How many forum members does it take to change a light bulb?

SandyH

They are a good way of 'dipping your toes in the water' with a relatively smaller outlay than going full purchase. Presumably you get equivalent of 13 weeks usage in some format or another, together with names on the title deeds so you actually buy and own a part of the physical property bricks and mortar (unlike most timeshare)and which you can sell-on at a later date.

Do you get fully furnished/all legal fees or anything in the deal? If you did then as long as you give Power of Attorney to your solicitor in Spain to do all the legal work there is very little to do really. The agent organises just about everything else.

 Obviously your purchase price per share, totalled, is more than the contract value on the property, but you have to accept that the agent takes their commission but also provides you the trouble-free entry into your holiday home abroad.

My experiences are that they do work ok. I have been in a similar for a while, but eventually went full purchase just because a good opportunity arose, but have had no hesitation in referring quite a number of people to the agent I used for the 4 share ownership plan. I know a few people on La Torre who, using the same agent, completed on an apartment a few months ago under a similar 1/4 share scheme and they are delighted. Everything with the purchase went very easily and smoothly.

One thing I would highlight as a real recommendation for you ....try and physically meet the other sharers for an informal chat. We met an Ikea store cafe one Sunday morning. Select a central point and meet up if you can. It really is hugely worthwhile and worth the effort as you really find out much more about the people, their expectations, what their plans are and you usually find that everyone has the same apprehensions, but also the same committment to making it work.

I too have purchased a quarter share on Phase 6 (maybe same apartment!).

For me,my partner and family it seemed the obvious and sensible choice alternative to buying outright.Less yearly fees,less responsibility,less hassle and more importantly less money!

Would have preferred that the weeks were taken from say a Thurs to a Thurs which would allow for long weekends (which is what we bought it for) without having to `use up` two weeks of our allocated 13 but hey if thats all Ive got to worry about then so be it! Maybe if other quarter share owners feel the same way then the schedules could be altered to suit all.Something to look at, which as you state,a meeting with the other owners is a good idea.

Craig

Hi there

My wife and I plumped for shared ownership at Hacienda Riquelme in July 2006 in a 2 bed first floor apartment in phase 6 (Mejorana 10). Anybody out there got one of the other 3? It would be interesting to hear from anybody who has any news of the anticipated completion date bearing in mind some of the comments regarding the missing apartments.

Hi, Parader,

Your name is suspiciously close to Parador (properties) are you working undercover? I have sent you a private message re shared ownership. Phase six will be one of the last to be completed. The advantage of that is you won't have to holiday on a building site like the early completers will. The bad news is the expected completion date is very elastic. It appears to be a rule of thumb that whatever the most pessimistic PW rep tells you - add on 6-12 months and then snagging and connection of utilities (which is out of their hands.) The rep told me Easter 2007 (I knew that was nonsense) PW told me October 2007 ( I was sceptical about that) I hoped for Easter 2008 (now unlikely) I am hoping to take my summer 2008 holidays there. I am not being negative just realistic. It's because people believe all the hype that they get all stressed when promises aren't fulfilled. The bottom line is that your guess is as good as mine. However, the later stages of La torre are now completing. Look at photos of La Torre and work backwards. (JHPinternational.com) Compare these to the apartments on HR when they were at the same stage and look at the date. That's what I based my judgements on.

To end on a positive note. I was out there in Feb (see photos) and I'm going again in April. I belive HR will be fantastic resort and well worth the wait, we must just keep the faith!

Sandy

Hi Sandyh

We have bought on phase 6 and have in our contract complete october 07

we havent been out for over year have you spoke to anybody about these dates or

is this just what you are feeling?

We understand where you are comeing from we bought another property in april 2003 an got the keys december 2006 nearly 4years later.

regards

rob/jac

Hi  Rob/Jac,

                    I don't want to appear a doommonger but if you've completed on phase 6 by October, I will run through PW Headquarters naked (not a pretty sight!) I don't pretend to be an expert but I monitor a lot of the forums (fora?)  Completion is only the beginning. You can wait anything up to 4 months after that for the snagging to be completed and the utilities to be connected. One of the advantages of being on a later phase is that the connection of utilities should be relatively painless.

It's disappointing for everybody that they won't come in on time but it's a case of realigning your expectations.

I don't doubt you have it in your contract that completion will take place by October 2007, but I bet you don't have a penalty clause. i.e. they won't pay you any money if it isn't. At best you may have a 'get out clause' whereby you can withdraw. They won't pay you any interest on your money they have had for the past X years and it will take an age to get it back anyway. (by which time the apartment WILL be complete) They may offer you an alternative (usually inferior) apartment on La Torre but that's about it.

This is not an exercise in slagging off PW. On the contrary, my experiences with them have all been positive and the service they provide is first class. The reality of the matter is that projects never complete on time. Ask anybody who has had an extension built, watch Grand designs on TV or look at Wembley Stadium which was several years late but is still magnificent. PW have no vested interest in delaying things because they are still waiting for the 60% balance on the property. it because of this they stretch the truth and then tell you it's complete before it is and try and rush the snagging. People fall for it because they are vulnerable because they so desperately want to take possession .

PW are a business and want to make money.

I have absolutely no axe to grind but I have  seen so many people listen to false promises and get so stressed when they are not delivered to the point of it affecting their health.

Don't let this happen to you. Be realistic, even pessimistic, then if it comes early it's a nice surprise.

I don't regret buying for one minute because I think the end product will be superb. The delay also eases the financial burden slightly.

This is all just my feeling and I hope I am wrong. Take your choice: my realistic assessment or PW's spin? Just ask yourself - would you and thousands of others have still bought if you were told it would take 3-4 years to complete? Probably not - so they do what all sales people do - tell you what you want to hear!

Sorry to be the bearer of bad news but it's better to know now than in October

Sincerely Best Wishes,

Sandy

HI Sandy

We cant fault you in what your saying and after our experience from before it will come as no surprise,your right in the fact that H/R will be great when completed and like you say its worth waiting for.

                              Thanks

                                           Rob/Jac