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Hi Moll, What is the location of your apartment as I was lead to believe that the Menta was only available on phase 2 on the island which is adjacent to the 3rd, 6th and 8th fairways,
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BC Fifer
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I am not sure about phases on menta as I did not ask and presumed it was phase 3 I have e-mailed Corvera Pablo is away until 1st sept.I am going to visit mid october and will find out for sure. moll
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Our penthouse is overlooking the roundabout on Phase 3 and is actually called a "Menta West". So far as I can make out from the legal contracts the bank guarantees last until completion with no finite date.
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 Steve (Lifestyler)
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We also have a penthouse overlooking the rounabout in phase 3 and as Steve mentions it is called a Menta West apartment. Our Bank guarantees seem to expire in March 2009, the original completion date. We are going to Corvera on the 15th September, so will provide any further updates on a start date when we return.
CFK
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surely a contract with no "end" date is illegal as they have no reason to apply for the permits not build until they feel like it - if ever!
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CRG
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Hi
has anyone received there updated bank guarantees on phase 2, ours expire on the 30/09/08, contacted corvera several times but have not received any confirmation, get tinga bit worried now due to the expiry date rapidly approaching. anybody in the same boat ?
dave
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Hi Dave
We also are waiting. Prompted our solicitor in May, again at the end of July and just for good measure sent another reminder the other day. I am assured that all applications are logged with Corvera but have to say I am still getting a little twitchy with only two weeks to go.
icspain
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Hi,
We have just heard from our solicitor that CG & CC is processing his request for renewal of the Bank Guarantee which expires on 30 September. However, due to the considerable volume of renewals they are currently processing, it will take between 2 and 3 weeks until we receive it .
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Hi Difi
Corvera would have known well in advance as to the required number of renewals that were required, they have had the last 12 months to get this requirement sorted out, not leaving it to the last minute and exposing us their clients.
I suppose i cant get used to the spanish way of dealing with things, even if they are of such importance, lets just hope we hear somthing soon.
dave
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When the bank guarantees are finally forthcoming, they should have interest added to them ie if the developer fails then you are entitled to your investment plus interest as illustrated in the contract. I do not however think that you will be entitled to the interest being deducted from your final balance - another frustration from such a long delay.
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If it's any consolation to those of you on phase 2, I had no difficulty getting my guarantee renewed last MArch for my apt on phase 1. I did have to send back the old one and I think the whole process took about 2 weeks. It was done without hassle though.
Sean
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Yes in same position.
I asked my Solicitor in July to renew. Contacted them yesterday and said they have requested renewal from Corvera.
Also as a back-stop have also asked Corvera directly to renew.
Waiting to hear from both
Kenny
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had our phase 2 bank guarantee renewed today, after our solicitor visited the Corvera offices in person. The date of expiry is now 31/5/09, I can now relax!
icspain
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Hi Icepan
Do you know if they had your guarantee on site, or did they fetch it from the bank when your lawyer asked for it, i keep asking for mine but have not had any response as yet, existing guarantees expire next tuesday 30/09/08, even sent a letter to one of the directors who wrote to me last year promising me that our new guarantee would be sent prior to our existing ones expiring, getting to close for comfort, glad to hear of your good news though.
regards dave
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Hi Perse
As far as I know in email exchanges with the solicitor, they had a meeting with a representative of Corvera that took place at the bank and not on site. The solicitor had our existing bank guarantees with us in the UK purely holding photo copies. as all things Corvera I am sure they will all be issued but they could make life a lot easier even if they acknowledged the guarantee was going to be reissued by a certain date.
icspain
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Guys,
If Corvera have not renewed the guarantee as at 30th September can we draw down on it?
In the current climate no matter how strong Calidona are I am very worried of going beyond 30/9 with no gurantee in place.
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Just to say I still have not recieved any confirmation that my guarantees have been updated (surprise surprise). I really do not understand why these things are left to the last minute when they have months of notice of the deadline, again it does not fill me full of confidence. Icspain says theirs have been updated until the end of May, basically the estimated date of completion, so if there is a small delay they will have to extend it further, would it not make more sense to have the guarantee extended at least 6 months beyond the completion date as these dates are so often not kept to?
as far as drawing on the guarantee if it is not renewed by the end of September, I would have thought that this would not be possible as the guarantee would not be possible as it would not be valid after September 30th. Basically we would not have a guarantee to draw upon. I thought it was a legal requirement to have a guarantee in Spain so if it is not extended on time who is responsible?
Kev
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Hi Kev
I agree with your comments, the situation regarding the bank guarantees is poor to say the least, instead of sending us offers on air conditioning and taking over the developers mortgage etc they should get there priorities in order and operate within the terms of the contract.
i have sent letters and umpteen e- mails but still no word of confirmation, they have had two years to organise this, its just not good enough, i dont think we have a hope in hell of getting them before our originals expire.
in reality i dont think they are worth the paper thire written on, even if you had a guarantee and things went wrong it would be very difficult and would probably take for ever to get any monies returned.
i have learnt such a lot since first putting pen to paper and surfice to say i would not rush to repeat such a thing, i suppose the old saying is so true , you live and learn and get wiser as you get older, it all comes back to having a dream and trying to improve the quality of life, trouble is at what cost.
three days left and still counting.
dave
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