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Can anybody please tell me where we stand.  We bought a frontline penthouse apartment at Condado in Jan 07 and was told it would be June 09 when it would be ready.  We have had little contact from them until today when we have been told completion is now between 27 Sept and 31 Oct.  We have no mortgage organised and probably won't be able to get one so soon with mortages being a lot harder to get these days. Anyone else in the same boat???

 

Hi jonew

Welcome to the forum, If you look back at others contributions to the forum you will see lots of information on the subjects you raise, unfortunately your contract allows PW to complete early and yes most people on the forum are in the same posision, sorry

Phil

Hi Jonew,

We had exactly the same happen to us in June.  We tried everything we could to delay completion but PW wouldn't budge, although I know some people managed to get a week or two delay.  It meant a few stressful weeks to get everything sorted out but it is possible.

Good luck

Tim

You could get your soicitor onto this.  We had problems getting our mortgage on time (due to the incompetency of our morgage broker)  If I knew then what I know now I would have gone to the banks myself.  Probably this is what you should do.  We used Barclays at a rate of 0.75% above Euribor.  On other threads you will find other banks offering not bad rates either.  Get all the paperwork you require and you should be able to sort out your mortgage quicker than we did.

However, I am diversifying.  We were supposed to complete on 1st July but due to the mortgage not being in place and the fact the habitation certificate was not available we actually did not complete until 13th August.  Your solicitor will be able to negotiate with Polaris better than you can I think!

Obviously in these hard times Polaris may have to be a little more flexible if they want their money at all!

Good luck

Linda

Dear Jonew

We also brought a front line Penthouse in April 07 and sat back waiting for our completion 2nd qtr 2009 - fortunately we visited the site and saw how advanced construiction was and also,  thank god,  located THIS forum

PW called me two weeks ago and informed we are now completing from 20th October 2008 - which ties up with your 9 months early.  Luckily and largely thanks to the other informative posts on this forum, we are sorted out with NIE Numbers / POA and also our Mortgage and will just about be ready  for this date -  I never ever imagined a Spanish project like this would be EARLY !!

Check your PW  contract I think you wil see it say they can deliver the property at ANY time - they show a long stop date but nothing about completion early - your solictor should be able to buy you some time  - likewise have you got all your bank gurantees from Polaris up to date and this coudl buys you some time ?

Good luck, it will all be worth it in the end,  as the penthouse views and location are fantastic !


Rgds
Mark

Hi all,

In the same boat re 9 months early on completion. Luckily the forum has proved invaluable in answering many questions regarding completion (thanks to Phil and Ann primarily). We're out in Spain completing 27/28 Oct and have just completed paperwork on Banco Halifax for Mortgage. Planning to go out there 22/23 Sept to do some running around prior to completion the following month - Cuppa booked with Phil and Ann as we're both in Los Naranjos Jardin 8.

The whole process appears reasonably straight forward although I haven't received completion paperwork from PW.

Did have a call out of the Blue from Parador (hadn't been in contact with us for 9 months) to offer help in when we were out there for completion. 

Looking forward to meeting as many of you as possible.

Paul and Jane

We are in exactly the same boat. They told us June 2009 originally and then a few months back we got told October 2008. I got in touch with our solicitor (recommended by parador) who said there is nothing we can do (not unexpected). I then contacted somebody at polaris world who said we had to complete between start of October and 10th November and could we let them know what completion date we would like. I explained about not being able to get a mortgage at present and polaris asked for my solicitors details and my mortgage brokers details. I have heard nothing back since. I'm figuring that if I ask for 10th of Nov, with a bit of luck the habitation certificates will be running late and we may get some extra time on top to get a mortgage. Worst case is we can't get a mortgage come completion and Polaris try to keep our deposit. I have a feeling they will send a few threatening letters first though (another forum member had this treatment) as it is in their interests for people to complete rather than have the hassles of going to court after trying to take your deposit and then re-sell your apartment on.  I think we would possibly stand a good chance in court if we can prove that we are trying to complete (rather than back out) but are struggling because Polaris gave incorrect estimates. I would contact Polaris and keep all correspondance just in case the situation arises. I believe there are other forum members being represented by a solicitor who is claiming polaris has breached their contracts for condado by not building one of the town centres and a swimming pool. As a last resort you could always go down this route and try to back out altogether - it's worth a shot if you are looking at losing everything. Hopefully it won't come to any of this though.

