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Appreciating in the past a lot of threads have been on the forum about legal rights and bank guarantee's, we have up until now had a continual guarantee but now the builders are being difficult and they are suggesting a contact between ourselves and the builder which technically replaces the guarantee.
The solicitor has given us a summary but we also have the contract and we are working our way through translation.
He is not recommending we sign the proposed document but threaten to withdraw.
Recent experience has suggested the builders would quite like people to withdraw, they certainly haven't discouraged us, when threatened with them due to the extensive delays.
Are others being offered something similar or having difficulty getting their guarantee refreshed?
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I have been hassling my solicitor to put pressure on Peinsa to renew the guarantee for some time now. He claims to have applied for it on a number of occasions for all his clients in CDP. However I wrote an email to the head of sales (I think) in Peinsa last weekend emilio@peinsa.com I left them in no doubt about what I think of their company and they way they treat customers. I also threatened to sue for the return of my money if I did not get my guarantee immediately.
Here is the reply I received the following day.
Good Morning Mr. Curtis,
I spoke yesterday with the office at Calas del Pinar in regards to your message. Patri told me that Yolanda Bertells will give you a reply on this today.
I am sorry for your delay in the bank guarantee, but it is the sales team at every selling point the one who has to deal with all this legal documentation. Usually they do it through your solicitor, which is your legal representative here at Spain and the one who should give a reminder to the sales office.
At the present moment they are very busy with the Title deeds of the 1rts phases and probably this is the reason why the have not supply your bank guarantee yet.
Peinsa has got no financial trouble at all and the best prove that you can get of this is that the whole development is now standing up and we keep working at the building site.
In two weeks you will be able to see physically the building progress of your property and the show houses which look great. It will be a pleasure to welcome you at our sales office.
I do apologize in the name of Patri and Yolanda for the delay in getting your bank guarantee; we will try to have it in place as soon as possible.
Best Regards,
Jose Calso
Peinsa
Best regards to all.
Sean Curtis
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When I approached my solicitor regarding the validity of the bank guarantee I was told that it was only valid if it had not expired and all new or replacement bank guarantees had to be applied for within 30 days of the old one running out. If my solictor did not received a new one within that time I was adviced to notify the bank concerned that I was in fact requesting my money back under the guarantee terms (through the solicitor) as if I tried to do this later the bank would say there was no contractual agreement with them anymore as it had expired!
I would advice anybody buying on CDP to ensure they have a VALID bank guarantee and not to let it run out under any circumstances as there has been numerous incidents were solicitors who have a foot in both camps have not been diligent enough to protect their clients interests, especially in the climate we are in at the moment. There are other threads on CDP about bank guarantees.
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We have been asking our Spanish solicitor to renew our bank guarantee since March. He says Peinsa keeps telling them yes, they will obtain one and send it. I know things are done slowly in Spain but 4 months!
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Jo and Jim
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We went into the office on Monday to collect our Bank Guarantee and they pulled out a large file full of them. They couldn't find ours and we are due to go back tomorrow to 'hopefuly' pick it up, apparently Patricia is sorting them out. It looks as if they may have applied in bulk and they have all arrived.
If you are waiting for one, it may be worth asking the question again, as it may now be there.
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Jacqui
http://relocatetospain.blogspot.com our adventure from deciding to move to Spain to being here and moving back to the UK.
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I also received a mail from Yolandi today with a form to sign and send back and apparently I can collect the new guarantee next week when I visit. This one is to cover the period until completion
Sean
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Glad to hear some good news from J&N about the August work schedule and hopefully it might mean thet Phase 9 will be ready as promised in February. Is it an actual fact that Phases 1,2,3 are actually completed and has anyone actually moved in to their house yet? Thanks for all the info it is much appreciated.
Paul
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Paul
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We know some people who have moved into Phase 1 but not heard of anyone moving or completing on the Phase 2 or 3 yet - would be interested to know.
Sorry, but still don;t feel that you will obtain completion on phase 9 by Feb 09 - Having waited patiently for ours on Phase 7 we have become realistic if nothing else.
Back in March 08 we were told Phases1-3 would be released end of May, beginning of June - a good example of how the time line has drifted, although it is excellent news that some completions have now taken place.
The builders did work through August last year, forum members suggest this will happen this year which will be good as it will keep the development going - we will know more as the days into August progress.
Anyone know why they seem to be taking a hit and miss approach to painting houses on the later phases? Appreciate it is workmen working around workmen but surely it would be better to focus on a block of phases than odd houses in different phases!
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We are buying on phase 2 no 35 & were very suprised to get a call yesterday from CDP sales office to say that our house is ready for us to complete. As we are very happy to hear this bearing in mind that 2 weeks ago we were told that we would not complete untill October we do not intend to go over till then as to re arrange time of work & the expence of flights at this time of the year I am afraid that after over 4 years waiting that they can wait a few more weeks for the rest of their money.
