Search:     Go  
The Spanish Lawyer Online
The Spanish Lawyer Online
Page 3 of 7 FirstFirst 12345 ... LastLast
Results 21 to 30 of 64

Thread: Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask

  1. #21
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
    Posts
    1,095

    Default

    Dear Madam,

    Yes you are entitled to the legal interest besides the principal insured amount. In some cases the interest may be 6% and in other cases less. It will depend on the wording of your Private Purchase Contract.

    Please read our article on the matter:

    Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask - 12 Nov 2008

  2. #22
    Kathryn Cooke
    Guest

    Default Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask

    We secured a property with deposit November2004. We paid 50% of the purchase price of our off-plan property in January 2005 due to be completed May 2006.

    Building work on the site commenced, then stopped due to legal problems. Our property never even started.

    We advised our lawyers in April 2008 to cancel and recover our money. We supplied power of litigation September 2008. We are still waiting and the lawyers never give details of procedure they are following or what is happening although I e.mail regularly. Bank guarantee expires May 2009. What can I do, how long will it take?

  3. #23
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
    Posts
    1,095

    Default

    Dear Madam,

    Hasn't your lawyer already pulled out and litigated? Are you sure your lawyer is specialised in litigation?

    Your lawyer should inform you on when the law suit has been filed. Normally we Spanish lawyers do not email regular updates nor on a weekly/monthly basis. We email only on major milestones along the legakl procedure such as:

    1. Registered letter sent
    2. PPC cancellation (pulling out of the contract)
    3. Law suit being filed
    4. Assets embargoed (if applicable)
    5. Preliminary hearing
    6. First Ruling
    7. Second and normally Final ruling

    You should really query your lawyer on wether he's filed the law suit already or not.

  4. #24
    mike smith
    Guest

    Default Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask

    Is there such a thing as a partial Licence of first occupation? If yes what is it have how does it work?

  5. #25
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
    Posts
    1,095

    Default

    Dear Mr Smith,

    You should really be asking this question in this thread:

    The Licence of First Occupation Explained - 29 Jan 2009

    A LFO parcial is normal and there's nothing to worry about.

    You have probably purchased on a large off-plan development with various phases such as the one I give as an example in the above article. For each of one of those phases a LFO is issued by the Town Hall, and they add the word "parcial" because it it is granted only for a given number of dwellings, not for all, i.e. for 80 dwellings out of 300 which are divided in 4 phases.

    Yours faithfully,
    Raymundo LarraÃ*n Nesbitt

  6. #26
    Unregistered
    Guest

    Question bank guarantees

    We have deposits paid on 2 apartments which were not finised on time. A few months have passed and our lawyer is advising that we sue the developer as the bank has refused to honour the bank guarantee. The lawyer is asking for an up front payment but cant say how much the entire court case would cost. We appreciate that an exact figure would be difficult to give but we want an approximate amount. We have a lot invested already and would like to have an idea how much more would be involved. this is important as we would lose this on top of the rest if the case were lost. How would we get an idea of the costs involved?

  7. #27
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
    Posts
    1,095

    Default

    Dear Sir/Madam,

    In our case clients on hiring us do know how much they will be charged so as to avoid unpleasant misunderstandments. A full breakdown of fees is worded in our Letter of Engagement on being retained.

    It is very important you receive a written quotation otherwise legal fees may turn out to be exorbitant.

    Legal fees will vary depending on the work involved on litigating. Normally our legal fees are split between an initial up front retainer fee and a contingent fee dependant on the result achieved.

    Please contact us if you wish us to provide you a quote free of compromise so you have an approximate idea of what to expect.

    You can read our litigation blog on some of the cases we've won recently.

  8. #28
    Mark Smith
    Guest

    Default Bank Guarantees: All That You Ever Wanted to Know but Were Afraid to Ask

    I purchased an off plan development in Arenal Golf, Benalmadena in 2005. We cancelled via our soliciter in 2008 but are still waiting. The solicitor offered us to join in litigation but for an additional 7000 euros and to be honest they have been that bad and never kept us upto date I don't want to give them anymore of my money. We have a bank guarantee but this seems to make no difference they are refusing to pay. We are at our wits end what can we do? We are owed £50,000
    Mark & Chris

  9. #29
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
    Posts
    1,095

    Default

    Dear Mr Smith,

    Please contact us on your matter and we'll be glad to assist yuu, thank you.


    Yours faithfully,

  10. #30
    Jackie hearn
    Guest

    Default Bank Guarantees in Spain: All That You Ever Wanted to Know but Were Afraid to Ask

    Hi, we have just received 77,000 euro's banc guaranteed from banc of popular but no interest or our 1st intial deposit,3,000 as per our contract with peinsa? we have had such a bad year with all what they have put our two families through, can you give advise ref; 1st deposit and interest as the interest over 2 years and 4 months is 14,200 which is a lot of money for our families who sold family homes to secure these properties and was living in rented properties for over 2 years. Peinsa builders have cost our two familes a fortune.
    HOPE YOU CAN HELP,
    many thanks kind regards
    Msr Jackie Hearn
    Fot The Hearn & Hunter families

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •