Has anyone already handed their property to Royal Executive?

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18 Jan 2009 12:00 AM by sabber Star rating. 37 forum posts Send private message

Hi,

Has anyone from those who have completed on Medina 23 actually handed their apartment to Royal Executive as part of the guaranteed rental scheme?

I would like to know what the final conditions are, as there has been so much speculation about the actual terms of the contract.

Thanks

 

 

 




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07 Feb 2009 2:20 PM by thelooney Star rating in UK. 116 forum posts Send private message

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Has anyone got news on when guarenteed rents will be paid yet.




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16 Mar 2009 9:03 PM by Russ W Star rating. 230 forum posts Send private message

I've noticed that the rental companies website has been out of action for nearly 6 weeks (see www.royalpeninsula.net) is this significant?  Is this website for owners or potential holiday makers or both?  Has anyone completed yet and put their name down for the guaranteed scheme? 

I can't imagine that there have been many bookings as the resort is still a building site I guess.  Could there please be an update of photos on this forum or the peninsula website?

Thankyou for any information.



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03 Apr 2009 11:42 PM by Russ W Star rating. 230 forum posts Send private message

The website is now up and running www.royalpeninsula.net.  It looks very nice but I would have to say that I am concerned as to its purpose.  Is it for owners who want to rent out their apartments or is it for people wishing to holiday at the resort?  I also noticed that there doesn't seem to be any available space on the website for all of the planned phases of this development.  In additon, considering the potential use (in theory) I would query why a mobile phone number is given on the first page for contact.   Surely this would be inoperable given the projected rental figures and clients?  The cost of this website would be about £700 - £800 to produce.  But at least it is better than the previous incarnation of this business www.royalexecutive.com

I really query the guaranteed rental scheme and so googled "Medina Elvira holiday".  By now one would expect that advertising for this resort would be in full flow.  However in the first 5 pages (I gave up after this) I found only 3 positive matches they were (the rest of the links were for sales) -

http://www.holidayhomeads.com/Rent-medina-elvira

http://www.discovercostatropical.com/properties/property/golf-holidays/1-bedroom-apartment-medina-elvira-golf-resort-granada-gran01.html

http://www.euroletting.co.uk/index.php?action=listingview&listingID=919&printer_friendly=yes

All of these are advertisements for single apartments and there was a telling absence of tour operators etc.  The final link is on a website that allows you to list the property for free for the first year.  Interestingly the contact name was Margaret Corley (royal peninsula - telephone number the same as the official website).  This poses many questions in my mind.   Mainly, why is there a need to advertise on such a low budget website when you are so confident of guaranteeing rental returns.

I undersand that Margaret may have received a b********g before for allowing the facade to slip.  Representatives from Peninsula have used this forum to issue threats - so please address the balance and provide an explanation for this.

 



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04 Apr 2009 2:08 AM by jbotwood Star rating. 41 forum posts Send private message

I like the website. It's professional looking at last. My impression is it's to represent the rental services they do and to give a little bit of info on the resort, rather then pulling in rental business on it. I image the tour operators would be doing this directly?

Would be nice to know who they are going to be...

I was told by another purchaser in ME23 who has now completed that Margaret said they could be looking at 400 properties on the variable scheme rented out more or less 52 weeks per year, which I think would cover the whole of ME23 and Fairways

The lack of advertising is interesting, because the same purchasers told me variable rentals were starting in 6 weeks from now according to Margaret. These links all look like individual purchasers advertising their own apartments

Why would Margaret be listing a single property on a crappy looking website I wonder? Is this her own unit maybe?




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04 Apr 2009 10:36 AM by Russ W Star rating. 230 forum posts Send private message

I agree that the website is very nice looking but I have to say its purpose is still unclear to me.  The "services" part does seem to be for those people who have bought a property on Medina Elvira and would like it to be managed by Royal Peninsula - hence the dowloadable rental contract.  Anyway perhaps this will all become clear eventually.

