Bank Guarantee

Hi all
After numerous emails to PW, the last more than a month ago, I got a phone call today saying the Bank Guarantee for my 1st payment of 25% (paid late March 2008) will be with me within a week.My next payment is due in 1 month. Is this a coincidence???

Hi Don/Kerry - now that they want more money, I don't suppose they gave you any further information on planned start dates for GS did they ????

Hi Patony, yes kind of but only confirmed what we've already been told... Dec start date & approx this time next year for completion. HURRY UP POLARIS!!!

Hi All,

We paid our first installment in October 2007 and did not receive the bank guarantee until approx. 1 month before the next installment was due, but then we received the 2nd guarantee almost immediately. 

We are still waiting to complete though, but it should be any day now, once the habitataion license has arrived.  Nightmare!

Regards

Kelly

Hi 

for anyone else concerned about receiving their bank gaurantee - it took Polaris 5 months to send ours.  

I have been told Polaris can organise your NIE number at no cost - is there anyone that can tell me more?

Hi All,

I had a call from Customer Services today to say that my BG's will be issued middle of next month.  I was (am) particularly concerned because I paid my deposit in July 2007 and my 15% in March this year, and there seemed to be no mechanism for issuing the BG's.  Fingers crossed.

To those who have received them, are they sent directly to your home address, or to your Spanish solicitor?

Good luck everyone,

keeve

Hi our spanish lawyer received our 1st one and I made sure he sent us on a copy in an email. It was  in spanish because all legal docs in spain must be in spanish unlike the buying contract which is in english and spanish.

Still waiting on our 2nd one though, originally bought in Mirador, which has now been delayed !

In limbo right now not knowing if coming or going. We've been offered alternatives elsewhere and haven't decided yet as we are not in a position to fund another mortgage yet.

Bren.

Phew!!! Got Bank Guarantee for the 1st payment in the post today. Only took 7 months 1 week
Don

We made our first stage payment back in August 2007 and have yet to receive the bank guarantee for this payment.  I have been holding off chasing this in the hope that the Euro recovers.  However, I contacted Polaris World today and they have confirmed that the Golf Suites are going ahead as planned.  I enquired about the bank guarantee and was told that Polaris World would look to get this issued in the December batch.  Sounds promising.

Have also contacted my Spanish "independent" lawyer to ask him for an update on the guarantee situation.

Hi Steeley1981. Good to see another Golf Suitie here.
What apartment number are you in Golf Suites? As you can see we are 3713
Don

This message was last edited by Don & Kerry on 11/3/2008.

Hi Don,

We are in S1111.  Overlooking the pool(s) - assuming the pools are not suddenly moved like they were on earlier stages of the development!

Received bank guarantee from lawyer today.  Timing not the best given the exchange rate but a great sense of relief.  I wonder how the long it will take for the next guarantee to arrive.

It looks as though the Golf Suites are full steam ahead.  Last I heard construction work starts in December.

The dream may just become reality.

Has anyone received a bank guarantee for their second stage payment on the Golf Suites?  Still haven't received mine.  I have asked my "independent" Spanish lawyer to chase this for me on numerous occasions, but all he does is ask PW who say that "The bank is being very slow in issuing the guarantees".  My lawyer then just leaves it at that.

As a legal representative surely he should be working in the best interests of his clients and getting these guarantees in place? 

The bank guarantees are written into the SPA so there must be a legal obligation for these to be issued to purchasers?  Anyone know if the guarantee if valid without the piece of paper given that it is in the SPA?

David.

Still awaiting our bank guarantee for 2nd payment also - with the delays on building Golf Suites and "rumours" that they may even cancel ???? - I asked my solicitor to follow up for guarantees last week - they said guarantees would be o.k. and they WILL get it for me from Polaris - I heard thru 'customer services' that PW are supposed to be having a planning meeting at the end of March to decide what they are going to do about Golf Suites - keeping fingers crossed   

Hi all,

I'm still waiting for my first guarantee for the reservation and deposit paid in July 2007!!!!!  Needless to say the second one hasn't been issued. I have the receipts but without the guarantees they are probably worthless.   I'm on my second solicitor - the first one I have been using for about 15 years just upped sticks and disappeared.  What have I got myself into here I keep muttering.

I've not head any rumours regarding cancellation of the project, nor have I received any 'offers' of an alternative apartment. If  there were any other 1-bedders in the completed phases I would have expected a call long ago.

Patony, if you get any news from the planning meeting let us all know asap.

Good luck everyone.

keeve

I am thinking of changing lawyers.  My current one was recommended by Sunseeker Homes who I have recently read have changed name and are not fulfilling certain obligations regarding certain contracts.  The word independent was used when recommending the lawyer, however, I have my doubts about this.

They have confirmed that PW have a legal obligation to provide the bank guarantees.  So I have asked my lawyer why they are not doing more to enforce this obligation.  At present that just write a letter requesting the guarantee whenever I ask for an update.  They then get PW to phone me to say "bank being slow".  They seem to think they've done a fantastic job in getting the first bank guarantee secured.

Anyone recommend a Spanish lawyer they trust?

I have not heard anything about the Golf Suites being cancelled either.  Just delayed.

David.

Try Spanish Solutions in La Zenia, they have dealt with a lot of the properties on Polaris resorts.