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Looking for information on how long it will take to recover our money by executing our Bank Guarantee and what the process is.
Can anyone help!!
Cathie
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Cathien
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yes we have a lawyer property should have been ready in january with another 3 month extension which means the end of april I think before we can start the process. I have heard from someone who waited 3 months but I'm not sure if that was the norm or if it could take years!!
Cathie
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Cathien
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Bank Guarantees execution depend on the Bank´s payment will. But a strong and direct fight should not last more that a couple of months after application. Of course, everything happening after that application ( granting of FOL for instance) does not apply to your case.
Best,
Maria
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Thank you maria can you explain what FOL stands for please our lawyer does not keep in touch very much so we are trying to find out alot of information for ourselves;
Many thanks
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Cathien
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just in the process of getting our money back but the builder has agreed to pay back the amount we paid he wont pay any interest even though he has had our money for 20months our solicitor has advised us to get our money back first then we will re think what to do our solicitor has said spanish law states that they have to pay has anybody had any dealings with this
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Hi
Grab the money and run as far as you can.
Dan
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No bad deal at present moments, yes, I agree with Just Dan... get it and then think about interests.
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Dear Maria and others,
This may seem like a silly question but once you have exeuted the bank guarantee does this actually GUARANTEE that your deposit WILL be returned in full? My lawyer tells me that we have already executed the guarantee and are waiting for Caja Espana's lawyers about the 'devolution of funds'. Is my money safe?
Many thanks for your help !
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The execution of the Bank Guarantee before the Bank or of the Insurance Policy before the Insurancxe company needs to come with a check and a cancellation contract.
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Can someone please put a copy of a bank guarantee on the posts I need to know exactly what it looks like
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Janmet
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Hi Maria and forum readers
We have just been paid our deposits back by bankers draft in to our account. Although not cleared yet we have no reason to believe there will be a problem (but now so cynical that nothing surprises anymore following our 2 year experience).
The deposits were returned after we were advised the January, then April after 3 month grace period, building deadline would not be met. We were advised in March so the whole process has taken 2 months which I thought was very good.
We were also paid 4% interest per year on the deposits paid.
My question to Maria is that I have read the Spanish law requires that 6% interest is paid. Is there a way I can make a simple claim for the extra 2%? Or would legal fees outweigh the benefit (dependant on knowing the difference of course!).
Thanks and good luck to anyone else in our (formerly very depressed) situation. The process was good for us so there is much hope.
Damon
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Cathien
It depends of what type of guarantee you have and what is stated in it. But if you are entitled because you don't have your property finished yet I think you won't have problems.
Send me a PM with your purchase agreement attached and your bank guarantee and I'll look through theses documents, after I'll give some free advice about the process in order to obtain your monies back
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www.fljordan.com
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Hi
we are trying to execute our bank guarantee on a property which is late in completion by a year and now the builders have gone into administration. We have been informed by our solicitor that we will not be able to get our money back from the bank until the bank gets their investment back from the administrators. This doesn't seem right, I assumed that as the guarantee is between me and the bank that the bank has to return my money that it is in the holding account irrespective of the status of the developer, can anyone confirm this?
Jaqi
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stu and jaq R4 428 I DON'T THINK SO!!!!
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Confirmed. Go and execute it and if the Bank does not honour the Bank Guarantee, go to an executive procedure against the Bank. That is precisely what these bank guarantees are for: to protect your money against any difficult financial or trading situation of the developer. Come on!
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Hi
What approximately would the cost be of executing the Bank Guarantee using a solicitor or can it be done in person to the bank that issued the guarantee?
Colin
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Colin:
Most advisable to have a solicitor and ... charges really depend on them as we have minimums advised by the Bar Associatio we belng to but... can really rise the fees according to legal criteria.
I am sorry I cannot give to you a more explicit answer.
Best weekend.
Maria
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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My bureaufax has been submitted to the Caja Madrid.
Does anyone know how long it will take from here and what I can do to speed it up
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To BFL
I would strongly advise you to grab the money and run and think yourself lucky!
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Joe.R:
Give to them a couple of weeks to answer and if not... choose a lawyer and go to the executive judicial procedure.
Best regards,
Maria
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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