Hi Ooch,

Thanks for your reply.  Seems theres a lot of people out there being pushed into an earlier completion date.  We only found out last week and have already had a number of phone calls from Polaris asking for a definate completion date.  In fact I have decided not to answer the phone at the moment while we try and get things sorted.  We have been to see a mortgage advisor this morning who has found us a mortgage with The Leeds Building Society, we have filled out the forms and we hope to have a decision in principle by the end of the week.  If it is as straight forward as he says then we should be on track for the 31st Oct which was the latest date we were given by Polaris.  I think we are going to try and push Polaris into November if we can though as we want to sign in person and inspect the property ourselves and as the flights are so expensive at the end of October due to half term it will have to be ok.  Just answered the phone while typing this - damn said I wasn't going to answer it any more.  It was Rachel from Polaris completions saying that they will let us complete in November but we must give her a date by the end of the week.  I think you could easily push them for an extra couple of weeks just to give you a little bit more time. 

When we were over in Spain in July we were asked to complete on the 15th August at which time we did not have a mortgage in place, they then said the 22nd which we said was still not likely. We have a mortgage advisor sorting our mortgage out and so everything has gone to her from PW and not to us, she has also been the go between for the solicitor.  I do think they do put the pressure on, and at the time our mortgage advisor told us not to answer the phone when they first tried to get in contact with us. As yet we are still waiting to have a completion date and have got the mortgage ready to go.
Regards
Mandy

Hi all,

Out of interest, were any of you guys offered, or considered, the builders mortgage?

Phil

Hi Phil,
We were offered a builders mortgage and did consider it but after talking to mortgage adviser because we wanted to borrow more than 60% she said we were better off with another mortgage. 
Regards
Mandy

Hi Phil,

Yes we have been offered Builders Mortgage - Caja Murcia. Have filled out their forms and as well as Halifax. Not sure which to go for.. If you go to the Halifax thread you'll see a ton of correspondance and quotations. 

Paul

Paul

I was thinking of going with Halifax as to start with they seemed to have positive reviews such as good service, local branches, English speaking, etc.....However, just lately they seem to have some bad comments especially with their costs.

May consider builders mortgage but my agent is hopefully point me in the right direction.

Phil

We got offered the builders mortgage but they only provided examples for terms upto 20 years. I've heard the builders mortgages tend to be inflexible, personally I would like the option of overpaying without penalty. I contacted banco popular by e-mail several times to ask if they could provide longer terms and if there was the option of overpayments but never received a response so I got in touch with a broker instead.

Hi All

We started the Halifax thread to inform you all of the charges we have to pay to both our solicitor and Halifax, athough our costs are far more than we anticipated, I think mostly from our solicitor. I must just say that the Halifax have been excellent , very helpful and the mortgages rates seem as good as any where else.
Please do not be concerned re the Halifax , we just wanted you to be informed of all the possible costs.
Hope this helps

Sandy & Steve



This message was last edited by salsdn on 9/4/2008.

 

Hi Sandy & Steve

I am glad you have cleared the confusion up as I think people were starting to believe that Banco Halifax are to blame for your over charging concerns, Although I am going with Banco Halifax for my Mortgage, I am not championing their course as I don’t think they offer any better or worse than others, I personally went with them as I considered them to offer the flexibility I wanted (early payment without penalty) and ease of communication in UK, on the Net and in Bank branches. Like most thing its what suits your personal needs.

Regards

Phil

Hi

We were expecting a completion for our property at Los Naranjos P1005 to be mid to late 2009 but were contacted in September 08 and advised that completion would be October 08.

We too went through the panic which some of you mention in that we had no mortgage set up or anything.  We tried to take over the builders mortgage Banco Popular but our application was rejected as we needed to borrow more than the 60% (as we still had not paid our 15% stage payment due to no bank guarantee for 25% payment).

So anyway, we went to Lloyds TSB es and secured an offer with them. 

All in all very stressful trying to get everything arranged at last minute then low and behold, PW contact us just before completion and tell us that the habitation license is not in place and therefore completion is delayed.  This has happened 2 more times since and now 3 months on, no idea when completion is and mortgage offer has expired so we are back to square one and a considerable amount of money out of pocket in bank charges!

 

No idea where to go from here

A & J

when you are dealing with an overseas company take all the stress away and give it to a broker who charges a minimal fee.

as a broker i could do that but dont want the hassle cos its huge.but take it from me you are mad to do it on your own