If the figures for the rental scheme do come in as mentioned (although I'm not sure that there can be "more" than 52 weeks rental) then this is fantastic news.  In this instance, I will apologise for my comments in my previous post. 

Why on earth are Peninsula not making this more widely known?  This would be a fantastic investment for anyone.  Everyone would complete (if financially able) - if not some management scheme could surely be arranged as finance would be flowing in.  There also would not be a need to mothball other areas of the development as there would surely be a lot of people with savings globally looking for such an extraordinary return.  Peninsula could complete the build at a time where material costs and labour costs are at a low.  Imagine the money that they could make if they pushed the 5% (or even higher) guaranteed scheme.  I can't get over 3% in a standard savings scheme.

Time will tell as to whether this will happen.

 



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04 Apr 2009 11:29 PM by sjh Star rating in Cornwall UK. 34 forum posts Send private message

 wouldn't it be nice to actually read some good news on this site about the positive things that are happening at Medina Elvira? But as neither Sharon at Peninsula or Margaret at Royal Executive actually post or advise us of whats happening then I guess we have to draw our own conclusions.

We completed at ME23 at the end of January, now 8 weeks ago and I have not got a clue if the furniture pack has been delivered , utilities connected or when, if at all, the apartment will enter the guarranteed rental program.

Am I wrong to think that actually paying a fee to Royal Executive should provide some degree of service in return.

I just cannot believe what I have just read about  rental expectations, you are deluding yourself if you believe any of that, sorry but get real.

If anyone from Peninsula reads this I would challenge them to be brave enough, or truthful, to state how many of the apartments on ME23 have completed, how many pending and how many retained/unsold with the developer.

THere may still be many people out there wondering if they should commit funds to complete, Peninsula should be giving assurances that this development will be a success and putting a rocket up RE to get things moving.

Spanish unemployment is now at 16% expected to be 20% by year end and with 1.5 million houses unsold it could be nearly 10 years before these properties see 2005/6 values again

Hindsight is a wonderful gift, would I do it again? Well at this stage I have to say no, hold on to your money.

 

 



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05 Apr 2009 1:41 AM by jbotwood Star rating. 41 forum posts Send private message

Good to hear from somebody who has completed, just sorry your experience has not been so good

The purchaser that told me about the 400 properties was telling me he might pull out because of the size of his mortgage a couple of months ago. I think now he has completed he needs to justify it to himself so will be applying a rose-tint to the possibilities. Obviously if this is true it would be wonderful news to anybody on the variable scheme because they will end up with nearly all-year rentals and will easily cover their running costs. For somebody on the guaranteed scheme this won't make any difference

In my personal experience I have long been skeptical about what Margaret Corley told me as she is incapable of keeping in touch and avoids answering any difficult questions, for example recently she sent me a newer version of the guaranteed rental contract because I was asking lot of questions about the terms, and I noticed the old contract stated the rental income was secured with an insurance policy but the new contract ommited this clause. I asked her why there was no insurance detailed on the contract any more and she said 'the contract document must be corrupted' and asked me to send her a copy. Most likely she has deleted this clause because she couldn't get any company to insure the rentals and doesn't want to admit it. Since then I haven't heard from her, and going from past experience she won't contact me again now until I contact her, or moan to Peninsula about something related to the rental contract



This message was last edited by jbotwood on 4/13/2009.


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06 Apr 2009 9:49 AM by Not happy Star rating. 2 forum posts Send private message

Searching for golfing holidays in Granada, specifically for Medina Elvira, turns up nothing, apart from one, one bedroom apartment for rent. As they have had several years to start preparing to market the development, and the rental scheme is still a huge part of the marketing exercise for Peninsula, this is surprising.

