Bank guarantee
Jul 23rd 2006, 10:49 pm
#1
has got a huge member
Thread Starter
Joined: Apr 2006
Location: Jerez de la Frontera
Posts: 1,656
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!!!
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!!!
Jul 24th 2006, 5:22 am
#2
Lost in BE Cyberspace
Joined: Jun 2005
Location: Puente Esuri
Posts: 6,903
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
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!!!
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!!!
Jul 24th 2006, 7:16 am
#3
Not Junior but not Senior
Joined: Oct 2005
Posts: 1,052
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!!!
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!!!
Jul 24th 2006, 7:49 am
#4
Lost in BE Cyberspace
Joined: Jun 2005
Location: Puente Esuri
Posts: 6,903
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.
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.
Jul 24th 2006, 8:06 am
#5
has got a huge member
Thread Starter
Joined: Apr 2006
Location: Jerez de la Frontera
Posts: 1,656
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.
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.
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.
Jul 24th 2006, 4:35 pm
#6
Forum Regular
Joined: Nov 2005
Posts: 94
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!!!
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!!!
