Holiday Home Dreams in Tatters? Speak to www.reclaimyourdeposit.com

April 17, 2010 - PRLog -- A five-figure deposit on an overseas home is a sizeable chunk of money to lose.  The bitter pill is even harder to swallow when that overseas home was earmarked as ‘pension substitute’ or ‘kids’ inheritance’.  Builds get delayed, developers go bust and promises get broken but this doesn’t have to mean the end - www.reclaimyourdeposit.com is your lifeline.

www.reclaimyourdeposit.com will assess your case, scrutinize loopholes in your purchase contract and try to reclaim the money on your behalf.  Director Daren Wallbank explains, “We’re well aware, through experience, of the games that developers play and know which complaints are grounds for recovering seemingly lost deposits.  Whilst adverse exchange rates or failure to secure finance may be topical drivers for buyers to pull out of deals, these will not wash in court to get your deposit back.  You have to play a more tactical game.”

Daren continues, “Delays are generally the strongest grounds for reclaiming your deposit but you must act at breach of contract, not at completion, or it’s too late.  Unfortunately, as a rule, the court is not on your side.  They want your ongoing taxes and fees to fuel the local economy.  And, with court cases taking up to two years, the unit could be finished by the hearing resulting in the case being thrown out of court.  www.reclaimyourdeposit.com will only engage in legal action, individually or class, if timing is in our favour otherwise we will seek more effective resolutions.”

Typically www.reclaimyourdeposit.com would explore five different avenues to arrive at a solution.  These are outlined as follows:

1)   Legal Action Against the Developer – This is the most lengthy and costly course of action.  Once a case has started the developer will avoid further negotiations and rarely accept liability.  In fact, in the knowledge it could take up to two years, the developer has effectively bought himself time to complete the unit before the hearing and thus get the case thrown out.  Courts do not want to cancel contracts as tax revenue is lost.  Class action keeps costs down and makes for a stronger case and, should the developer be in receivership, www.reclaimyourdeposit.com will sue holding companies and / or financing banks and / or insurance companies underwriting any bank guarantees.
2)   Negotiating With the Developer – This can provide more immediate results but very rarely will a refund be offered without a court order.  Most likely outcomes are discounts, payment of interest for the delay or switching your deposit across to a completed unit.
3)   Selling Contract to an Investor – There is a growing number of individuals or investor groups who will purchase private purchase contracts at a discount.  They will either be looking to complete on your unit if the development seems viable or take on the court case in the belief they can recover the full deposit.  Again, a more immediate solution which also brings closure on the whole episode.
4)   Switching to a Completed Unit on Same Development – Many developers will offer this, although it can be a poisoned chalice if you’re intent on getting your deposit back.  The developer will see it as a solution to the claim of ‘breach of contract for delays’ and any court would undoubtedly side with the developer.  Should you turn down the comparable completed unit you need to be very clear that the replacement is unsuitable or inferior to the one originally purchased.
5)   Switching to a Completed Unit on Different Development – Some solvent, stable developers are willing to take over your reclaim fight in return for switching you into one of their completed properties.  They will discount this unit by up to 100% of your current deposit.  The new developer will then take up your deposit reclaim case and, if they win, keep the money or a substantial percentage.  If they lose, you still have a completed property.

www.reclaimyourdeposit.com does not charge a fee for its services.  Instead we seek to take a percentage of the reclaimed deposit, a percentage of any offer made to the client by an investor or a percentage of any deal made with the developer as a ‘success fee’.

Visit www.reclaimyourdeposit.com or email info@reclaimyourdeposit.com

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for further press information or photography please contact Sarah Drane
on sarah@purplecakefactory.com or call 00 34 607 564 726

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About Reclaim Your Deposit - Reclaimyourdeposit.com has been set up by a group of international property specialists to help purchasers caught up with unscrupulous development companies, delayed builds, non existent bank guarantees and escrow accounts, all wrapped up in broken contracts and promises.
The team have been involved in both successful projects and also on the hard end of those that have failed, they have seen the games that development companies can play and are well aware of the delaying tactics and misdirection.
With our knowledge and expertise we aim to assess your case and try to reclaim your money. We investigate bank guarantees and escrow accounts. Study your contracts and look for breaches and loop holes to get your money back.