I assume you have paid 10% and it’s likely that the date of the end of June is legally binding, in which case if you pull out or don’t complete, you could lose your deposit. If the vendor pulls out you could claim 10%+10% from them for the breach of contract, this is not likely though.

I would get onto your Solicitor and ask them to contact the vendor and ask them for an extension, hopefully they will agree considering the situation, however your still stuck with getting a buyer yourself.

I am wondering why all this wasn’t pointed out to you by your Solicitor and you should ask, I have to say it does sound like you were taking a risk regardless of the situation with Covid-19.

Paul&Sandra

Jillybea

Posted: Mon Mar 23, 2020 10:32am

Posts: 52

30 helpful points

Location: Sucina

Joined: 22 Sep 2018

Posted: Mon Mar 23, 2020 10:32am

If push comes to shove, you could apply for a Spanish mortgage to try to keep your purchase alive.

frequent flyer

Posted: Mon Mar 23, 2020 1:46pm

frequent flyer

Very helpful member

Posts: 932

974 helpful points

Location: Camposol

Joined: 9 Feb 2018

Posted: Mon Mar 23, 2020 1:46pm

Forget all the scare mongering on this forum...You should only be taking advice from your solicitor.

paul69

Posted: Mon Mar 23, 2020 1:57pm

Posts: 40

17 helpful points

Location: Camposol

Joined: 5 Jan 2020

Posted: Mon Mar 23, 2020 1:57pm

frequent flyer wrote on Mon Mar 23, 2020 1:46pm:

Forget all the scare mongering on this forum...You should only be taking advice from your solicitor.

Scare mongering!! What planet are you living on? Thousands are dying hardly scare mongering

zacdog

Posted: Mon Mar 23, 2020 2:17pm

zacdog

Helpful member

Posts: 346

171 helpful points

Location: Camposol

Joined: 14 Oct 2018

Posted: Mon Mar 23, 2020 2:17pm

paul69 wrote on Mon Mar 23, 2020 1:57pm:

Scare mongering!! What planet are you living on? Thousands are dying hardly scare mongering

Here we go again, bring on the scaremongers!!  Good luck with your house purchase, and sale in UK. 

jaz007

Posted: Mon Mar 23, 2020 2:40pm

jaz007

Helpful member

Posts: 129

78 helpful points

Location: Camposol

Joined: 20 Aug 2019

Posted: Mon Mar 23, 2020 2:40pm

Chrisnpat5758 wrote on Sun Mar 22, 2020 8:07pm:

Hi Everyone , Me and the Wife have left a large deposit on a villa on Camposol , when we left the deposit the vendor new we had to sell our UK home to complete, and the date is the end of June 2020,

And due to the situation worldwide with the Virus no one is looking at properties so we are in a situation where we cant complete at the moment  because of this, and i think the same is happening on Camposol  and all over Spain ...

...

Does anyone know how we stand (on completion date) and is it reasonable to ask  solicitors and the vendor for a bit of give an take so to speak. any advice is most welcome especially Legal if possible , THIS IS BEYOND ANYONE'S CONTROL  , And has to my reckoning  never happened anywhere . 

Thanks in Advance Chris n Pat


I'd contact your solicitor's and ask for an extension due to these exceptional times. Good luck in your purchase.

paul69

Posted: Mon Mar 23, 2020 2:42pm

Posts: 40

17 helpful points

Location: Camposol

Joined: 5 Jan 2020

Posted: Mon Mar 23, 2020 2:42pm

zacdog wrote on Mon Mar 23, 2020 2:17pm:

Here we go again, bring on the scaremongers!!  Good luck with your house purchase, and sale in UK. 

Of course neither sale will go ahead, but keep listening to the people with their heads firmly buried in the sand

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