commpensation

This topic contains 23 replies, has 11 voices, and was last updated by  peel921 9 years, 2 months ago.

  • Post
    high-wire
    Member

    Hi Peel921

    Not sure if you have read my rather long posts on the other thread. But I have had lots of emails in the past week regarding compensation and the fact that Tecnicil’s calculations, do not meet clients expectations. The fact that your compensation was calculated at a higher figure 6 months ago, should tell you what Tecnicil are trying to get away with. I will email you and explain how compensation should be calculated, in line with the contract that you entered into. I suspect the correct figure will be higher than you have been offered by Tecnicil, as so far, Tecnicil’s figures have often been wrong, but always in their favour!

    Regards

Viewing 15 replies - 1 through 15 (of 23 total)
  • Replies
    peel921
    Member

    hi does someone out there know how to workout commpensation owed.
    I am trying to complet on my villa,but in august 2010 they said compo xxxx
    now in 2/2011 they say its 3000 less I asked for them to check the amount and they say its correct.
    my email is richdiggerx@aol.com

    bobo
    Member

    I have sent you an email,
    Regards
    Bobo.

    stephendrum
    Member

    e mail is sdscott@brockside.com Could someone please e mail me the compensation calculation please?

    Brockside

    high-wire
    Member

    A vast majority of the emails that I have received lately have been regarding compensation.

    It is quite clear that Tecnicil are trying to offer buyers less compensation than they are due. Some may argue that this may only amount to a couple of thousand euros, but the worst case that I have witnessed recently, there was a difference of some 12000 euros!

    Tecnicil are just sending out a figure for compensation and offering no explanation for the calculation, nor do they show any breakdown.

    It would appear that Tecnicil are trying to cut short the period that they are going to pay compensation up until, they tried that with me also. They are saying that they will only pay compensation up until notification to snag is given, however the figures they are quoting still do not add up, and they are notifying some buyers to snag when their units are still nowhere near ready.

    I do understand that Tecnicil are trying to save money, but the contract is quite clear, in that compensation is due up until 28 days after notification of deeds, and notification of deeds cannot be given, until after you have inspected your unit, are completely happy with it, or your snaggers have done so on your behalf and subsequently signed it off as complete.

    What annoys me, is Tecnicil firstly sending out the wrong figure (always in their favour) to buyers who may not know any better. Then secondly, when challenged by buyers, trying to make out that again, the contract is somehow wrong, and Tecnicil’s new interpretation of how compensation should be given, goes before what is written within the contract that all buyers signed up to.

    In my opinion, if Tecnicil wish to offer less compensation than what clients are due, they should be honest about this to the buyers concerned and make some sort of offer to the buyers to compensate them further at a later date, when finances may permit. At least buyers would then see that honesty, and be able to make a decision. At present, Tecnicil are just being deceptive about this, and once again, trying to get one over on buyers.

    If you are not happy with your level of compensation, you should (as I did), thrash this out with Tecnicil, until you are happy with the amount, and that amount should match up to what you are due under the contract. I’m sure Tecnicil need the completions going through, so why they pull these ‘stunts’ is beyond me. What is clear, is that if you do complete without first agreeing the correct amount of compensation with Tecnicil, you have little or no chance of rectifying this situation later. My advice would therefore be to ensure that you are getting what you are rightfully due, prior to going to deeds/completing.

    For everyone’s information based on the amount already paid:-

    Phase 1 – Original contracted completion date of 30 Sept 08, compensation started on 15 Feb 09 at 6% (euribor plus 5 points) until 31 March 09, then from 01 April 09 onwards, it runs at 11% (euribor plus 10 points) up until 28 days after deeds notification.

    Phase 2 – Original contracted completion date of 31 March 09, compensation started on 01 August 09 at 6% (euribor plus 5 points) until 30 September 09, then from 01 October 09 onwards, it runs at 11% (euribor plus 10 points) up until 28 days after deeds notifications.

    If you calculated your compensation due up until the end of this month, February 2011, I will give you an idea of how much you would be due on 100,000 paid:-

    Phase 1 = 21833 euros

    Phase 2 = 15583 euros

    To calculate your own compensation, pick which phase you are in going by your original contracted finish date, divide the compensation figures above by 100, then times them by what you’ve paid so far, ie. 60.

    So a phase 1 having paid 60000 euros so far, would be 21833 divided by 100 = 218.33 times by 60 = 13099.80, hey presto!

    This now gives everyone an idea of what they are due under the terms of their contract. You should be able to work out if you are being offered the correct figure, and if not, how far out it is.

    Hope that helps.

    Regards

    Andy

    carol 888
    Member

    Thanks Andy for the info regarding compo, we went out to snag our apartment last week and Tecnicil have calculated our compo to 18 December 2010 ![}:)]

    carol

    high-wire
    Member

    Hi Carol

    That doesn’t surprise me.

    Hope you had a good time over there.

