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Shock Discovery That Only Half of Property Bank Guarantees ‘Issued’ in Spain Actually Exist
ReclaimYourDeposit.com has discovered that only half of the bank guarantees ‘issued’ in Spain actually exist. This will heap more misery onto despairing investors who are without a home, the deposit and now no means of recovering their loss.
Designed to protect client monies in the event that the property was not constructed in line with the contract, bank guarantees were seen as the ultimate in security by Spanish property investors. However, in their endeavours to recover lost funds on the behalf of investors, ReclaimYourDeposit.com has exposed many cases where the guarantee has been promised but not delivered. Who is ultimately responsible for this failure - the bank, lawyer, notary or the developer? It’s simply not that clear cut.
Director of ReclaimYourDeposit.com, Daren Wallbank, explains, “Approximately 30% of enquiries received by ReclaimYourDeposit.com relate to Spain and, for many, the existence of bank guarantees alongside a fair legal system means a strong chance of deposit recovery. However, when these guarantees simply do not exist, we’re finding it difficult to apportion blame. Fault, we are told, does not lie with the lawyer, the notary, the bank or even the developer although all would have been aware of both the legal requirement and the clauses in the buying contract relating to it.”
Daren continues, “Lawyers are absolving themselves by saying that their responsibility ends with checking that the contract states there is a bank guarantee. The fact that they could then oversee the sending thousands of pounds worth of client money into a non bank guarantee account seems to be irrelevant. Yet if there’s no money in the designated bank guarantee account and it’s all going into the developer’s trading account, the bank will not issue the security. People put faith in their lawyer and it’s unfortunate that they’ve not been vigilant throughout – a quick phone call to the bank would have told them which account their client’s deposit had gone into and timely alarm bells could have rung.”
“The bank must also be questioned,”
This bleak picture leaves clients with the knowledge that they are more likely to buy a holiday home on Mars than successfully sue a lawyer in Spain. However, ReclaimYourDeposit.com is aiming for strength in numbers and hoping to take control of a quantity of cases on a ‘No Win No Fee’ basis. Spain’
If you have a disastrous situation that you would like ReclaimYourDeposit.com to take on and attempt to recover email email@example.com, visit www.ReclaimYourDeposit.com, or join our FaceBook Group “Reclaim Your Deposit”.
for further press information or photography please contact Sarah Drane
on firstname.lastname@example.org or call 00 34 607 564 726
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About ReclaimYourDeposit.com - ReclaimYourDeposit.com has been set up by a group of international property specialists to help purchasers caught up with unscrupulous development companies, delayed builds, non existent bank guarantees and escrow accounts, all wrapped up in broken contracts and promises.
The team has been involved in both successful projects and also on the hard end of those that have failed, they have seen the games that development companies can play and are aware of the delaying tactics and misdirection. With our knowledge and expertise we aim to assess your case and try to reclaim your money. We investigate bank guarantees and escrow accounts, study your contracts and look for breaches and loopholes to get your money back.
With our team of international lawyers we are able to use all means necessary to reclaim your money. This includes grouping together a number of purchasers from a single development and undertaking a class action suit against the developer.