17 Feb 2009 9:52 AM:

Hi everyone,

I agree that a Bank GUARANTEE should BE IN PLACE TO GIVE YOU PEACE OF MIND.I assumed that one was in place for my property at Fortuna Golf. It was only when San Antonio, the developers were in serious financial difficulty that my solicitor informed me that one had not been issued. Apparently only a very few were issued on that development.

When I enquired about a bank guarantee at Golden Sun I was also informed that one was not in place. here either. Now I don't know enough about Spanish law to know what the situation is but I  urge everyone to check with their solicitors to make sure one is in place.

 I have been advised that  If  you are lucky and have a bank guarantee in placeand it is  invoked, then it is likely to take some years to work through the Spanish  legal system.That's all I meant.

Does anyone know if API-1 Block 1 is going ahead?

Regards,

Terry

 

Community thread: Current situation at Golden Beach

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17 Feb 2009 9:51 AM:

Hi everyone,

I agree that a Bank GUARANTEE should BE IN PLACE TO GIVE YOU PEACE OF MIND.I assumed that one was in place for my property at Fortuna Golf. It was only when San Antonio, the developers were in serious financial difficulty that my solicitor informed me that one had not been issued. Apparently only a very few were issued on that development.

When I enquired about a bank guarantee at Golden Sun I was also informed that one was not in place. here either. Now I don't know enough about Spanish law to know what the situation is but I  urge everyone to check with their solicitors to make sure one is in place.

 I have been advised that  If  you are lucky and have a bank guarantee in placeand it is  invoked, then it is likely to take some years to work through the Spanish  legal system.That's all I meant.

Does anyone know if API-1 Block 1 is going ahead?

Regards,

Terry

 

Community thread: Current situation at Golden Beach

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16 Feb 2009 5:15 PM:

Hi everybody,

I've been neglecting this blog. I've been pre-occupied with San Antonio's financial difficulties at Fortuna Golf. What is happening at Golden Sun? I've put a deposit on a pent-house apartment in block API-1 Is this going ahead? As far as I've been told, it should be completed in September 09.

I've checked with my solicitor regarding bank guarantees and I don't appear to have one either for Fortuna Golf or Golden Sun!!  What I can gather there doesn't seem to be much benefit with bank guarantees if the developer goes into administration anyway.

I would appreciate some up todate information from someone who obviously knows more than me.

I bought through IAP.

Regards,

Terry

Hi everybody,
Community thread: Current situation at Golden Beach

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20 Dec 2008 9:58 AM:

Hi everybody out there in misfortune Fortuna land!

It's nice to know we are all not alone.

From the enquiries I have made, it appears that the developer will have our deposits.

As far as I can gather, with flipping to other properties, it appears that the other developers might accept 70% of the price, presumably just to get rid of their properties that they cannot sell at the moment.  Methinks70% of something is better than 100% of nothing. I think we'll have to be wary of any asking price. Let's see what IAPG can come up with.

Oh well, Merry Christmas to all of you and let's hope for a better 2009!

TerryU

Community thread: Anyone else bought an of plan property at FortunaHill Golf and waiting on completion ?

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12 Dec 2008 8:52 PM:

Hi everyone,

Yes I too have received this e-mail today. How have we managed to get here and more importantly where do we go from here? Has anybody got any bright ideas?

Regards,

TerryU

Community thread: Anyone else bought an of plan property at FortunaHill Golf and waiting on completion ?

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