IS MONALISA OUT THERE?

Hi all it's my 1st post,

I was just wondering how long it takes to get the the Bank Guarantee from Polarisworld, I made my first 25% payment 8 months ago on a 2 bed apt in Los Naranjos.

All the best,

Francis.

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i am buying on a different resort  (corvera golf and country club) and the developer is calidona. i received my bank guarantees

approx 3 months after my first 15%. my lawyer had them for about 3 weeks of this time. i know that it is always a worry waiting,

but i suggest that you start to be a pest and chase up guarantees every other day and put some pressure on your lawyer after

all thats what your paying them for. personally i think that 8 months is excessive.

 

good luck

 

linda mcgregor

This message was last edited by lmcg0801 on 1/15/2008.

Francis,

I have also bought on Naranjos and I made my first payment in March and received my guarantees sometine in October. I have since made my second payment late November/early December and they have advised me vis e-mail that the guarantees for these payments will be late January...watch this space!!

Hope this info helps.

Phil 

Hello Francis,
You should have it by now. We bought a 2 bed at Naranjos in April and the bank guarantee came in October. I am just making my second 15% payment (ouch on the currency front!) and Polaris have told me that the guarantee for this will be issued straight away.
I've been out twice and the amount of progress between April and September was astonishing. I'm hoping that there will be a supermarket or shop on site as I read in another forum that Polaris had not confirmed any facilities for early completers (although I guess those will be the Jardin's).

Ken

Hi all,

thanks for the replies, my lawyer has let me know that Polaris will be issuing the guarantee next week, fingers crossed!!!!!

Ken,

I'm going out in July, what access can you get to the Condado site?

Francis.

Francis

Polaris wont give you the 1st bank guarantee untill JUST before the 2nd instalment is due  - we paid the 1st chunk in MAY 07 and finally received the guarantee late December 07 -  in time for the 2nd payment to be transferred.

I read somewhere else that they dont issue it quickly as it costs them money  - but contractually they cant demand the 2nd payment untill you have the guarantee from the 1st so there you go.

We have brought one of the front line penthouses at Los Naranjos  - I have new pictures of the site dated 11th Jan showing completed Jardines and interior shots  - will try to upload them but PM me and I will send them to you or anyone else  - it looks wonderful !!!!

Apparently condado is ahead of schedule by 4 weeks - I was there in Oct 07 and it was farily well advanced by then - i cant wait to get out there !!!!

 

Rgds

Mark

nice photos,well done,looks great,cant wait..

Ace...

Hi,

We paid the first deposit on July and the bank guarantee arrived last week, after a couple of chase email.  So looks as if you should get them in around 6 months or so, if you chase.

Phil

Apartment : N038

Made our first payment in November and Bank Guarantee turned up over the weekend, my solicitor and myself chased it up 3 times in total so reasonably quick!

Dan

We got ours for our second payment today, made payment in August, told by solicitor not to expect it till the new year and came through after asking only a couple of times. Heard Polaris issue them in batches through the bank which seems to ring true as Dan got his today as well.

Hi,

got my guarantee last Friday for my 1st instalment after a few requests from my lawyer, I then emailed Polaris accounts myself, they sent me a copy attached 1 hour later, got the original a few days later, about time!!!!!

Fran.

whats the email address for accounts?

Ace

Just got e-mail from my lawyer to say that they finally received our first  bank guarantee,so now they are going to pay the second payment which is over 6 weeks overdue because my lawyer told them no guarantee no money. Asked how long it would take to get the second guarantee and was told at least a few months, also there is still no word on the handover dates for Jardines

Paul.

To be honest - I am beyond the stage of caring about the bank guarantees now.  It should have been given to us IMMEDIATELY upon receipt and they are less-than honourable in their approach to this.  It is the most shameful part of their busines with us.  Taking our money on the promise of guaranteeing it and doing no such thing - at least until it suits them and when they can buy the guarantees from their bank at a cheaper price.  It's a gross mis-representation of their product features.  If this project had/does fail then many, many people wouldn't have a hope in hell of getting their money back!

Ace,

the email address is deptocobros@polarisworld.com

Regards,

Fran. 

I simply did not pay the next installment until I received the bank guarantee......I got agreement from someone in PW finance but got a separate part of the PW finance team pushing for payment and I involved my solicitors to contact them and advise them formally that I wasn't transferring anymore cash until I got what was contractually due. It took a further 4 months from the contractual date to when I transferred the money. I have not had to pay the interest on this 4 month period. The downside to my principled stand was the exchange rate movement over that 4 months!!!

We reserved in Narajos in November 07.
We have received stamped and signed invoices from Polaris for the initial reservation fee and 25% deposit. The 'invoices' are headed 'Factura Anticipos' - This may seem like a really stupid question but are these invoives the bank guarantee or is that something I need to be chasing?

 

I believe this is the proforma invoice not bank guarantee

Yes Alhama is right that is not a bank guarantee you need to keep mithering for the bank guarantee but it does arrive eventually just persist.....

Jax

Thanks both.
So glad we found this site cos it's really helped us sort thing out. We wouldn't have even known we were missing the bank guarantee until we saw this thread.