WE HAVE JUST BECOME RESIDENTS

Has anyone approached the banks directly to execute bank guarantees.  We have emailed Banco Popular and have received an email stating that if we take our original copy of guarantee to the bank they will transfer money into our account.

Would be interested to know if anyone else has gone down this route.

Terry and Sue

Sue and Terry
That is good news if Banco honour that statement and you can get it direct from them. It will save you money ! Banco are pretty good compared to others. They do at least pay out on a BG.
We tried to go direct to cash the BG with Banco and they referred us back to our lawyer to execute it. They said because of fraud and authentication of original documents bla bla bla  we had to take the POA / Solicitor route  !! 
Take with you every document you can that will back up your claim for refund. i.e receipts from Huma, Bank statements, passport , original Huma contract and original BG and anything else.
I say this because they may try and put the old classic barrier tactics in the way when you go for your cheque !

Good Luck.

Any one else out there with MJ Asesores of Aguilas trying to get their money bank on Guarantees issued by Cajamurcia. I have been told  by them that there are 3 people they are trying to get money back for. Are you one of them?

Annie1

can any one tell me the answer to this one please, when sueing for interest after executing the bank guarantee,is it the bank or the builder you are sueing.

Thanks Maureen

Maureen

Our solicitor has advised us that if you execute the bank guarantee without claiming interest then you will need to claim against the developer for any interest, inital deposit and compensation.

Thanks thats what I needed to know.

Maureen

Hi I think what I realy need to know is should the Lawyer apply for the interest when executing the bank guarantee and if not why not.

Maureen

my lawyer is claiming interest plus our 3005 euros deposit, we have been told we have 3 options, the bank has agreed to pay and have given my lawyer the options

hi jethro,

I always thought Bank would only pay the amount shown on the BG. if they are willing to pay more that is amazing. All other monies we are owed i thought we must sue for

scales

i think it depends on the wording in the bank guarantee, one of the options we have is to go to the bank with the original bank guarantee and they will issue us with a bankers draught, i think that will be the best option for us (hoping the bank manager will be there)!!

Maureen

We have been advised that we should ask the bank to pay our money plus interest when we execute the guarantee because if you do not apply for the interest at this time, you will need to try and get it from the developer. If  Huma go bust everyone will be trying to get money from them, then we may not get paid.

In the news today:
This says it all: Most of which many of us know about anyway. 
But at least it's out in the media spot light.

http://www.spanishpropertyinsight.com/buff/?p=222

Hi Guys

A friend of mine has just had a call from Aldea saying hat if they dont pay Aldea 600 euros then their bank guarantee that is due to expire on 15th September may not be safe and they could lose their money.......Is this just a scare tactic by Aldea.

Thanks
Daz

  Dazkad

I would have said that:

a/ Huma should legally have re newed the BG before expiry. (Some fat chance to be honest).

or

b/ If your friend has registered to execute the  B guarantee for refund before the expiry date then it does not matter if it expires. The refund process started while BG was valid.

Your friend should sent everyone an email (Bank, Huma, Agent, Solicitor if they have one) stating that the BG must legally be re newed immediately)

As for paying anyone to re new a BG no way. It's a poor show from a property agent that doesn't help you to get a new BG and an insult to expect anyone to pay ! What assurance can the agent give that you would get a renewal BG -  I suspect none. But they will happily take €'s. It's a scam......

Hi Philmel

Thanks for your reply.

It is the Solicitors "Aldea" that made the phone call.  My friend hasn't exectuted the BG yet.

My BG is due to expire in October and am considering cancelling.  Do I need to cancel my contract with Huma first.  If so How do I do this?

Also, my solicitor is Aldea also, and I do not want them to execute the BG...can I do this mysell?

Sorry for the questions, just getting closer tho expiry of BG.

Thanks
Daz

Dazkad

You should not be paying Aldea , or anyone else for your bank guarantee. It should have been issued ( free of charge ) when you purchased your property, this is a legal requirement. Then, it should be renewed until you take ownership of the property and when you have paid the final payment, the bank guarantee is returned. 

If you cancel your contract with Huma you will not be able to claim deposit, interest or compensation at a later date. Your best plan would be to get yourself a good solicitor who can start the process of reclaiming ALL of your money.

You may find that if you cancel with Huma, they will agree, and then just ignore everything, including your calls. We requested to cancel in Jan 2006, we are still waiting for our money. 

Somewhere on this site there are details of the off plan property law, which includes bank guarantees, provided by Maria. They may help you.

Whoever is asking for payment at Aldea is having a laugh. Don't let them get away with it !!

Daz

Google costaluz lawyers, look under legal articles, you will find information about the off plan laws and bank guarantees here.

you could cancel the contract with huma and give them the bank guarantee but you would not receive any interest from them.

Daz,

First of all I suggest you tell Aldea you are coming to Spain on holiday and fully intend to file a complaint in their Hoja de Reclamaciones Book. Every business in Spain has to have one on the premises. It is a complaint form which you fill out in triplicate, one copy for yourself, one for them, and one  for Consumer Complaints. I will Guarantee they will drop their demand for money for BG. I have a business in Spain and believe me no one wants to be investigated by them.
Secondly, your solicitor will have to cancel contract with Huma by Burofax, if nothing is forthcoming after 2 requests or what they offer you is unacceptable then execute the guarantee. It can be done by yourself, but I wouldn't advise it. Documents have to be obtained from the Town Hall to prove build time has come and gone,copies of your contract , passport ,Nie number proof of payment, etc, etc. Then these have to be sent by Burofax to the Bank. One tiny little slip up by yourself will only give the Bank an excuse to delay, so you really do need legal help. The beauracracy in Spain is horrendous, you would not believe what you have to have permission for so going it alone would be a nightmare of epic proportions. You may have to be patient though, as some Banks are dragging their feet. After talking to my solicitor yesterday he told me that in the Murcia region alone their are 10 developments with the same problems as Almanzora and their are many people trying to execute their BG'S. The only consolation we have is that at least we have one ,and their is no question that one way or another we will get our money back, we have to spare a thought for the people who haven;t got them for they have got a real fight on their hands.
DO NOT PAY ALDEA A CENT!!!. WHAT THEY ARE ASKING IS ILLEGAL.

  annie1

Excellent. Superb note of accurate advice there. Much of what you say fitted exactly to our circumstances with executing the guarantee. Not easy to say the least and time consuming.

They (agents) always forget to mention or advise you about the red tape beauracracy in executing your BG when you first sign for a property don't they ?)

One thing I would say, don't sign ANYTHING Mr Huma puts in front of you. i.e cancellation forms..Get your lawyer to check it out first. You are not cancelling anything. It is a void contract due to breach of that contract by the developer for non delivery of the property in the contracted time frame -  end off.... You solicitor will deal with that one in another way. There’s a legal term for this. But don't sign away any rights be careful.

Also if you have the original BG. Hang on to it. Only let your solicitor have this when needed. Certainly don't let anyone else get hold of it. If you do, it may get mysteriously lost. Then you have more problems.
DAZ

If you decide to pull out, then as long as you get your BG executed while it is valid that will be fine. But really you should be thinking about executing now before the BG does expire. They will put every single block in your way to slow things so I would not give them the chance to say that your BG had expired etc  etc....