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Thread: Will the bank ever pay my exersised bank guarantee?

  1. #11
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    Can you please respond to my previous message regarding the waiting time for the bank to return our deposit.
    Thank you

  2. #12
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    Apologies for the belated reply.

    As per my prior treply it normally doesnīt take that long after a High Court ruling.

    6 months does seem excessive, yes.

    Yours faithfully,

  3. #13
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    Thank you for your reply.

    I have been informed that the bank has now paid the money into the Courts account. I presume this means we will now definitely get the money but what are the normal timescales for the court to pay to my lawyer in your experience.

    Thank you

  4. #14
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    You're welcome.

    I'm glad it's in the law court's account.

    Shouldn't take long now (yes, I know I've written that before!) 2-4 weeks tops.

    Yours faithfully,
    Last edited by Lawbird Lawyer; 01-18-2010 at 03:48 PM.

  5. #15
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    Default Bank Garantee

    How do you go about claming monie back if you have a bank garantee in Spain..??

  6. #16
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    I am trying to execute a bank guarantee through a lawyer in Cadiz and after 15 months she is telling me that the court case has been won now and I can now execute the bank guarantee through the court which will take about a year.

    I wasnít happy about the timescale but my lawyer, Maria de Castro is very pleasant and explained that in my case it was unfortunate that it was taking so long but it was one of those things.

    Iíve been looking around a few forums on the subject and spoken to another person that was in a similar position to me (different development and bank though) and my case seems to be taking a very long time.

    I did get a second opinion recently and this lawyer said the procedure should take no longer than 15 months in total and his cases average 10-12 months to pay out. He also says that the money must be lodged with the court by the bank at the beginning so there should be no need to chase the money after the verdict. He also couldnít understand what the preliminary case was for as the developer had breached the contract (2 years over the finish date) and the bank guarantee should have been enforced. Maria has explained this but itís really over my head to be honest.

    I told her recently about the second opinion and she wasnít best pleased. She pretty much said that the second lawyer wasnít in a position to advise as he didnít have my paperwork and wasnít aware of the complexity of my situation. Fair enough but the second lawyer was talking in general terms and made that clear.

    Anyway, I would like another opinion as to who is right.

    Previous posts by you seem to suggest the second lawyer is right and itís a straightforward procedure if handled by a lawyer.

    What do you think?

  7. #17
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    Dear Sir or Madam

    I think you should heed the advise of the lawyer who is currently representing you.

    Your appointed lawyer has all the facts and related paperwork. Perhaps the other lawyer is not aware of a particular problem hindering the refund.

    At times Banks and Insurance Companies honor Bank Guarantees without litigation and yet at other times you are forced to litigate because they will not cave in. And when you do litigate some procedures are faster than others.

    In Law not everything is black or white and more so when it comes to litigating in Spain...

    From the fact your refund is taking longer than usual it cannot be inferred in any way that your lawyer does not kmow what she is doing.

    At times our law firm executes a BG and our clients are swiftly paid and at others it is a protracted long and drawn out procedure. This doesn't make the former lawyer dumber or the latter brighter as they are one and the same on both accounts. Every case is different and must be judged on its own merits with all facts at hand.

    I would advise you patience which living in Spain becomes almost a necessity rather than a virtue.

    Yours faithfully
    Raymundo LarraŪn Nesbitt

  8. #18
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    I bought a property in Malaga which still hasnít been completed and is well past the finish date on the contract. I was recommended a lawyer through a company called EAS and he is great Ė heís recovering my money via bank guarantee and the bank has agreed to pay without going to court. All well and good on that score.

    However, I do have another property which I had already completed on by the time I spoke with an EAS adviser but I am very unhappy with the property as it was meant to be front-line golf and itís not and itís a fair bit smaller than on the contract. I did sign off on it Ė I know, I know but I was told by the agent that they would arrange to change it free of charge to a frontline one once theyíd got things finalized. I know Iím a mug but I was so stressed and they made it seem like it was the right thing to do. Needless to say that bit wasnít in writing. And of course they havenít changed a thing and have denied all knowledge of the verbal agreement.

    EAS did look at my paperwork but they advised me that itís very difficult, long-winded and expensive to do anything once Iíve accepted the keys and have recommended I let this go and just try and use the property or sell it Ė I wish!

    Iím not too happy about this as I have ended up with something I didnít pay for. The agent, the lawyer and developer donít want to know and EAS have said that they have given me the best advice even if itís not what I want to hear. The lawyer dealing with the bank guarantee agrees with this also.

    What do you think of this? Would it be very expensive and would I win?

  9. #19
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    Dear Sir or Madam

    I've never heard of a Spanish law firm under the acronym "EAS". Can you please write the full name of this law firm so I know to whom you are referring to?

    Regarding the advice given I agree. You have already completed on the property and it is now yours; it would be nigh to impossible to change it at this point in time. At the time you should have been advised not to sign or else to request a hefty compensation to offset your loss. Regarding the difference in size you can claim as well but it depens exactly on how much percentage wise is the difference. Otherwise it may not warrant taking legal action.

    In fact if you litigate to have the property "changed" to another one, I would label it as indulging in reckless litigation which is something I personally disagree with because its paying good money after bad.

    Yours faithfully
    Raymundo LarraŪn Nesbitt

  10. #20
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    Default Re:BG

    Re Bank guarantee;


    Dear sir madam
    My frustration is beyond belief, My Situation seems far worse with respect to anybody else that I have read; With a brief of insight as I can is as follows;
    1. Purchased of plan with BG 2006 With two stage payments of approximately £43,000
    2. Exercised B G in 2009 After a lengthy wait and much frustration won appeals in court of Madrid for stage payments interest and out of course expenses in 2011, When my solicitor said they had 18 days to Appeal ( For which they did not)
    3. After a few emails to the bank in question there has been no reply:
    4. My solicitor has now informed me that they are going to go back to the courts of Madrid to put a freeze on their cash within the bank for my initial outlay and then pursue the interest and fees afterwards;
    I feel I am no more forward in this situation then I was in 2009 I now have to wait again for the courts of Madrid to put a freeze on their cash assets does this sound all correct to you please please help me

    Yours faithfully

    Paul stevens

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