WE BOUGHT A PROPERTY WITHOUT BANK GUARANTEE WHAT CAN WE DO

Post reply   Start new thread
:: New - Old :: Old - New

Pages: 1 |

Forum home :: Latest threads :: Search forums
The Comments
27 Jun 2007 12:00 AM by philansy Star rating in uk. 504 posts Send private message

philansy´s avatar

WE BOUGHT A PROPERTY WITHOUT A BANK GUARANTEE  WE DONT KNOW IF THE BUILDER IS GOING TO GO BUST NO WORK AS BEEN DONE FOR 18 MONTHS A LOT OF US HAVE PAID A LARGE DEPOSIT

BUT THE BUILDING IS ABOUT 80% FINISHED

IS THERE ANYTHING WE CAN DO ?

WE HAVE CONTACTED THE PROMOTERS AND THEY SAY THEY ARE NOT GOING BUST, THEY HAVE BEEN SAYING THEY HAVE HAD MONEY PROBLEMS AND BROBLEMS WITH THE BUILDERS

THE COMPLETION DATE IS THIS JUNE  BUT THEY HAVE SOME LEAWAY THEY SAY ITS NOVEMBER

NO BUILDERS ON SITE AND NOTHING HAPPENED FOR 18 MONTHS

DO NOT BUY OFF PLAN WITHOUT A BANK GUARANTEE WE HAVE LEARNED THIS MUCH





Like 0      
27 Jun 2007 3:30 PM by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

Smiley´s avatar
Suggest you speak to your lawyer assuming they are not in the promoters back pocket - failing that take independent advice and maybe contact one of the lawyers in the forum such as Maria de Castro and see where you stand legally.

_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




Like 0      
27 Jun 2007 4:30 PM by philansy Star rating in uk. 504 posts Send private message

philansy´s avatar

thanks smiley we are in the middle of doing this we have quite a few people on our forum and we are getting together and getting the lawyer involved in the next few weeks





Like 0      
27 Jun 2007 9:50 PM by miket Star rating in La Mairena, Elviria. 371 posts Send private message

Philansy,

I would seriously consider instructing your lawyer to register a legal charge on your property. In the event that the developer does go bust you would be listed as a preferential creditor.



_______________________

Mike T






Like 0      
28 Jun 2007 10:50 AM by philansy Star rating in uk. 504 posts Send private message

philansy´s avatar

thanks miket will do





Like 0      
28 Jun 2007 11:28 AM by philansy Star rating in uk. 504 posts Send private message

philansy´s avatar

 




This message was last edited by philansy on 6/28/2007.



Like 0      
28 Jun 2007 8:58 PM by miket Star rating in La Mairena, Elviria. 371 posts Send private message

By the way Philansy,
I currently live in Greenmount in Bury just down the road from you!

I'm part of an action group who began proceedings against our developer last year for a late project and other quality issues on the CDS. We lodged our case with the courts in December last year and it will be another 6 months before we will receive a judgement. It can be very longwinded, emotive and expensive process trying to take on Spanish developers as well as trying to develop a cohesive group of fellow investors who obviously don't really know each other that well!

I wish you all the best of luck...................................


_______________________

Mike T






Like 0      
28 Jun 2007 10:24 PM by philansy Star rating in uk. 504 posts Send private message

philansy´s avatar

thanks for info miket

we are hopeing we wont need to go that fare but who knows





Like 0      
20 Oct 2009 9:05 AM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

mariadecastro´s avatar

Legal tip 166. No Bank Guarantee?: action against the Bank
20 October 2009 @ 08:41

 

New action against the Bank in case of lack of Guarantees of Law  57/68


 

 


 

I had had a legal instinct for this since I started working in this type of cases , and have been trying to see, and to see, and to see and I finally saw:



If the Promoter opened a special account where they deposited the amount of your purchase off plan and the Bank did not give bank guarantees or checked out that those guarantees ( also possible through Insurance contract) existed,THE BANK IS RESPONSIBLE  in accordance to provision 1.2 of said Act  for the devolution of handed amounts plus legal interests if the works are not started or completed on time.



A great solution for many purchasers who lacks Bank Guarantee and a way to start building up a  more risponsable financial system! It is about time to this.



www.costaluzlawyers.es


 


 

Madrid, November by Martius at Flickr.com



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 0      

Pages: 1 |

Post reply    Start new thread


Previous Threads

azahar / mirador / - 1 posts
TEMPORARY SUMMER WORK REQUIRED - 0 posts
wetone - 6 posts
New to site - 9 posts
LONG TERM RENTSAL AVAILABLE IN FUENTEMAR VERA/GARRUCHA - 5 posts
Costa del 'Con' - CNN TV Programme - 0 posts
Solicitors and survey fees - 3 posts
Child's cot - 3 posts
Mobile phones - 0 posts
Jack Russell Puppies - 4 posts
NEW VODAFONE 3 GB USB MODEM - 2 posts
steve&san - 3 posts
Cheeky blighters! - 10 posts
Villamartin Hills Alicante/Murcia - 3 posts
murcia properties - 1 posts
needing some advice - 5 posts
Water problems (hard deposits) HELP NEEDED - 38 posts
Euro Anglo Sur (prestige Villas) - 4 posts
Holiday Rentals & Management in Duquesa Area - 0 posts
Power of Attorney (POA) - 10 posts
4 x 4 Dealers CDS. - 3 posts
EasyJet flights out of Bristol now on sale for after 27th October - 0 posts
How would you like to purchase a luxury apartment on a golf course and get it fully furnished for free? - 11 posts
satalite & air con - 1 posts
My Dog Needs Urgent Help!!!!!! - 4 posts

Number of posts in this thread: 9

DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.


1 |
Our Weekly Email Digest
Name:
Email:


This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x