alexpat

Hi Everyone

We are purchasing a bungalow on block 5 due Dec 07 via Parador Properties.

Just wondered if anyone else has requested a copy of their Bank Guarantee?

 We have requested a copy - just for our file, but were told by our solicitor that she would apply for it , but it may take up to 3 months, as Taray have to apply to their bank for it !  We thought it was already automatically in place as we paid our deposit and first stage payments in August and October last year.

There is a thread regarding this on the main forum, and some clients are being charged for the guarantees, which is illegal.

Has anyone queried their guarantee at all?

Your comments /advice would be appreciated

Thanks

Carol & Peter

We have just paid our first deposit. Reading the contract & talking to the solicitor each deposit payment is covered by a seperate gaurantee and evidense of this will be passed to our solicitor on application. There is no mention of a charge. We understand that within the contract it states that Toray will provide this from a fiancial institution of their choice. There has been no mention of how long it is before the gaurantee is in place.

Hi

We are buying a penthouse in Block 6, completion end of March 2006.

We also bought through Parador Properties and signed up with solicitors recommended by Parador - Aldea in Alicante.  The solicitor we met on our inspection tour has now left the company and that may explain the long period of silence.  However, I e-mailed them recently asking them to keep me fully informed of progress and without a specific request I was sent a copy of the Bank Guarantee, along with a couple of other documents - the Licencia de Obras and the Seguro Decenal (similar to our 10 year NHBC guarantee). 

Taray's Bank Guarantee for us - we are named on it - is with Caja Murcia in Patiño and covers the money we have paid so far - 40% plus the initial deposit.  It is effective until 20 April 2008 and should there be a need, CajaMurcia should pay up within 10 days of notification. 

It also says that in the event of the keys not being handed over, this is the only amount we will get.  No interest!  Looking back at the Spanish contract, it does state 0% interest.  However, I have read on this forum somewhere that if you do end up getting your money back because builder does not fulfil their side of the contract you should be reimbursed with interest at the current rate for a savings account.

It is dated 23 August 2006, and our second staged payment was due on 15 August 2006.

Thinking about it, we did sign a request for the Bank Guarantee on 16 August 2006, so it should only take about a week, not 3 months!  Maybe your solicitor is confusing Taray with another, less efficient builder!  Let's hope so!

I hope this clarifies things for you.

Diane

Hi Carol & Peter

We also contacted our solicitor recently, having not received our bank guarantee for our 1st stage payment - we have been told that it has to be applied for and can take 3 months. I do wonder why we have had to chase this up - i though that it would have been applied for automatically as the payment was made via the solicitor.

The wonder of Spain !!

Hi

Thanks for all your comments.

Parador have advised that our solicitor (Danil Services) only applies for the bank guarantee if we request it. We were never informed about this, but it is being chased up. They also confirmed that Taray issue them free of charge.

Diane - I mentioned to Parador about the 3 documents you received, but they said the Seguro Decenal is not issued until you complete on the property !?

They also reiterated that taray is a reputable builder and all our money is safe and guaranteed, which was reassuring.

Regards

Carol

Seguro Decenal

I have looked at the document that our solicitor has sent to us.  It's a 14 page document in Spanish.  I think it is the section of the policy that covers the buildings until we complete, but I have asked the solicitor for clarification on a handful of points relating to the document.  It certainly looks like an official insurance document, with every page signed by representatives from both Taray and the insurance company and an official stamp.

I'll let you know what the solicitor says when s/he gets back to me.

Diane

I have kept chasing mine, and it has finally came through end of last week. It is a one page document singed by the bank and the builder.

Regards

Andy