Bank Guarantee

Hi

New to Forum, we've bought an attico on phase 2, am I right in thinking all properties now and recently bought come with a Bank guarantee ? If that's correct does that mean the one we bought in Oct 06 now comes with this guarantee as we were told that only a Company guarantee was all that was available. Anyone perhaps enlighten me.

Regards

Dear ipl1964 I would very much doubt that anyone who did not get a bank guarantee will be getting one now, we bought in july 06 and were offered a bank guarantee then,so cant understand why you were not offered one,any way their offer we declined as the bank guarantee meant a whopping 50,000 euro increase in the purchase price so we opted for the company guarantee, and saved the extra, chance's are that you had a discount to take the company guarantee whether you were aware of it or not, I'm not too sure but I think I've read that a bank g'tee is a kind of insurance the company take out and as such costs money ie is not free so somewhere along the the line any one who has one will have paid towards it. anyone who can perhaps explain better how the bank g'tee works could post and let us know,hopefully in any case no one will need their bank g'tee as they will have their chosen property,and as I've said in previous threads on this subject some months ago,the stress people have had waiting for this development to start will be nothing to the stress of trying to get your money back,bank g'tee or not.

Regards Dave   

I have loads of photographs some you can see that I've downloaded look at photos the top of this page as for the very latest you'll have to wait a week to see them when i get back,I also have photos of the model of the TH plan in their offices and every vehicle that has ever appeared on the web cam,I have hundreds of TH photos very sad I know but it helps get through these deary winters to look at them,signing off now bye all, expect  report and photos on the 16th till then Adios Amigos.

Regards Dave

i can answer your questions on the bank guarantee vs the company guarantee.

I was offered a company guarantee two years and more ago and opted to pay an extra 10 k for the bank gaurantee. It is worth it if anything goes wrong and if  it does not  then it is not worth it . To me who suffers from anxiety at  times it has been worth it over these two years or so. However when the place is built I will have  paid more than I needed to for the short term. Long term I have not jumped off any bridges or high buildings and my handicap has come down so to me for 10k it will have been worth it when we are in our dream place in sunny spain.

It is an individual choice and depending on your circumstances only you can decide what  is right for you.

gerry

hi

i am new to this site and i am a little concerned about building work, i have been told building as started and can see a few have been out and taken some pics, i will look forward to the reassurance these offer, i have had mixed messages, one person says there is problems with the licence another says all ok and building will commence, what will happen to those that have bank guarantees that run out before the places are finished is anyone else experiencing this problem,

regards

twinkle

Hi Twinkle

Welcome to the site. We have been told that the final licence is in place but as Joe says , dont believe it until you see a copy. It certainly looks like building is under way on phase 1, they say it should be ready towards the end of the year and I`ve heard from people on other sites that they do build very quick once they get going. I am on phase 2 and would like to know when they will start work on that. Dont know if they will complete phase 1 and then start on phase 2 or if they will overlap, we`ll just have to wait and see.

As far as the bank guarantee  is concerned they have just reissued it. I dont know why that was as ours only expires in 2009 .One thing you must do is ask  your  Spanish solicitor to send you a copy ,and dont stop asking till they send you one.

Good luck.

Neil

hello, boys and girls,

nice to see you have all been busy why i have been away, unfortunately i need help again yes i know i have asked a couple of times. Well our solicitor is rubbish and maybe thats because they are down in torrejiveca [thta spellings not right] can anybody recommend a good solicitor who is on the ball

Many thanks,

reach high