Golden sands AP2 - requirement of additional deposit

[ukinvestor]

Hello all,

I am new to the forum, but have spent a few days digesting a lot of the previous posts. I wish I had joined sooner! it seems as if there has been some valuable discussion.

I have invested in plot AP2 and, like everyone else, have been patiently (to some extent...) waiting to see some progress. I must admit that having been living in the southern hemisphere until recently I have been a bit slack in keeping an eye on the situation. I am now back in London and want to take some more definitive action.

In November last year I received a letter from Azur Developments which talked positively about the development before dropping the bombshell that Group Fadesa Maroc did not feel it was suitable to proceed without further investment from the individual investors.

This is obviously not what I signed up for and not what is in the contract I signed (which is an issue in itself). I was wondering if others on this forum are in a similar situation and were willing to share their thoughts about how they were planning to proceed?

[jopottie]

Hi
You may have already seen my post below about this (Golden Sands / AP2). I received the same letter in December and am currently seeking legal advice. Our solicitor seems to think we have a good case (he is also working with another individual who reserved on AP2) so has done all the necessary research. I'm currently trying to get in touch with as many people in the same boat and proceed with the claim. It's all no win no fee so have nothing to lose. If you'd like to talk further let me know.
Thanks
Joanna

[ukinvestor]

Hi Joanne,

Thanks for the prompt reply. Yes, would definitely be interested in hearing what feedback you have had from the solicitor.

If you want to drop me an email perhaps we could find a time to chat?

I will PM you my email address.

Dan

[mcneilee]

I doubt you will see any money back.when looking to cancel i was told they can only repay the 75% part of the deposit when they sell it as they don't have the money.Its a lot of money i was told.Still have not received my cancellation copy .Only get answering machine no answer to emails.Why else are they trying to get ap1 to pay for the management.They are out of money

[jopottie]

I understand what you say however the solicitors are the experts and seem to think we have a strong case (they've seen a copy of all the paperwork including letters etc). As it's no win no fee there really is nothing to lose and I'm the type of person to exhaust every avenue I can rather than roll over and just accept what they tell us! Thanks for the PM's, will be in touch via email later this evening!
Joanna

[Snippy]

I doubt you will get any refund either until prop is sold and eventhen it will take time. Although clearly well behind schedule they seemed to be progressing in December, when i was there. On AP1 if you weren't willing to pay they were threatening to pass your appartment to someone else, which they were doing.

Still hopefull that things will come together by 2013 but leasing the hotel is key.

[ukinvestor]

Snippy,

When you say 'pass your apartment onto someone else', I presume you mean if that 3rd party is willing to buy out your share?

After all, we do all have contracts in place giving us a right to what we bought. While the developer may be a big, awkward to deal with, entity, it doesn't mean that they are entitled to roll over the investors and proceed however they wish!

The contract was to deliver the apartment based on the consideration (i.e. the deposit) that we paid. If the developer wants additional funds that is up to them to agree an amendment to the original terms with each contracting party.

[Snippy]

There was interest in AP1, from within Morocco, not sure about buyers for AP 2. The only reason i pursued with the purchase is that my place has amazing views and i decided to push ahead and complete once the flooding damage was sorted, which they did.

In their view AP2 is now almost complete and from what i could see work was being done on site. This aint UK with regulations for investors etc. and the way they operate is totally different but maybe u will get a refund GL

[VAF]

Hi,

What is the actual status ?
The AZD's fund problem has been solved ?

Did the works restarted ?

Regards

VAF