Trampolin Hills Golf Resort Situation
We are currently considering preparing a group or Class Action for investors who lost deposits when trying to purchase properties on an urbanisation in Campos del Rio in the Murcia region named Trampolin Hills Golf Resort. Unfortunately many years ago investors paid deposits to buy properties there and made stage payments, yet the properties were never built and the investors were left wondering what had happened and if they would ever get their money back.
Over 1500 investors paid money to buy properties in Trampolin Hills, but although show homes were built nothing further happened and in 2009 the company went into bankruptcy. By 2015 it was clear that there had been fraud involved and there was no money to pay back to investors the funds they had paid.
Fortunately, in 2015, there was a ruling by the Supreme Court of Justice in Spain which opened up a way for investors in Trampolin Hills to possibly reclaim their funds from the Bank. This is because by Spanish Law 57/ 1968 (Consumer protection law) when off-plan deposits were paid into the builder or promoters’ banks, they should have been placed on a separate account and a bank guarantee isued by the developer to the buyer, backed by the funds in that account. This was not happening and the Supreme Court found the Banks to be jointly liable with the builders, so now buyers can try to claim back the deposits they have lost.
There have been instances of those affected by the purchase of a property in Trampolín Hills Golf Resort being refunded the money they paid due to this sentence. Buyers claimed the money paid to Caixabank and the Court of First Instance number 1 of Valencia granted a refund to them.
Generally, investors are able to claim from banks who did not guarantee deposits when the following conditions are met:
– That the properties we not completed or if they were completed late (as often happened), that the buyer had terminated the contract officially before a Habitation Certificate was obtained and not accepted the delay.
– that funds were paid to the account of the builder or promoter or the bank knew the funds were for the building of the properties from investors and thus should have segregated the funds. If funds were sent to third party agents or other companies in the UK for example, this can make tings more difficult to prove.
Previously we were unable to suggest taking the route of suing the bank when an investor was purchasing more than one property as they would no longer be seen as a consumer but as a professional investor but now, following a recent precedent (26th April 2017, the Provincial Civil Court of Madrid), we are able to also assist investors who put deposits down on more than one property.
We have several cases unfortunately whereby promoters never finished properties, such as Monte Puchol, Fortuna Golf, as well as Trampolin Hills, where buyers can claim, if the conditions are met, from the Bank that received the funds related to a construction, if a guarantee was not provided by the builder and they have lost their money.
We are also actively considering a Group or Class Action for investors in Trampolin Hills Golf Resort. Please contact us if you would like us to give a free appraisal of the chances of your case.
What is needed to claim?
We would need copies of your documents to study if you have a good case; that is:
– purchase contract
– proof of amounts paid by cheque, credit card or bank transfers
– receipts of payments received by the property developers
– the initial total price of the property
– the correspondence (if applicable) between you and the property developers (and any other written communications that may be of use for the case)
– any copies of any Court documents
Having the contracts, copies of all payments, any correspondence is all very important. Any legal case needs proof and evidence but with this, we may be able to help you sue and recover all of your money and interest and costs.
No Win No Fee
We need to review individual situations but there may be an option of recovering an investment by paying the barrister fees and Court costs, or on a possible no win no fee basis.
Please contact us as soon as possible as there is a time limitation on these cases and also we need to consider how many people to include in our Action.