I am purchasing an apartment at Ochando Golf resort and transferred 25% deposit in April 2007.
The deposit was transferred in good faith on the understanding that a Bank Guarantee would be issued. I have since discovered that there is no bank guarantee in place.
The apartment was due to complete in April 2009 although there is a 6 month grace period in the contract so developer has until October 2009 to complete. As far as I know the building on the actual apartments has not even started yet although some work to golf courses, show homes is complete.
My lawyer has advised that they had been chasing for the bank guarantee since the beginning.
The developer has now advised that the bank guarantees are ready to be issued but only if we agree to them postponing the completion date in the contract by 1yr. If we do not agree then no bank guarantee!

I would appreciate any advice on this as I feel we are being blackmailed. If we do not agree and the builder goes bust we could lose our deposit.