Bank Guarantee

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This topic contains 4 replies, has 3 voices, and was last updated by Profile photo of Anonymous Anonymous 10 years, 10 months ago.

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  • #51503
    Profile photo of Anonymous
    Anonymous
    Participant

    We are almost at the date for our bank guarantee to expire we are promised A new one in the next day or so. What we don’t know is if we except this are we tied into the build till if and when it is finished or can we still use the original completion date to claim breach of contract HELP PLEASE the stress is killing me.

    Maureen

  • #60640
    Profile photo of Anonymous
    Anonymous
    Participant

    I know it is stressful Maureen, but try not to get too worked up. You need a clear head to make the right decisions, and whatever happens, it’s never worth jeopardising your health over it.

    I hope one of the lawyers who participate here will correct me if I’m wrong, but I expect that a new guarantee won’t make any difference in principle, as it shouldn’t imply any change to the original contract being guaranteed. But this is the sort of thing you really need to check with your solicitor, who will probably need to see the details of the guarantee. Do you have a good, independent solicitor in Spain? And have you or your solicitor spoken directly to the financial company issuing the guarantee?

    Mark

  • #60641
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello Maureen,

    I may have missed your post relating to your original circumstances. Could you please tell me/us your position?

    If you have a bank guarantee nearing an expiry date then I would assume you do not have a building which should have been completed some time in the last year. If this is the case, then why are you not exercising the BG that you have now? Why would you wait for another one? Surely your builders are already in breach of contract?

    Sorry to ask so many questions. We have a BG which expires in Sept 2006. We should have had an appt. completed in July 2005. The building License was revoked 4 weeks and 3 days after the lawyers signed our contract in Oct 2003! No building work has ever taken place. Our purchase contract expired in Oct 2005. We will exercise the BG in Sept this year.

    I do not understand why you would wait for another BG if the builders are in breach of contract.

  • #60643
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Claire, we are buying on Almanzora Country Club, the property is almost finished we actually went in it in October just before the work was stopped. our guarantee is up tomorrow just biting my nails to see if the new one arrives today as promised we love the property and really want to hang on as long as we can in the hope that building will start again soon.

    Maureen

  • #60644
    Profile photo of Anonymous
    Anonymous
    Participant

    Ahh! So does that mean you are living in an unfinished appt.? That’s another nightmare! I understand your position now. It must be very stressful.

    I really wish you “GOOD LUCK”

    Claire

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