I wonder if there is anyone else who has been told this week that they can now complete.
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Brian and Sue
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There do seem to be some people living in all of the first 3 phases now judging by the cars parked on the roads at night, the roads are open and now painted with give-way's direction arrows etc. It looks as if each road is one way working in alternating opposite directions. Patricia told us yesterday that north facing Phase 4 will be ready in 2 weeks (which last October was scheduled for October 08) with south facing ready 2 weeks later and will then be ready for snagging and that they are releasing phases as soon as possible approximately 1 month apart after that, they are really working hard on them now. I notice a lot seem to be having external paintwork to the rendering touched up but I don't know why. As to how they determine which order they paint them in, who knows. There is certainly more progress on the houses on the left hand side than the right hand side as you look at the development form the front.
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Jacqui
http://relocatetospain.blogspot.com our adventure from deciding to move to Spain to being here and moving back to the UK.
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Its great to hear the daily update particularily when it is positive. In relation to the lack of progress with the houses on the right hand side I was told that there are two seperate Contractors and one is obviously more productive. Unfortunately our house is on the right hand side and we have asked for a corner plot with the same aspect on one of the pahses closer to the front and we have heard nothing. Heading out in october definitely but we hope to get out there before that as well. The forum is great for keeping you up to date and again thanks for the info. It will be great to go out there and acually look around the site when it is partly occupied and hopefully Phase 9 is still on track for February.
Regards
Paul
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Paul
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I rang the office at Calas Del Pinar on Wednesday and was told that they have issued the builders guarantee to my solicitor> When I contacted the solicitor to see if he had received it he emailed me back stating that he needed a new document signed by both parties, seem to imply that the developer and the builder were two different companies. He has said that this should be sorted by the end of next week !!. Has anyone recently obtained a builders guarantee.
Also if any one has been near the site this week could you let me know if you have seen any building work for the new apartments being built by Peinsa below the Beverley Hills (not the ones already built) I would be very grateful for any info as MRI have said that the builder will be starting these at the beginning of September.
Sharon & Dave Bancroft
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I am deciding to withdraw from purchase as the Euro rate is now making the potential profit after completion not much better than getting the down paymentsback & making a profit on the exchange difference over the last 3 years.
Plus it will now lilely be a depreciating asset for the next few years as there is such a glut of new spanish properties and difficult to let now.
Letting fees & volume are also down according to local agents, so all in all what was & could have been a good investment, for the short term is no better than putting the money in the bank.
However...
I spoke to my solicitor today in Aguilas who informs me that Peinsa have still not issued a replacement bank guarantee, without which I can't get my deposits back.
They are pursuing this through the courts as Peinsa are in breach of contract on this ground, but won't honour any refund requests until a new guarantee is issued.
Completion date now stated as Feb 09 & Peinsa want me to sign that I accept this. Solicitor advises that guarantee should be an unconditional one, i.e. not agreeing to the delayed completion date.
Otherwise I would have to sue Peinsa which could take several years and legal costs & they could get away on a technicality such as the council delaying the building licence.
This is all part of the gamble of property investment I guess
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Hi
I've just spoken to an agent of MRI with regards to the builders guarantee, she has told us that the reason we are still waiting is that Peinsa are issueing builders guarantee's to the people that have been waiting the longest. Has anyone now got one of these long awaited builders guarantee's.
Has anyone seen any advertising for the new apartments that Peinsa are building as we have looked all over the internet and can't find any ads. Beginning to wonder if we are the only buyers for the apartments.
Sharon and Dave Bancroft
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Hi Sharon and Dave,
We did eventually get a renewed bank guarantee from Peinsa in the summer, but it took a lot of prodding and we had to agree to the signature of a document accepting the delayed finish date for our property. You could also email the site office to see if they have any info about your guarantee.
Regarding the apartments, take a look at greenyroom(dot)com . They appear to be listing the apartments as bungalows?!
Regards,
Grant & Lynne
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My solicitors have now informed me that as my property is now finished Peinsa will not issue a new BG & even if they did I couldn't use it to get my deposit back.
They also state that if I decided to sue for breach of contract due to delays, this could take another 2 years and not 100% likely to succeed.
Its plainly obvious why Peinsa have remained silent over the BG in full knowledge of this. Their lack of response, including the sales office is appalling & they probably wouldn't get away with this if it was the UK.
I'm still waiting for my request of compensation for the delay to be answered.
It now looks like I've no alternative than to complete, or sit tight & wait for Peinsa to take action against me if I don't complete - probably not advisable as I could lose my deposit.
What a fiasco & definately a lesson learned for the future.
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