invested in property abroad question...

heyyo · 01-04-2008, 22:02

i invested in an off plan property abroad in morroco and put down a 30 percent deposit. i do have the paper work etc, its in french, but i wanted to ask if i am unable to get mortgage, is the deposit returned?

(i am going to ring the company tomorrow, but i just was hoping from some insight from you guys)

thanks

Halcyon · 01-04-2008, 22:07

Does that not depend on the contract ?
Each company asking for deposits will have a clause saying whether deposits are refunded or not.

Just guessing.

Aragorn · 01-04-2008, 22:08

Very unlikely - deposits aren't usually refundable.
Is no one in the UK willing to lend the money (against your UK house maybe)? Have you tried a Morrocan bank? Or have you had a change of heart?

heyyo · 01-04-2008, 22:12

a change of heart, it will be a morrocan bank where the money is borrowed from.

but im just thinking if the morrocan bank refused to lend the money, im kinda buggered then..agh i am going to speak to company tomorrow and find out...

WHISTLED · 01-04-2008, 22:14

Not much chance.

alferret · 01-04-2008, 22:24

Speak to the agent they may be more amicable than you think, also from having a quick look on the net refunds do happen and can take anything from 2 weeks to 6 months although a refund is not guaranteed.

30% deposit seems quite high for off plan, from what I have seen 2-10% in morocco seems the norm.

Another thought if all else fails, you could try selling your 30% off plan.
Say the property was 100k, you paid 30k dep, sell it for 20k, you loose 10k but better than losing 30k, I dont know if it is feasible.

On a side note we (the future wife and I were only talking about a 2 week AI in Morocco next year)

heyyo · 01-04-2008, 22:42

ok thanks for the info, i was also told the property would be complete last year in november, i think that gives me a right for a possible refund as the contractors did not finish the work online, obviously it all depends on the contract...

morroco is a great place, just in a bit of financial difficulty at the moment and need to get my money out.

Vlad_Dracul · 02-04-2008, 08:40

It sounds a bit like Spanish practice to me. You do a deal to buy something off plan. The man says hey pay a deposit,when its half built you can sell it on ,cream off the profit and the new buyer pays off the balance when the property is built. What tends to happen is,it doesnt get built on time (or ever),the builder goes bust or you cant sell it. Good luck with it. Last Novembers completion date seems quite far away now...

tweetypie/8 · 03-04-2008, 15:01

Quote:

Originally Posted by heyyo

i invested in an off plan property abroad in morroco and put down a 30 percent deposit. i do have the paper work etc, its in french, but i wanted to ask if i am unable to get mortgage, is the deposit returned?

(i am going to ring the company tomorrow, but i just was hoping from some insight from you guys)

thanks

i am not being sarcastic but you should have done your homework before parting with dosh there are to many horror stories concerning properties abroad.good luck anyway.