The Smiley & Rixxy (& friends) outlet, go for it .. in here guys.

Has anyone bothered to get their bank guarantee extended? I'm in Phase 3 and the guarantee expires 30th Sept 2008 which is seeming to be increasingly unlikely as a completion date.

PaulW

I recently received my guarantee which is valid until March 2008. Im in phase one so hopefully that will suffice

Sean

I am in phase 2 as well and have just checked my guarentee for my first payment which as you rightly state expires Sept 2008.

Anita has said that Phase 2 will start same time as Phase 1, but am not sure what this means - I assume Phase 1 will get priority, so will assume Phase 2 will be finished later, which will probably take us to after Sept 2008.  Although, Contract states that the property will be finished 18 months after work starts (as advised by Registered letter), which if work starts in Jan 07, then guarentee should be OK.

Will contact Solicitor to ask how guarentee can be extended.

Hi Kenny,

We are also on phase 2 and have been told by Pablo at Corvera that our completion is not now due until December 2008.  I am checking with solicitor re bank guarantees.

 

Have now checked with solicitor who is contacting Corvera to get bank guarantees extended.  She advises us not to make second stage payment unlessor until this is done.

We have received the following advice from our solicitor regarding the fact that the bank guarantee received so far does not cover the delayed completion date:

I have been advised that a new guarentee will be issued by Corvera shortly before the original guarentee expires.

In the light of advice from our solicitor we are withholding the second payment pending receipt of a valid bank guarantee.  Corvera have confirmed that they accept the late payment until the valid bank Guarantee is issued by them.
They have also confirmed that we are not in a breach of contract and will not be
penalized for late payment.
This has reassured us enormously and I understand that the solicitor hopes to receive
the valid guarantee soon after Christmas.

hi: very helpful. can anybody suggest a good lawyer for buying at corvera?

Hi everyone

Has anybody received their bank quarantee covering the second installment paid on the 15/12/06, to Corvera, and if so what is the expiry date on the quarantee.

thanks dave

Hi Dave,

 

We received our bank guarantee  in December for the second stage payment of Phase 1 and the date of expiry is 30/09/2008.  Let's hope it's all built and ready by then! 

Hi Dave - re my previous pm we are still withholding our second payment pending receipt of confirmation from Corvera to our solicitor of an acceptable bank guarantee.  They have confirmed that this will be forthcoming and that in the meantime we will not be penalised for late payment.  It's now becoming a nuisance as we pre-purchased the euros to make the payment back in December.

I have asked Martinez lawyers for my second stage bank guarantee several times now - I paid the 2nd instalment in November due to a long holiday in December - and I have been told several times it is on its way. I have now involved MRI who dont seem able to hurry them up either - i suspect this is a just a case of "Manana" but I will keep trying

Hi

I reveived my bank garantee today for the second stage payment made in Dec but it expires on the 30/09/2008. We are in phase 2 and it is not due to complete until Dec 2008.

Has anyone eles experienced this? I am going to have to contact them to get it extended.

JP

Hi JP

We are also on phase 2 and on the advice of our solicitor are still withholding the second payment pending confirmation from Corvera that they will issue a bank guarantee that complies with Spanish law - see my postings of 23 November and 19 December lower down this page.

Di

Hmmm....

This makes interesting reading.

I have just placed a Euro 3,000 deposit on a 3 bed penthouse at Corvera at €285,000. I thinkk completion is due in mid 2009.

I did not realise that the bank guarantees had a time limit on them???? Can somebody clarify.

Hope this turns out to be the super investment that the Sales rep tells me it will be.

Cheers, Jetjockey. 

Message for Difi, would be keen to know who your lawyer is and if you did not mind let me have contact details.  I have just purchased on phase 3 but am worried about the lawyer MRI has given us

Cheers

Hi jetjockey - the problem has arisen because the bank guarantee we were given following our first 15% payment was dated September 2008.  (I believe others have had similar dated guarantees).   Completion of our phase 2 property originally being scheduled for summer 2008 that seemed OK.  However completion is now delayed and not due until December 2008 - therefore from September to December we are unprotected by bank guarantee.  Our solicitor is asking for confirmation that bank guarantees will be issued in accordance with the relevant clause in Spanish Law rather than stating a specific date - that means we are then protected if dates shift.  That's the gist of it anyway.  Corvera have confirmed verbally that this will be forthcoming but as yet she has received nothing in writing - hence the withholding of the second 15% payment.  Hope this makes sense!

Hey Difi...any news on the new guarantee?

Hi

This has caused me to look at my bank guarantees a bit closer. I have one that runs until 30/09/08 and one that runs on until 31/03/09.

I am not sure which 'phase' I bought in though? It is very interesting to read these sort of posts.

We bought a place in April 06, also bought one at Peralea. It is amazing the difference between them?

Stewart