Bank guarantees. Any successes?

Well done Wouter a success story at last

CAn i trouble you to advise me as to which property dveloper was involved and what complex are you refereing too.

I am in a very simlar position , to date paid all my deposits, firsts ones back in 2007, now tod it will be indefinite put on hold. I am yet to have a bank gtee for the 3rd deposit i paid last June 2008.

I am now taking steps due to lack of customer service and non communication to recover y desposits.

Any help advice ideas thoughts from you or any other memnbers on here woudl be welcomed

I wish you all weel

Hello,

The developer was Peinsa the project La Tercia Real and the bank Banco Popular.

The people who did help us a lot in this case are

1. Carin Peeters from Puur Spanje, you can find them on their Dutch site,  she organized everything

2. Maria Carrasco from MC Consultantservices, she is our soliciter she did the operational things that have been done

3. Maria L de Castro, she give use good advices what to do and what our rights where in this case

Good Luck

And get help in this nightmare

Wout

Colin:

Most advisable thing is to execute the Bank Guarantee so you can gain your position in this contract story: They have breached, you can decide. Once the execution is made, show some availability to negotiate if that is your preference.

Best wishes,

Maria 

Colin:

Most advisable thing is to execute the Bank Guarantee so you can gain your position in this contract story: They have breached, you can decide. Once the execution is made, show some availability to negotiate if that is your preference.

Best wishes,

Maria 

Excellent advice

I have just emailed the bank guarantees to your external email address for your opinion.

Muchas gracias

Colin

Hi everyone,

             Hope you don't mind me joining in your forum. I purchased off plan in September 2005, the contract was cancelled September 2007. The developer is Grupo Lar one of the largest developers in Spain, and in many other European countries as well. They are backed by Morgan Stanley, as you know one of the biggest banking institutions in the world. My bank guarantee is with ACC Seguros. You would think a refund would be easy to obtain, but no. Grupo Lar say they are trying to raise the funds so the bank guarantee won't come into effect as they have not refused to pay. Morgan Stanley say it is not their problem. There are quite a few of us in this situation and can't afford the 5000euros Lawyers of Spain want off each of us to proceed with litigation.As it stands now neither companies are answering calls to us. Does anybody have any ideas?              

                                                             Many thanks,     Roy.

What is the completion deadline of the contract? Is there a First Occupation License in place?

Best,

Maria

Hi

I have stuck with my solicitor (sometimes against my better judgement) to see through the Fadesa fiasco - trying to get an exchange on a built but substandard property first and now more recently cancel the contract as the company seem unwilling to consider an exchange. I am told by my solicitor that I have a bank guarantee but he has not shown me a copy or told me which bank. I do know of others on the same site who knew this information and were with other solicitors and I know for sure that a couple have executed their guarantee and got their money back - one with interest! I have now lost faith in my solicitor and don't know what to do. He avoids answering all my questions - including those about the BG so I can only assume there is not one in place. How can I force him to answer this question?

He says I cannot have my paperwork - surely I am entitled to that - I have no intention of not paying my due but I need now to consider whether I would get a better service from another solicitor - I explored doing that before when the company went into administration but the timeframe to get the paperwork in was so short I could not be sure it would be done in time. My solicitor is now saying that it will cost me much more to change solicitors. I cannot afford to do this - what advice can you offer?

We have a COPY of a BG which expired in April 2008.  Getting different messages of Lawyers, some say can't do anything as date has expired, others want to charge around 6000 euros to littigate, can we genuinely win, or are they just trying to get more money out of us that we haven't got

We have bought with San Jose and the BG is with Cam Bank.  Have contacted the Bank, they said we need the original

Please advise, and any Lawyers who can give correct information too, would be very helpful

Thanks

Hello

 This is just something for you to compare with!

My husband and i are just back from Spain, we had been told from our previous lawyer that our bg was ok, we have a copy but when we went to collect the original from her she asked for 300 euros, we refused as we had a meeting with our new lawyer the next day. the lawyer refused to hand over the bg

The new lawyer who is on the British consulate list of lawyers told us after seeing our copy bg that even the original copy would have been of no use to us as it is out of date. Her fee for our consultation was only 30 euro and if we decided to go the court route about 1000 euro to start with but that with San jose in administration this could take 10 plus years with little chance of recovering any money not a high chance

We felt that she was very honest and was more concerned with what was best for us than her own personal fees (which was a refreshing change)

I know it is supposed to be illegal to put dates on a bg and i put this to her but she just shook her head, she clearly did not think we had any chance of getting the bank to pay out

Maybe some day when things are forced to change in Spain, i will hold on to the bank guarantee just in case

FAR

Hello far,

Don't give up. We did have also a bank guarantee with a expired date, but we got our money back !!!

We have got our money back on the end of Januari 2009

Our bankguarantee was expired in May 2008.

We did send a burofax to the bank on 14 December. They respond on 15 januari 2009 and hey ask for another week to gve an answer. Afther that week they did ask again for a week. Then we give them 7 day's to give our money back, and told them that if they did't give it back that we take them to court. On Monday 26 Januari 2009 we got our money back.

