Nicholas Wallwork
Editor-in-Chief
Staff member
Premium Member
The Spanish property market has been dogged in recent years by illegal building, corrupt planning officials and unscrupulous lawyers.
20 year guarantee to protect property purchase launched in Spain
The Spanish property market has been dogged in recent years by illegal building, corrupt planning officials and unscrupulous lawyers.
B
BattyeFord
New Member
How can this gurantee work when even the Banks refuse to pay out on their own bank guarantees? To my mind it is more money wasted in Spains corrupt and unjust society.
Or is it another moneymaking/confidence boosting wheeze thought up by desperate agents eager to relaunch the drowning property industry?
Or is it another moneymaking/confidence boosting wheeze thought up by desperate agents eager to relaunch the drowning property industry?
R
rowlandsbb
New Member
Not all banks refuse to pay out on the Bank Guarantees and I was involved with a development which was mothballed and I just called in the BG and received payment in about 4/5 weeks including interest @6% over 2 years-I did not even have to send the original BG back-money just transferred into my Spanisah Bank account
And I know of many others also
But you are correct that in some circumstrances the BG has not been drawn up correctly and that should have been checked by the lawyers
As in all things like this you tend to hear of those that go wrong and not the majority which are OK
However in today's world off plan is a non starter so getting a BG is not needed unless you are having a villa built to your own specification and are making stage payments
Today the good buys are ready now stock and bank re reales such as CAM Bank > circa 30% discount and 80% LTV mortgages to non residents who buy -full details available on request
But what is a safe precaution is that you take out title insurance and then you will have peace of mind
Also today if you get an independant mortgage on a Spanish property you can be sure that it is legal > even the Banks do not take risks now!!!!
And I know of many others also
But you are correct that in some circumstrances the BG has not been drawn up correctly and that should have been checked by the lawyers
As in all things like this you tend to hear of those that go wrong and not the majority which are OK
However in today's world off plan is a non starter so getting a BG is not needed unless you are having a villa built to your own specification and are making stage payments
Today the good buys are ready now stock and bank re reales such as CAM Bank > circa 30% discount and 80% LTV mortgages to non residents who buy -full details available on request
But what is a safe precaution is that you take out title insurance and then you will have peace of mind
Also today if you get an independant mortgage on a Spanish property you can be sure that it is legal > even the Banks do not take risks now!!!!
D
DC
Member
thank you for comments
R
rowlandsbb
New Member
We do have title insurance policies in UK and whilst it does have some defects as you say , it does perhaps play a role for some ex pat buyers who just want added security that the knowledge that if an insurance company will issue a policy then ' it must be OK'
