http://www.spanishpropertyinsight.com/buff/2008/08/27/bank-guarantees-for-off-plan-stage-payments-a-new-source-of-woe-for-buyers/ The lowdown on Spanish property Sat, 11 Feb 2012 18:45:42 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.spanishpropertyinsight.com/buff/2008/08/27/bank-guarantees-for-off-plan-stage-payments-a-new-source-of-woe-for-buyers/comment-page-1/#comment-220 nigel Tue, 16 Sep 2008 11:16:52 +0000 http://www.spanishpropertyinsight.com/buff/?p=222#comment-220 We were told that a bank guarentee wasn´t needed. Now the builder has stopped paying his mortgage and the bank have told us we will need to pay it or they will reposses our houses which we have lived in for over 2 years. I have asked the bank to reduce my payments so that I only the pay the interest but they have refused. How do I go about making a complaint against the bank against regarding this situation? We were told that a bank guarentee wasn´t needed. Now the builder has stopped paying his mortgage and the bank have told us we will need to pay it or they will reposses our houses which we have lived in for over 2 years.
I have asked the bank to reduce my payments so that I only the pay the interest but they have refused. How do I go about making a complaint against the bank against regarding this situation?

]]> http://www.spanishpropertyinsight.com/buff/2008/08/27/bank-guarantees-for-off-plan-stage-payments-a-new-source-of-woe-for-buyers/comment-page-1/#comment-219 christine Sun, 07 Sep 2008 13:58:25 +0000 http://www.spanishpropertyinsight.com/buff/?p=222#comment-219 completion date on our contract was for Nov 2007 the building work NEVER started!. We have 2 bank guarantee with Cajamurcia Bank for £30,000 and have been told they have expired! NO EXPIRY DATE shows on the guarantees - we visited the bank 23 june 2008 told all OK! then 30 June 2008 told our bank guarantees had expired because the builders DID NOT take their mortgage out with the bank. We are being told the bank guarantees are only PROVISIONAL has anyone heard of such a thing? please email with any information. thankyou completion date on our contract was for Nov 2007 the building work NEVER started!. We have 2 bank guarantee with Cajamurcia Bank for £30,000 and have been told they have expired! NO EXPIRY DATE shows on the guarantees – we visited the bank 23 june 2008 told all OK! then 30 June 2008 told our bank guarantees had expired because the builders DID NOT take their mortgage out with the bank. We are being told the bank guarantees are only PROVISIONAL has anyone heard of such a thing? please email with any information. thankyou

]]> http://www.spanishpropertyinsight.com/buff/2008/08/27/bank-guarantees-for-off-plan-stage-payments-a-new-source-of-woe-for-buyers/comment-page-1/#comment-210 Spanish Property News Wed, 27 Aug 2008 16:02:07 +0000 http://www.spanishpropertyinsight.com/buff/?p=222#comment-210 That’s tricky. How do you argue it is 2 years late when there is no completion date? You will need a good lawyer on this one. You might be able to argue that the contract has what they call ‘abusive clauses’ by virtue of not stating deadlines, but I wouldn’t place much hope in that. Let’s face it, even people with strong contracts and explicit deadlines are having trouble getting their money back, which is the main point of the article. Financial institutions are trying to wriggle out of paying up, knowing full well that the poor buyers will think twice before embarking on long and costly legal action with no certain outcome. That’s Spain. Best of luck. That’s tricky. How do you argue it is 2 years late when there is no completion date? You will need a good lawyer on this one. You might be able to argue that the contract has what they call ‘abusive clauses’ by virtue of not stating deadlines, but I wouldn’t place much hope in that. Let’s face it, even people with strong contracts and explicit deadlines are having trouble getting their money back, which is the main point of the article. Financial institutions are trying to wriggle out of paying up, knowing full well that the poor buyers will think twice before embarking on long and costly legal action with no certain outcome. That’s Spain. Best of luck.

]]> http://www.spanishpropertyinsight.com/buff/2008/08/27/bank-guarantees-for-off-plan-stage-payments-a-new-source-of-woe-for-buyers/comment-page-1/#comment-209 Ianm Wed, 27 Aug 2008 15:21:29 +0000 http://www.spanishpropertyinsight.com/buff/?p=222#comment-209 Very good article. But what happens if your contract doesn't have a start or completion date and the development is nearly two years late. Do you still have grounds to claim back your bank guarantee? Very good article. But what happens if your contract doesn’t have a start or completion date and the development is nearly two years late. Do you still have grounds to claim back your bank guarantee?

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