When can you activate a BG?

I have been told that the development I have invested in has had the completion date put back 9 months which will break the original contract  completion date. Can I make an application for the BG now or do I have to wait until the original completion date has past?

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You need to wait till the original completion date is past.
Best,
Maria

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That seems a shame as that money is now dead money for another year at least. Money that could have been re-invested.

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Hi Maria

If Millwall has to wait until after the completion date is past to present his bank guarantee, when can he demand compensation (price reduction or cash back) from the builder? If he still wants to go ahead with the purchase that is.
Should he see the builder now or wait until after the original completion date?
eg give me compensation or I will cancel.

Colin

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Dear Colin and Millwall: Please have answers below in bold green ( same text of your messages): Hi Maria If Millwall has to wait until after the completion date is past to present his bank guarantee, when can he demand compensation (price reduction or cash back) from the builder? If he still wants to go ahead with the purchase that is. Once that completion deadline is past too. Should he see the builder now or wait until after the original completion date? I would advise her to wait till completion deadline is past ( as there will be a breach of contract  by developers then) and make a strong petition then, with all the rights at hand.  What I would certainly advise you to ask for now under the " give me or I will cancel" is for the Bank Guarantee. eg give me compensation or I will cancel. Colin

Millwall 28 Jul 2008 6:01 PM That seems a shame as that money is now dead money for another year at least. Money that could have been re-invested.  Legal money Interests during this period  will be in your favour then.

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Hola Maria

All your replies mention how important the Bank Guarantee is and why the developer should give the purchaser the BG and it should be free. You also mention about planning and building licences. Actually you mention so many obstacles to a hassle free purchase I can not remember them all. Many solicitors in Spain (as in the UK) do not do full checks on the property/land that is being purchased and do not give satisfactory advice. Due diligence is left to the purchaser who does not have the skills to ask the correct questions.
Could you compile a list of questions we purchasers could ask our solicitor when purchasing a property.
for example on BG you mentioned:-
expiry date
amount of BG
what bank issue it
are the purchaser names on the BG

You give so much excellent advice through the EOS website, perhaps a top tips guide on purchasing a property from a solicitor, instead of a developer/agent, would be usefull for everyone.

Many thanks for your advice
Colin

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We did have a bank guarantee and instructed our solicitor to execute it in March as it was due to expire in April.  Our solicitor failed to execute the bank guarantee and now we are left without one.  We feel our solicitor has been negligent.  Has anybody had a similar experience with a solicitor?  What action did you take?

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Maria,

Re what you said in Colin's message: "What I would certainly advise you to ask for now under the " give me or I will cancel" is for the Bank Guarantee. "

I don't understand does that mean that I can get it back now?

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Maria
An I allowed to cancel contract without losing my deposit.?

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31 Jul 2008 7:58 AM Millwall Parcela I've made 6 posts Send private message to Millwall	Dear  you all: Please have answers below in bold orange ( same text of your email): Maria An I allowed to cancel contract without losing my deposit.? Yes if they are on breach of contract or are consistently and repeatedly ( two petitions without result suffice) asking for your Bank Guarantee without any success. Spam post? If so please click here to report it
29 Jul 2008 3:20 PM Millwall Parcela I've made 6 posts Send private message to Millwall	Maria, Re what you said in Colin's message: "What I would certainly advise you to ask for now under the " give me or I will cancel" is for the Bank Guarantee. " I don't understand does that mean that I can get it back now? I mean that, if after a couple of documented ( in written) requests, they do not give to you the Bank Guarantee, you can ask the Judge to cancel your contract ( thers is case Law which backs it). Spam post? If so please click here to report it
29 Jul 2008 1:46 PM brindang Parcela I've made 4 posts Send private message to brindang	We did have a bank guarantee and instructed our solicitor to execute it in March as it was due to expire in April.  Our solicitor failed to execute the bank guarantee and now we are left without one.  We feel our solicitor has been negligent.  Has anybody had a similar experience with a solicitor?  What action did you take? Bank Guarantees do not expire, if the expiration date is written in your contract, that clause is null and void as illegal: abusive: according to Contract and Consumers Law. I would recommend you to change solicitors and execute it again. Spam post? If so please click here to report it
29 Jul 2008 11:24 AM cbrammeld Studio I've made 40 posts Send private message to cbrammeld	Hola Maria All your replies mention how important the Bank Guarantee is and why the developer should give the purchaser the BG and it should be free. You also mention about planning and building licences. Actually you mention so many obstacles to a hassle free purchase I can not remember them all. Many solicitors in Spain (as in the UK) do not do full checks on the property/land that is being purchased and do not give satisfactory advice. Due diligence is left to the purchaser who does not have the skills to ask the correct questions. Could you compile a list of questions we purchasers could ask our solicitor when purchasing a property. Of course we can. Please give me a couple of weeks and we will send it to Justin.  for example on BG you mentioned:- expiry date amount of BG what bank issue it are the purchaser names on the BG You give so much excellent advice through the EOS website, perhaps a top tips guide on purchasing a property from a solicitor, instead of a developer/agent, would be usefull for everyone. Many thanks for your advice Colin

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