    Cheers

    imagination5
    Member

    Andy, thanks for the comp. calculation it will help a lot of people coming up to the completion phase.

    redcobra
    Member

    Thanks for the info on compensation very helpful as we have just had notice for snagging

    high-wire
    Member

    Well spotted Imagination5, typo on my phase 2 compensation calculations, apologies to anyone this has affected:-

    For everyone’s information based on the amount already paid:-

    Phase 1 – Original contracted completion date of 30 Sept 08, compensation started on 15 Feb 09 at 6% (euribor plus 5 points) until 31 March 09, then from 01 April 09 onwards, it runs at 11% (euribor plus 10 points) up until 28 days after deeds notification.

    Phase 2 – Original contracted completion date of 31 March 09, compensation started on 01 August 09 at 6% (euribor plus 5 points) until 30 September 09, then from 01 October 09 onwards, it runs at 11% (euribor plus 10 points) up until 28 days after deeds notifications.

    If you calculated your compensation due up until the end of this month, February 2011, I will give you an idea of how much you would be due on 100,000 paid:-

    Phase 1 = 21833 euros

    Phase 2 = 16583 euros

    To calculate your own compensation, pick which phase you are in going by your original contracted finish date, divide the compensation figures above by 100, then times them by what you’ve paid so far, ie. 60.

    So a phase 1 having paid 60000 euros so far, would be 21833 divided by 100 = 218.33 times by 60 = 13099.80, hey presto!

    Regards

    Andy

    peel921
    Member

    hi,all has anyone had a problem agreeing with tecnicil the correct amount of compensation,and been payed up to date.
    my villa will be going to deeds soon,but tecnicil only wonts to pay compo up to may last year, this is the time they said it was ready for snagging, is anyone in the same boat as me.
    tecnicil seems to trying to rip everyone off for as much as possable
    has anyone in the rental pool received all items in the furniture pack

    sheff
    Member

    we’re in the same boat as you Peel we had first snag done last May and were invited by Tecnicil to do the second snag in January but they only want to pay compo to May even though the builders have had to come back to install a wall which was missing.We couldn’t arrange to put any furniture in until this was built as it would have been ruined so the apartment was unuaseable until last month.Tecnicil refuse to accept that they are at fault and say we should have completed last May and are not due any compo after then!

    high-wire
    Member

    Hi Sheff

    If this is the contractual matter that you were having problems with, it is not you that is in the wrong. I have had so many emails re compensation and the fact that Tecnicil are trying to cut short the period they are paying it up until, it drove me to make the rather long posts on here.

    For anyone who has access to their contract, this is not word for word, as mine is tucked away in a drawer. But it clearly states that compensation is payable up until 28 days after notification of deeds. Notification of deeds cannot be given until you are satisfied with the condition of your unit, or it has been signed off by the snaggers, i.e. it is completely finished to specification without faults.

    The contract also states that after notification to snag is given, the cycle of inspection/rectification/reinspection shall continue until all issues are resolved, then and only then can notification of deeds be given. If this ‘cycle’ goes on and on to a number of snags and Tecnicil see that as unreasonable, the contract does make reference to arbitration to resolve the dispute. One snag in May with a wall missing, which then takes Tecnicil months to rectify, is down to them.

    I had my apartment first snagged in October 2009, there were a few issues, yet it took Tecnicil until January 2010 to rectify and ask the snaggers back. They tried to end my compensation in September 2009, but I quoted the contract and held out for compensation until January 2010, as that was what I was due.

    If Tecnicil don’t go back and rectify problems quickly, then they only have themselves to blame. In almost every case that I have been emailed about, they talk of the original 28 days after deeds notification being an incentive and they have now reverted to 28 days after notice to snag. My response to this would be, the contract states 28 days after deeds notification, if they are now claiming that is not the case and it is 28 days after snagging notification, then please supply me with the amendment to the contract that states this, showing when this was issued, and signed by both parties, as would be required by law.

    Hope that makes sense and helps a few of you out, who are having exactly the same problem.

    carol 888
    Member

    Sheff & Andy
    We snagged our apartment ourselves a couple of weeks ago, we did raise the missing wall with Tecnicil and was told this would not be classed as a snagging issue and if we wished the wall could be built. We decided to proceed minus the wall, our compensation figure had been calculated to 18th December 10, which was the day they phoned us giving notification to snag mid January. Our snagging issues have now been rectified and the snagging signed off, although we have not yet received notification of deeds.

    carol

    high-wire
    Member

    Hi Carol

    A missing wall does not count as a snagging issue? Only Tecnicil could come out with that.

    My post is to highlight what is due under the contract, but at the end of the day, if buyers are happy to proceed with what they’re offered, that’s down to them, not everyone wants a battle with Tecnicil.

    Cheers

    carol 888
    Member

    Andy,

    We are ok with the missing wall, but not with the compensation currently offered,we are going to insist on payment in line with the contract.[:(!]

    carol

Viewing 15 replies - 1 through 15 (of 23 total)

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