MAR Y SOL FORMENTERA DEL SEGURA

Hi

Just wondered what everyones situation is re: Bank Guarantees?  I have mine but was stressful getting it.  Did you have to pay for it?

Tina

Hi,

We have to pay the remainder of our deposit at the end of this month.

I have heard so many stories about bank guarantees, so could someone clarify whether i should hold out before paying the rest of my deposit untill i recieve this guarantee.

We currently have only paid the reservation fee and the rest of the 30% has to be paid soon.

Thanks

Paul n Diane

Hi,

We have to pay the remainder of our deposit at the end of this month.

I have heard so many stories about bank guarantees, so could someone clarify whether i should hold out before paying the rest of my deposit untill i recieve this guarantee.

We currently have only paid the reservation fee and the rest of the 30% has to be paid soon.

Thanks

Paul n Diane

Hi Paul n Di

We paid the initial deposit & the 30% before we had the BG.

It should take about 12-14 weeks from the time you paid the initial deposit from our experience, when you get to this timing, remind your Solicitor to chase them.

They told us the main Ofiices were very busy, but of course not too busy to sell the property and cash our money, sorry a bit cynical for a friday....

Anyway it is probably all part of the Spanish way, which we will enjoy someday soon...

Colesfamilywales

Our 30% deposit should be on the way out there within the next 10 days. I enquired about a bank guarantee and was told it could cost €1,000. Have you paid anything for yours?

Pat & Miriam

I've been led to believe that its spanish law to provide a bank guarantee if one is requested.

And this should be free of charge.

I'm sure i've seen a post on here about it being free too??

I'm not too happy handing over a significant amount of money without some sort of guarantee. I thought that was the whole point of it - to protect your investment. Not just being an interest free loan to the builder, helping his cash flow for the build.

Pat & Miriam,

The BG should be free and should be requested after the deposit is paid. It may take a while to come through, so you need to keep chasing them.

You can argue about the cost, but it depends how far you want to go, are you willing to go to court? Probably not...but I would make sure you get the BG one way or another.

Andy

Hi, we purchased in April 05 and paid the 30% deposit in June 05 , and our solicitor emailed me on Friday 20th October to say has just received the BG after  much chasing .... 

Julian & Valerie

Yes, we have been told 1000 euros on completion for the BG.

Hi Tina

I have sent you a pm

Anthony

Following a number of emails we have again been advised that we will have to pay for the BG's. Our solicitor has said that the builder is insisting that we either pay now or on completion.

They did say that anyone who believes that they may have received the BG free of charge should check to see if payments are due before completion.

If anyone has a friendly solicitor and has received BG's could they please check? My solicitor seems to take forever to respond and I'm not sure whose side they are on!!!

Regards

SteveDi

Received another call today from our solicitor confirming that we can have a BG if we pay 490 euros now or at the planned completion date.  They also said that if the completion date is move backwards we will have to pay further fees for the additional guaranteed time. Basically the 490 euros is only up to the initial completion date which is Sept 07.  As we're not expecting this to materialise and we don't know what the extra charges are going to be we're not sure if we are being stitched up!!!!

We'd appreciate it if anyone can confirm one way or the other as we've been asking our solicitor since June and we note that a number of members have received BG's.

Regards

SteveDi

Hi

In relation to the BG running out ie Sept 07 I suggest the following as advised by our solictior.

Put an extra couple of months on the BG that way it covers over runs etc.

At present building will probably not start until Jan 07 as the building licence is not yet in place. This was according to Elena in the sales office last week when I was there

Tom

Hi TOM,

With regards to the completion .. does this mean that all properties which were to complete June/July 07 will now be September as my completion date on contract states completion June 07 .. Roda Q2.

Also any news or pictures from your recent visit ??

I'll be visiting LTR Feb time ..seems to be going on for ever agreed our sale April 05

Thanks

Hi ,

My Bank Guarantee will have run out by the time they have completed the villa.  Does this mean ANOTHER payment will be charged if I want it extended I wonder?  I will have to see my solicitor in March - that'll be something to look forward to!

Tina & Steve

If they don't get the licence in January 07 they can't even start building then.  This means even later completion dates.  They don't seem to be able to get this licence - they just keep saying it is coming and have been saying that since Oct '05.  I honestly don't think they really know when they will get it - just making the right noises when asked. 

Unfortunately, none of us or our solicitors can find out either. 

Tina & Steve

Hi all

We are just about to send out our 30% and return the signed contracts. I have to say i am a little concerned about this news about the building licence. We fell in love with the proposed development when we saw it and it would be a shame if it were to fall through. Lets keep our fingers crossed. I will check with our estate agents on Monday and i will let you know if there is any news.

Pat & Miriam

AZ21

Hiya

My Agent has spoken to Sonia at the site office and they are saying that license will be with them Nov/Dec hopefully and that our villa should be ready Sep 07. They have had the verbal OK from Town Hall months ago I think.

They will check again with Elena on Monday.

Peinsa are a large builder so am sure all will be OK and the position of the development is lovely. 

They all work like this I think!

Our solicitor said last week that everything was fine and there is no need to worry with Peinsa.  He said they are one of, if not the best builder in the area and they had been building around the area for years, and would be there for years to come.  I think, like you say Tina, late build is common in Spain. It seems a long time to wait but we have bought at the very beginning, others who purchase along the line won't have this problem, but we have the advantage of the lower prices.  I think we just need to be patient.

Val

Hi Everyone

I have no photos from my visit two weeks ago as there was nothing to take a picture of. It was dusk when we arrived I beleive they have started some show houses which they have a building licence for.

As regard the building licence our Estate agent who is based in Spain told us all town halls are being extremely cautious in light of problems encountered by Town Halls in Marbella and the building of houses in a national park near alicante some years ago.Having said this they are confident a building licence will be granted

Red Tape is a way of life in Spain.

We bought in phase 1 and were told it would be Jan 08 before they are completed this includes the 3 month over run all builders add on.

Allow extra extra time in Spain

Tom