Spanish Bubble Burst

We are buying on Phase 2 and have today received instructions from Calidona to pay the second stage paymennt of 15%. In view of the completion date we were given and the current lack of progress, is anyone objecting to paying this second payment?

Did anyone on Phase 1 argue these or similar points when they were asked for their second payment? 

I will probably proceed with my second stage payment but will ask them to extend the bank guarantee on my first payment and second payment by 12 months.

Paul

 

Hi Shannon, unfortunately when buying off-plan you have to expect these delays.  There is no point in complaining - it won't get you anywhere.  I am buying on Phase I, paid my initial payment in May 2005, then my second 6 months later.  We were told completion of Phase I would be in June 2007 - don't think that is going to happen now!!  We are all in the same boat, you just have to accept that this is probably just the first of many delays.

Hi Shannon, we are in the same position as you - buying on phase 2 and just received reminder about second payment due on 15th December.  I have just spoken to our solicitor who is contacting Corvera to ask for bank guarantees to be extended to cover the postponed completion date.  She advises that we should not make the second payment until this is resolved but hopes this can be done in time to meet the December date.  I will keep you posted.

Hi

I too have just recieved a request for the 2nd payment. I emailed Pablo Buitrago at Corvera and suggested that the 2nd payment be delayed by the same period of time as projected completion. His response was that I had signed a contract specifying a date on which the 2nd payment would be made, whereas the contract states that the completion date is a 'forecast', not a specific! So that being the case I have also contacted my solicitor and requested that they obtain extentions to the bank guarantees

I am on phase 2 and about to pay my second payment.I have just recieved conformation from my agent and solicitors that my bank guarantees will be renewed if and when they expire. 

I have just posted some advice from solicitor under the "Bank Guarantee" thread.

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.