Promise of Mortgage Re-payments Reduced

http://translate.google.com/translate?sourceid=navclient&hl=en&u=http%3a%2f%2fwww%2elaverdad%2ees%2fmurcia%2f20080516%2fregion%2fjuez%2dteme%2dposible%2dperjuicio%2d20080516%2ehtml

http://www.laverdad.es/murcia/20080516/region/juez-teme-posible-perjuicio-20080516.html

CHECK OUT THIS LINK BELOW YOU MIGHT JUST FIND IT VERY INTERESTING

http://translate.google.com/translate?sourceid=navclient&hl=en&u=http%3a%2f%2fwww%2elaverdad%2ees%2fmurcia%2f20080516%2fregion%2fjuez%2dteme%2dposible%2dperjuicio%2d20080516%2ehtml                                                                                                                                                                                                                                                                                                                          

I hope Justin will allow me to post this link. A better translation IMO

http://www.spanishpropertyinsight.com/buff/?p=60

Hello. I'm Mazinger.

The plenary session of the town hall has JUST been celebrated and everything is still equal: as I said to you yesterday, the project has not been approved.

I INSIST THAT ALL THE OWNERS  SHOULD JOIN TO DEFEND OUR INTERESTS WHERE IT CORRESPONDS.

YOU CAN JOIN THE LIST CLAUDE1 IN INVERFORO. WE ARE A LOT OF PEOPLE.

I had two deals on the table one with a company guarantee at 1 price and another with a bank guarantee

 at a higher price. I chose the higher price with the guarantee.

They didnt charge extra for the guarantee, they just offered a big discount if you didn't take one.

I know it amounts to the same thing, but at least some buyers had a choice.

I know it is not legal to sell a new house without one and this has been a legal requirment for many years now.

None of the houses sold on their El Trampolin developmet had a building guarantee. Why has the Company never been stopped ? We bought 4 years ago, so this illegal practice has been going on for years. The authorities have known for years that the company have been selling houses without bank guarantees, and buiding them before planning permission has been obtained.

They didnt charge extra for the guarantee, they just offered a big discount if you didn't take one. I know it amounts to the same thing, but at least some buyers had a choice.

 No wonder some people are in the mire if they were so ill-informed on buying property in Spain. Did your lawyer not advise you against this option? With such a big investment surely to goodness you should cover that money with an "insurance policy," in this case a BG.  There  never was a "choice" to be made!!

Tish

If you read previous posts, you will see that many people took the option of not having the bank guaratee because GT gave a cash discount. For some, no BG was offered.

A bank will not give a BG when the developer is selling houses illegally (this includes selling houses before planning consent/building licence is obtained, as in the case of El T and TH)

It is not the buyer at fault but the developer who is acting illegally.

I agree with you, that the solicitors should have warned against such a move. But for whatever reason this obviosly didn't happen.

From our own experience on El Trampolin, (where neither bank guarantee nor discount was offered) some solicitors warned against the purchase but some said it was common practice in Spain (as indeed it was a few years ago)

So you can't blame people for going ahead if they get a solicitor who says it is OK.