WE BOUGHT A PROPERTY WITHOUT BANK GUARANTEE WHAT CAN WE DO

WE BOUGHT A PROPERTY WITHOUT A BANK GUARANTEE  WE DONT KNOW IF THE BUILDER IS GOING TO GO BUST NO WORK AS BEEN DONE FOR 18 MONTHS A LOT OF US HAVE PAID A LARGE DEPOSIT

BUT THE BUILDING IS ABOUT 80% FINISHED

IS THERE ANYTHING WE CAN DO ?

WE HAVE CONTACTED THE PROMOTERS AND THEY SAY THEY ARE NOT GOING BUST, THEY HAVE BEEN SAYING THEY HAVE HAD MONEY PROBLEMS AND BROBLEMS WITH THE BUILDERS

THE COMPLETION DATE IS THIS JUNE  BUT THEY HAVE SOME LEAWAY THEY SAY ITS NOVEMBER

NO BUILDERS ON SITE AND NOTHING HAPPENED FOR 18 MONTHS

DO NOT BUY OFF PLAN WITHOUT A BANK GUARANTEE WE HAVE LEARNED THIS MUCH

Suggest you speak to your lawyer assuming they are not in the promoters back pocket - failing that take independent advice and maybe contact one of the lawyers in the forum such as Maria de Castro and see where you stand legally.

thanks smiley we are in the middle of doing this we have quite a few people on our forum and we are getting together and getting the lawyer involved in the next few weeks

Philansy,

I would seriously consider instructing your lawyer to register a legal charge on your property. In the event that the developer does go bust you would be listed as a preferential creditor.

thanks miket will do

 

This message was last edited by philansy on 6/28/2007.

By the way Philansy,
I currently live in Greenmount in Bury just down the road from you!

I'm part of an action group who began proceedings against our developer last year for a late project and other quality issues on the CDS. We lodged our case with the courts in December last year and it will be another 6 months before we will receive a judgement. It can be very longwinded, emotive and expensive process trying to take on Spanish developers as well as trying to develop a cohesive group of fellow investors who obviously don't really know each other that well!

I wish you all the best of luck...................................

thanks for info miket

we are hopeing we wont need to go that fare but who knows

Legal tip 166. No Bank Guarantee?: action against the Bank
20 October 2009 @ 08:41

 

 

 

 

 

Madrid, November by Martius at Flickr.com