Bank guarantee

Old Jul 23rd 2006, 10:49 am
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Default Bank guarantee

Someone I know has bought an apt from Aifos on the CDS. They paid the reservation deposit, signed the contract and paid the first instalment. They did all this knowing that Aifos didn't even have the planning permission in place (more fool them, I know). Now their apartment has been reduced from a 3 bed to a 2 bed and the completion has been set back 2 years.

My question is this: is it too late to ask for a copy of the bank guarantee now, or can you insist upon receiving a copy at any stage during construction?

Unbelievably they are completely blasé about the whole thing - they aren't bothered about the delay in completion and don't worry about losing the bedroom because they have gained a 100m2 terrace instead. Well, good for them that the don't care, but I wonder what they ought to be doing at this late stage to protect themselves from further problems?

Fadesa is starting to look like butter wouldn't melt! Puts all the complaints about doors opening in instead of out into perspective!!!
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Old Jul 23rd 2006, 5:22 pm
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Smile Re: Bank guarantee

Hi Keithwalters,

Odd you should ask this question now because late last week I found this article: -

http://www.eyeonspain.com/spain-maga...tee-legal.aspx

The solicitor who wrote it works out of Cadiz and is building a good reputation as a friend of the deluded foreign buyer. If you find her full article on her website I think it demonstrates that right and the Law is on your friends side and that they have a range of remedies from pulling out with full compensation to hanging on and being restored to their former position.

Regards,

John


Originally Posted by keithwalters
Someone I know has bought an apt from Aifos on the CDS. They paid the reservation deposit, signed the contract and paid the first instalment. They did all this knowing that Aifos didn't even have the planning permission in place (more fool them, I know). Now their apartment has been reduced from a 3 bed to a 2 bed and the completion has been set back 2 years.

My question is this: is it too late to ask for a copy of the bank guarantee now, or can you insist upon receiving a copy at any stage during construction?

Unbelievably they are completely blasé about the whole thing - they aren't bothered about the delay in completion and don't worry about losing the bedroom because they have gained a 100m2 terrace instead. Well, good for them that the don't care, but I wonder what they ought to be doing at this late stage to protect themselves from further problems?

Fadesa is starting to look like butter wouldn't melt! Puts all the complaints about doors opening in instead of out into perspective!!!
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Old Jul 23rd 2006, 7:16 pm
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Default Re: Bank guarantee

Originally Posted by keithwalters
Someone I know has bought an apt from Aifos on the CDS. They paid the reservation deposit, signed the contract and paid the first instalment. They did all this knowing that Aifos didn't even have the planning permission in place (more fool them, I know). Now their apartment has been reduced from a 3 bed to a 2 bed and the completion has been set back 2 years.

My question is this: is it too late to ask for a copy of the bank guarantee now, or can you insist upon receiving a copy at any stage during construction?

Unbelievably they are completely blasé about the whole thing - they aren't bothered about the delay in completion and don't worry about losing the bedroom because they have gained a 100m2 terrace instead. Well, good for them that the don't care, but I wonder what they ought to be doing at this late stage to protect themselves from further problems?

Fadesa is starting to look like butter wouldn't melt! Puts all the complaints about doors opening in instead of out into perspective!!!
Sounds like they have the right attitude for living in Spain. I reckon a 100m2 terrace is a lot more useful than a third bedroom, and they can always box it in if they really need one. Agree about protecting themselves, but no point in getting het up about things unnecessarily.
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Old Jul 23rd 2006, 7:49 pm
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Default Re: Bank guarantee

Hi keithwalters,

Perhaps of more concern, is not Aifos one of the companies currently caught up in the Marbella planning scandals and being investigated in the Malay operation. Check out the SUR in English for the last couple of weeks I think they got a dis-honorable mention.

Regards,

John.
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Old Jul 23rd 2006, 8:06 pm
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Default Re: Bank guarantee

Originally Posted by John & Kath
Hi keithwalters,

Perhaps of more concern, is not Aifos one of the companies currently caught up in the Marbella planning scandals and being investigated in the Malay operation. Check out the SUR in English for the last couple of weeks I think they got a dis-honorable mention.

Regards,

John.
Thanks for the link - that is v useful.

Aifos are indeed caught up in the scandals - I read that 3 of the bosses were arrested last week I think. I haven't told my friends this piece of info yet and I'm not sure if I am going to or not. Their only saving grace at the moment is that they have bought in Nerja, so not in the Marbella municipality.

I just want to make sure that they do what they should have done from the outset to protect themselves. Why they knowingly bought into a development that doesn't have planning permission is totally beyond me.

Losing an entire bedroom from the original plans beggars belief! If I were them I would be fuming by this point.
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Old Jul 24th 2006, 4:35 am
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Default Re: Bank guarantee

Originally Posted by keithwalters
Someone I know has bought an apt from Aifos on the CDS. They paid the reservation deposit, signed the contract and paid the first instalment. They did all this knowing that Aifos didn't even have the planning permission in place (more fool them, I know). Now their apartment has been reduced from a 3 bed to a 2 bed and the completion has been set back 2 years.

My question is this: is it too late to ask for a copy of the bank guarantee now, or can you insist upon receiving a copy at any stage during construction?

Unbelievably they are completely blasé about the whole thing - they aren't bothered about the delay in completion and don't worry about losing the bedroom because they have gained a 100m2 terrace instead. Well, good for them that the don't care, but I wonder what they ought to be doing at this late stage to protect themselves from further problems?

Fadesa is starting to look like butter wouldn't melt! Puts all the complaints about doors opening in instead of out into perspective!!!
Perhaps they bought it as an investment and the fact that it has been delayed 2 years will please them knowing that the property will rise in value, there money is still in the bank and eventually when it is ready they still pay the original purchase price. They are not alone in buying like this.
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