10th November 2011
A welcome return from Cape Verde
This week saw yet again the successful resolution by Judicare of a problematic overseas investment and a return of the client’s deposit plus interest of over 40,000€.
The islands of Cape Verde have seen in recent years a huge increase of both property developers and projects as the lure of an exotic destination within 6 hours flight time of the UK became too alluring for many investors.
As the inward investment into the island infrastructure slowed, so too did the abilities of developers to complete projects on time or budget and resulting in defaults in purchase agreements between clients and promoters.
One such client describes his experiences after instructing Judicare and the issues he faced as he tried to address his concerns;
“Back in 2008 I invested in a two bedroom apartment in Cape Verde; it appeared to be a sound investment at the time.
The completion of the construction was written in the contract to be 2010 with a 180 days grace period.
The construction on this site did not start until late 2010 and it became obvious that the completion date and grace period was going to elapse. Despite this I was still being asked to meet my payment stages and felt that this was unfair. I could not understand how they could change their part of the agreement, but I still was being put under a lot of pressure to meet my payments even though completion of my apartment wasn’t going to be 2013.
At this point I didn’t know where to turn I had already paid out £34,000. I tried contacting the Law Society to no joy and didn’t know what to do next. Then a friend put me in touch with Neil Heaney of Judicare and it was a relief that there was a company out there that dealt with overseas investment and understood my situation.
Once they agreed to take on my case they kept me informed at every stage of the process and explained everything in layman’s terms keeping what was already an anxious time in perspective and easy to understand.
To my great relief I received the call that I had be waiting for to tell me that Judicare had successfully negotiated a settlement of my full investment plus interest. I just what to say a big thank you to Neil and the whole Judicare team for all the hard work and support over the last 2 years.
I would have no hesitation in recommending Judicare to anyone in the same situation.”
Mr.Powell - November 2011.