When banks don't honour bank guarantees they have to be failing, there is a reason they are called guarantees after all, and I don't think Barclays is failing.

Nothing in life is guaranteed, least of all with a Bank! Just look at sub prime to see their expertise in the property/mortgage market! Banks are about the least likely people to trust when it comes to the crunch, excuse the pun!

Hi all,

Can anyone explain the meaning of the recent letter that sanchez have sent out to purchasers?

What does it mean?
And what can we do?
Where do we stand?

Any info would be great?

Thanx-d

Hi Deedee

I sent the letter on to Manzanares as it looked like they (GS) were trying to make a "unilateral" decision to go ahead and sign the contract before the 12 month bank guarantee expires!

I have left it in their hands and am awaiting further instruction but will not be signing or agreeing to anything at least until licenses are granted and proof is gained.

The letter also said that if we did not agree with this new arrangement, we had to contact them in the same way that they contacted us (recorded delivery letter), they would take non contact as agreement for them to go ahead with their new plan which was quote "solely for the benefit of the buyer" Hmm!!

Not sure that I want to do business with a company that tries to move the goal posts if it can't score in the proper way!

Hope this helps.

My sentiments entirely.....Id be very nervous about paying with any more money to this outfit. I have also been in contact with Manzanaries and await their advice.

K

hi dee
as far as i could make out the letter was trying to get us to agree to sign a sale contract before the bank guarantee kicks in thus making it worthless. I think sanchez were trying to make sure they could get to keep all the lovely deposit money regardless of obtaining licences.
I did note that to disagree with this arrangement a letter stating that had to be sent recorded delivery to GS within 14 (15?) days. I have already sent one telling them to politely get f****d and a copy to mananzares.
really not sure how they could make the claim that getting rid of all our protection (bank guarantee) without them obtaing licences would be "solely for the benefit" of the clients.

Unless they have the licences, my understanding is that they cannot legally issue the contracts. So it is important that you get copies of the licences before signing any contract.

__________________
Michael Bush
e-mail mbush5@aol.com
http://www.thecompletepropertysolution.com
skype name michaelbush

It is illegal to sign a purchase contract for a property in Brazil which does not have the Registo de Incorporaçao. As far as I know, Sanchez don't have the registo therefore can not do the purchase contracts.

__________________
Have a nice day

Hi guys

Sorry been away for a few days so a bit behind on repying to all the queries on the GS situation. Most of you have had now had your letter from GS requesting your agreement to proceed to contract as soon as licenses are granted. For those that you do not wish to proceed (which i guess is most of you) you have to write to GS in the same way as they wrote to you (ie recorded delivery) advising that you are not happy to proceed to contract and you would request your refund of your deposit on the expiry of your original reservation deposit. At the same time you should also send an instruction to your lawyers aslo advising that you wish to pursue a refund from GS on the expiry of the contract. If this is done via the bank guarantee which i guess will have to be the case you only have 30 days from the expiration of your reservation contract to submit your refund request to Barclays.

I hope this helps

Lisa

__________________
MARBEN INTERNATIONAL
Freephone from UK 0800 680 0736
www.marbeninternational.com

Hi all,

So how do you go about applying for your reservation fee refund?

Do we have to write to the bank requesting a refund?
What do we say? i.e reasons why?
Do we have to send the original bank guarentee with the letter also?
OR Do we have to send letter and guarentee to GS?

Is there specific documents we need to enclose etc?

Thanx-D

Hi Dee et al

You need to advise to GS in your letter that you will require your refund upon expiry of your reservation contract if the registro do incorporacao (License) is not granted before you expiry date. I would enclose a copy of your reservation contract with this letter highlighting the expiration clause.

My advice is to also at the same time send written instruction to your appointed lawyer advising the same and enclosing a copy of your bank Guarantee with this letter. The lawyer with then follow this up on your behalf and if necessary redeem the bank gaurantee with Barclays. You only have 30 days from the expiration of your contract to redeem the bank guarantee!

Hope this helps.............any questions just holla!!

Lisa x

__________________
MARBEN INTERNATIONAL
Freephone from UK 0800 680 0736
www.marbeninternational.com