The things kids say .....!!!!

Hi!!,

 Anyone on phase 1 could tell me if Roda gives any extension on the bank guarantee?

I have bought on phase 3 and the bank guarante expires in september. Im afraid that the houses won't be finished by that time.

So before I get in touch with Roda and ask about it I would like to get any information.

By the way I am spanish.

thank u

inmo

 

 

Hi inmo

I have not seen our bank guarantee - the Solicitor has it.  However, what a good point you raise and I will check with him the situation.  We are also in phase 3 and I am positive it will not be finished by September.  I will ask him this question and let you know.

Mrs H

Hi Mrs H:

I do not believe that u have not seen the bank guarantee. Ask your solicitor about this subjet and make sure that you got it. And my advice is ask your solicitor for a copy.

Roda is quite bad with this guarantees in the sense that they always send them late.

So good luck and let me know if  u got it.

I will be asking Roda about the extension very soon, just in case.

My regards

Inmo

 

 

 

I was given my bank garantee shortly after paying the 1st installment and then another seperate garantee for the 2nd stage payment.

 

Its normal practice for the solicitor to give you a copy, so if you are still waiting then i would be on the dog & bone like a shot.

 

I have purchased on fase 2, and without being to pesimistic i was going to ask my solicitor to extend my bank garantee as i cannot see this fase being complete by Sept, let alone fase 3.

I will be speaking to our Solicitor tomorrow because I have not seen our bank guarantee although I am sure he told me that he had received it.  I am starting to worry now!  The great part about these forums is that you learn new things all the time.  Thanks and I will certainly let you know inmo what the outcome is.

Hi Mrs H:

I hope you  spoke to your solicitor and got the bank guarantee. But do not worry about it since everything will be ok and this is in your contrat.

What we have to do is ask  them what will happen in September

I will send a mail to David (Customer Service Department) and as soon as I get news from him I will let you know.

Inmo

Hello inmo

Our Spanish Solicitor is out of the office but I actually think they may have not followed up on our bank guarantee so you have done me a really big favour.  I requested a copy and I cannot understand his secretary because her English is bad but she sent me a note telling me she was 'trying to get the avals now'.  What are 'avals'?  I actually said to her that I hope you dont mean the bank guarantee because you should have got that months ago!  Will let you know.

Mrs H

Can someone explain this bank guarentee subject

I 'm in phase 2,payed both deposit's and was told march as a possible move in date

(doubt it)

Can anyone shed some light on this subject

 

Cheers

 

Hello stewart1

As I understand things the bank guarantee that Roda offers protects our money should anything go wrong.  For instance if they were to go bankrupt or we were to find something awful wrong with our property before completion.  I am sure it is unlikely that this will happen but I am sure you have read some of the horror stories where people have lost all their money due to unscrupulous dealings.  Therefore, I had assumed that our Solicitor had dealt with this part as a matter of course and was holding our guarantee.  It was not till I read on the forum that everyone else had a copy of their guarantees that I wondered why I had not and it seems that my paperwork is not yet up to date! 

Inmo bought this to my attention because we are both in phase 3 and it seems that the guarantees given only cover till September 2007.  As it looks very unlikely that our properties will not be finished by then we obviously need to extend our guarantees - or in my case check that we have one in the first place!  I am sure it is nothing to worry about but better safe than sorry.

Mrs H

Hi Stewart 1

Basically Roda's Bank guarantee the stage payments you have made. This means that in the unlikely event that your apartment/villa is not completed you will get your money back. The problem is the expiry of these guarantees - if the builder is late with the completion the guarantee will expire and become worthless.

You should have copies of your payment guarantees forwarded from your solicitor and these will highlight the expiry date. It is likely that Roda will not complete so you should be requesting your soliciter extends them.

Finally don't worry - It is very unlikley that  Roda will not agree to extend the guarantees in order to give its purchasers 'peace of mind'.

Thanks folks for getting back to me

The message boards a great way to put your mind at rest without going to the bother of contacting spain etc.

Hi Mrs H:

I hope things go ok.

An "aval" is a bank guarantee. In spanish we call it aval. It means the same

I do not see any problem about roda extending the guarantees, I think they will do ti. But just in case It´s better ask them with plenty of time.

Im in touch with them about this subjet, and as soon as I get any answer I will let you know.

I also think that "....there is nothing to worry about but  better  safe than sorry"

Cheers.

inmo

 

 

Inmo

Just to let you know I have still not had my bank guarantee for our first payment made in July.  Our Spanish Solicitor called me last week to say it was due any day and that someone else he is dealing with from Roda paid the week before us and that theres has only just arrived to.  He assures me all is in order but it is too late to extend the date.  We are now paying our second payment and he is going to try for an extension on this.  Seems funny some people get their guarantee straight away.  Maybe it depends which Roda bank account you use? 

Mrs H

Hi mrs h we put our deposit down in june and paid our first payment in september and we just got the bank guarantee from roda this week so id say your solictor is right and that you will get yous soon

Hi Mrs H:

Thanks for your information.Yes you are right that some people get the bank guarantee straight away, but other times you have to ask for it.

My  payments are monthly (for spanish residents). And in the beguining I had to ask for the aval everymonth.Since september I have no problems and they send them to me after the paymentes.

At the moment I haven´t got news about the extension.

Cheers

Inmo

 

I have just been told that my bank guarantee has been received although I have not seen it yet.  Our Solicitor has suggested that we complete a Power of Attorney so that he can act on our behalf to extend the guarantee in September 07 when it runs out.  This seemed reasonable until I saw the form.  He would have full control and however much he has been helpful I am a bit worried about this situation.  Has anyone else given 'power of attorney' to their Solicitor?  Do you think I should do this it seems a bit drastic?

After two abortive visits to complete,  we  gave my solicitor power if attorney,  had we not done so we  would have been screwed yet again, on the morning of the final final sign off we were delayed by another 4 days.  Our solicitor did manage to take possession  last Friday, mind you he  still has the keys and we only have it on trust that the snagging list has been fully rectified.  And for the totally paranoid,  hells-bells!  he could even sublet the place over Christmas... 

No additional charge for the power of attorney (  specific to the purchase ) it is included in the standard % fee... all this  presumtive that  you  have an independent solicitor you trust.

Paul

   

Thank you Paul04.  It would be handy to have our Solicitor complete in our absence but I am not sure how safe I feel about giving him power of attorney.  Presumably Spanish Solicitors are covered by some code of ethics?  There is a lot of trust needed otherwise and I am just not sure!  More feedback would be appreciated particularly if anyone out there knows more.  Thank you.