We did send them on the 14th of December the next papers;

1. a copy of the bankguaratee with the expired date.

2. a copy of our contract with the developer and a copy of a notary demand that we canseld the contract because the developer did't deliver the house.

3. a copy of our bankaccount that they could see when we paid our first payment ( € 92.165,-)

4. A copy of a case like us where the court decided that a bankguarantee can't expired by a date, it could only expred by delivering the house inclded all licence.

5. a copy of an offerte from a lawyer, with a desciption in it that they are for sure that the bank had to pay us back.

6. a copy of a letter with information about a lot of crime arround bankguarantees, the law 57/68 etc.

7. On the end of December we did go to the bank wit our solliciter, real estate agent and did asked our money back so clear that everybody could heard it.

8. we send a mail to our Dutch ambasade and to the generaal director of the Spanish bank with our case in it. They respond and told us that we have to claim the money back on the right way and if we did this and we did't not get our money back they would know and then they would look if they could help us. ( we let the bank know that we did this.)

On the end we got the amount who was in the bankguarantee ( 92.165,-) back from the bank.

Now we go on the same way to the developer to get our frst deposit ( € 3.000,-) and the interest of the total amount back.

Wout Smolders 

Our Petition bears 700 signatures as of this morning, and will be handed in to Downing Street tomorrow. The full wording of the petition letter can be read here:
http://www.spanishpropertyscandalpetition.co.uk/7.html

I've tried to cover our problems as succinctly as possible, and only ask action from the Prime Minister that is clearly within his powers. When the petition goes to the EU in Brussels at the end of the month, it will of course be worded differently.

Many thanks to all who have submitted their experiences & signatures so far. For anyone who still hasn't signed but keeps thinking about it - sign today & make sure that the British government hears your voice. Our Petition will remain open, as it goes through the EU processes.

 

Hi everyone,

          Bank guarantees can be enforced at any time,the only downside is you may lose any previously agreed compensation from the developer. The bank then tries to recover the money from the developer, which costs them more. It is illegal to sell off plan developments without a guarantee, and there should be no expiry date on it. Anybody having trouble with GrupoLar at Lar Sol, the end is in sight. But everyone who is awaiting a refund should not just wait for it to drop on your door mat. You need to constantly hound them. Good luck.

                                                              Roy.

Hi Maria,

Pity you didn't make sure a proper BG was in place for the people that signed up with you for the project in Santa Ana turns out it's only a general BG not a personnal one . Should you not have checked  BG'S so that peoples deposit was safe and when i emailed you for a copy of the BG you wouldn't even reply you are adding to this problem and making money out of it shocking

Hi Larrson

I don't know about anyone else but I am well confused by your last post .Could you explain ? Thanks MM

Yes sure what part did you not understand and i will explain ?

Who is the " Maria " you refer to , and what do you think she has done wrong ? If you are referring to who I think you are then all the lawyers are on the make and to pursue any case is a pointless waste of more money ! If you have proof  to back up your accusations I would be really grateful if you could clarify ,by PM if necessary  Regards MM 

PS If I lose any more trust in humanity through all of this I fear I will lose my faith and my will to live   Yours in hope  . MM

Hi I  am now at my wits end and it looks like i am having to go and appoint a firt class honest trustworthy solicitor who understands spanish and english law in an effort to get my deposits monies back on an off plan aprtment i contracted to buy.

The phase is El Mirador on POLARIS CONDADO DEL ALHAMA, I have paid all the deposits but failed to have the agreed in contract bank gaurantees forwarded  I am also told that this phase will not now be proceeding at least another 2 years. Also  due to the delay, building regs have now changed and my top floor apartment will now have to have solar panels taking uop 33% of the solarium .

I want to break the contract based on these 3 points and claim back my deposits together with any claim for expenses and interest . I am not receing replies to correspondence, recorded delivery or emails. Any ideas any god email adresses who i can contact.

Anyone know a good solicitor I can chose based on this information, if so why would you recommend them . Are there any no win no fee solicitors who wouldl tak e my case on.

Look forward  to hearing from any one ese who as the same problem as me.

Best wishes RED DEVIL VINCE

Hi red devil vince

First off  to my knowledge no win no fee is not an option in Spain . It is not  legal or permitted by the Spanish colleges of Law who over see lawyers like our Law societies does  in the UK .

Not sure why as the one sure way to get a lawyer working for your best interest is a cut in what they get back for you .Many on here have issues with this as they could be paying fees to lawyers when there is no real chance of a return .

The British consulate has a list of approved lawyers however given the chance again I would go with a big UK international out fit someone like Irwin Mitchell may be more expensive but will be able to tell you when a spade is a spade ,if you know what I mean .

Spanish lawyers tend to treat us like mushrooms  ,,,,,,, keep us in the dark and feed us on bullshit .Good Luck you will need it !!!!!