Property purchase - some advice needed

[arain]

Hello we need your opinion (before contacting some lawyers etc) regarding a property purchase here in Tenerife. Your advice would be much appreciated.
One month ago we signed a reservation contract with Altamira for a property here in Tenerife. We signed, paid the deposit etc.
For personal reasons, two weeks later we weren't sure whether to go ahead with the transaction so we didn't complete the transaction within the 30 days interval agreed in the reservation contract. So basically the reservation expires tomorrow, and the earliest date when we can go to the notaria is next Friday. So from a legal point of view, if we go to sign the purchase agreement next Friday, at that time the reservation will be expired. The estate agent acting on behalf of Altamira is telling us that there will be no problems even if the reservation expired. From our point of view there's a huge risk of going ahead like this, without a document from the bank wich clearly states that the flat is still reserved for us until we sign. What 's your opinion on this?

[Roadkingrider]

You need a good solicitor! Don't do anything before consulting with one - if interested, I can give you the details of an excellent lawyer who is currently working on my behalf on a prolonged case. PM me and I'll send details. It's worth spending the money believe me.

[Foz]

Hello we need your opinion (before contacting some lawyers etc) regarding a property purchase here in Tenerife. Your advice would be much appreciated.
One month ago we signed a reservation contract with Altamira for a property here in Tenerife. We signed, paid the deposit etc.
For personal reasons, two weeks later we weren't sure whether to go ahead with the transaction so we didn't complete the transaction within the 30 days interval agreed in the reservation contract. So basically the reservation expires tomorrow, and the earliest date when we can go to the notaria is next Friday. So from a legal point of view, if we go to sign the purchase agreement next Friday, at that time the reservation will be expired. The estate agent acting on behalf of Altamira is telling us that there will be no problems even if the reservation expired. From our point of view there's a huge risk of going ahead like this, without a document from the bank wich clearly states that the flat is still reserved for us until we sign. What 's your opinion on this?

Hi Arain .... are you talking about purchasing an apartment in the complex called Altamira .... or about buying a property through the company Altamira Santander?

[arain]

Hi Foz,
it's about purchasing from the company Altamira Santander

[Foz]

Hi Arain .... I am in the process of buying a place through them too. We signed our contract on 6th June. We everything in place to go ahead straight away ... but they seem to be stalling us!! I'd be interested to hear what advice you get from a lawyer.

[CIM]

You have to be careful when trying to buy from banks. They all have wildly different purchase processes. Standard terms and conditions of sale that you may be used to or expect simply do not apply. I have had banks refuse to pay off debts at notary, citing that they will be paid "later" etc and that because they are a bank you can trust them ;)
Another completed at notary without even having the funds in place from the buyer. His gestor hadn't transferred them to the banks account and it took them 3 weeks to notice!
I have seen load of them dishing out wholly inaccurate advice on rental potential of the properties they have for sale as well "touristic" "holiday rental" " great investment" etc, the usual stuff that people get caught out with. Remember that their goal is too offload their stock, your best interests are not theirs so make sure you have a good lawyer/advisor who knows what they are doing and if you are not sure / not happy - walk away, the market is awash with property so unless what you are buying is a one off, there will be more.