Oceanville

What a shame, lovely complex in a fantastic location 

J2me apparently the builder is having problems borrowing money to complete it after winning a case to have their planning altered. (maybe they are now defunct, who knows) Jocelyn forum member she posts on here occasionally has actually invested in this place. Read the whole story, I think you have actually posted on this thread previously

Your right Jayjan, I have posted on OV before. While it is built at the top of the hill overlooking the old town, and as such a bit OTT (as in a dominant feature), they are intended to be a quality development, adding value to the whole town.

Rumour suggestS that the habitation licence has been granted. One would have assumed that was the last serious hurdle because it would never have been granted if there was any doubt about matters such as title or outstanding planning infringements, etc.

Assuming that the developer has mortgages registered against the individual properties (as is normally the case while they still own them), one would imagine that the banks would be eager to assist the developer in off-loading those same properties to promissory buyers.

Since there has been zero movement that we know about, I am assuming that there is still a problem. Perhaps an outstanding judgement against a stakeholder or perhaps the habitation licence has not been granted. We really are in the dark about it - but so are the promissory buyers.

Having had our own property purchase delayed for a few years, I really feel for these people who have invested significant amounts. Hence, it needs to be sorted. I don't see any champions willing to make that happen though.....

Jocelyn, that one loan might have been turned down because the bank valuation was considerably lower than the purchase price, so much so that the promissory buyer could not bridge the gap. I have seen several cases of this happening and it then becomes an very difficult battle for the buyer to reclaim their deposit, even with the extra clauses inserted in the promissory contracts. The buyer is entitled to their refund but the developer is in no hurry to oblige, even if it can be afforded.

Has anybody actually established for definite if the habitation licences were actually granted? Because it is a matter of record, it only requires an enquiry at the planning office to confirm the status.

I have an email from my solicitor saying that the habitation licence was in place....but that the tourism licence had expired, sure that was 3 years ago. another chance of getting our money back is if sesimbra are declared bankrupt and i go to court and claim my refund from their seized assets.  i have no idea how many creditors would be lining up for their money in that scenario! and it's not in the banks interest to declare them bankrupt as i think they would have done so by now.

Hi KateJulian....welcome to the forum :)

Could you not contact (or maybe visit would be best if possible) Albufeira Camara (town hall) to see if they can help, surely their planning dept must have records of the development & its demise. Or maybe contact another lawyer who could sort the problem out for you.

Katejulian the email for the British Embassy (Consulate) for the Algarve is