I have also had difficulty getting any information out of the management company. They sometimes answer my questions and tell me what I want to hear regarding the contract, but it still comes back unchanged. Where is the guarantee that they have promised? What happened to index linking the income, only their costs are index linked? They demand payment upfront, but will not deliver anything for 6 months, and do not have to pay anything if parts of the development are unfinished – this gives them a huge scope to duck out if things are not going well. They also include an 18 month notice period, this is ridiculous, and only serves to ensure their income. 
 
In summary the contract is heavily biased to the management company (I would not sign it in its present form), and there appears to be no guarantee and absolutely no activity on the rental front. They appear to be spending absolutely nothing on marketing, and we have not heard from any satisfied customers yet regarding the rental scheme.
 
Completing on this really looks unappealing, Peninsula’s recent threats to clients is their way of balancing the alternatives and making not completing look just as unappealing.    They have sold this development on the back of the rental scheme, but cleverly excluded it from the purchase contract. Now they look as though they are short of cash their acts are all short term measures to conserve cash by not spending on things including the rental side, and generate as much cash as possible by any means. Good luck to those who are deciding what to do, it is not an easy decision.



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13 Apr 2009 4:24 PM by jbotwood Star rating. 41 forum posts Send private message

There has been some very positive news regarding the rental scheme today and I have to give credit where it is due, Margaret has come up a lot of specific information about how it will work especially on the side of insurance policies, and proper policy documents will be with my lawyer soon to look through. It looks like things have only been finalised very recently which is why details have been sketchy so far

I would personally expect to see a new rental contract detailing exactly how the insurance will work, and including the index linked rental income appearing very soon - this hasn't been promised to me at all and I haven't asked yet, but will press for something as a matter of urgency

There will be a newsletter sent out at the end of this week informing us of the tour operators signed so far and the general progress of the rental schemes, so let's hope this delivers the goods we are wanting to hear

There won't be any advertising until ME23 is declared 'fit for rentals' and clearly this has not yet happened - tour operators can't advertise holidays until they know which dates to sell them on - however I understand this is a matter of absolute urgency for Peninsula and Royal Peninsula to get the apartments rented out immediately with no further delays so people who are paying their mortgages already get some help

Yes without the scheme completing looks like a nightmare, however it if does deliver everything that was advertised then the apartment will cost almost nothing to keep going which is a godsend in the current financial climate. It'll just be those first 6 months you have to worry about, so it's worth adding funds to your completion bill to account for this




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13 Apr 2009 6:39 PM by thelooney Star rating in UK. 116 forum posts Send private message

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That's great news.  I'll be looking forward to the newsletter and fingers crossed that the rentals come in at the 5% for the guarenteed plan.




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13 Apr 2009 7:21 PM by Russ W Star rating. 230 forum posts Send private message

Whilst I welcome the news about this - isn't it a bit late to have sorted out the contracts?  When are the tour operator(s) going to advertise and actually start bookings?  I appreciate that this resort is appealing to use all through the year but surely we may expect a substantial time-lag for rentals to be generated.

The phrase "fit for rentals" also seems very similar to the clause mentioned previously in the rental agreement contract.

Hopefully all will become clear shortly and thankyou jbotwood for asking about this!!

PS any indication as to whether the variable would be better than the guaranteed?

Sorry just as a PPS could the details be posted on the client centre of the Peninsula website?



This message was last edited by Russ W on 4/13/2009.

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13 Apr 2009 9:31 PM by jbotwood Star rating. 41 forum posts Send private message

I didn't get any info as to exactly when the tour contracts were placed to be honest, just that they were finalising everything and getting ready to 'go live' as such, and that no more delays are expected or desired. To be honest I will be very glad to know they have contracts at all as I expected it must be difficult landing holiday contracts in a brand new resort with building sites all around the golf course and no shops etc - better late than never eh?

The main thing if you want guaranteed is that the insurance is in place - if there are further delays for any reason the worst it will do is delay the initial rental payments and cause short term lack of cash for a bit whilst we pay the full mortgage. I don't mind being under the cosh for a bit provided it's temporary

I didn't get any indication about variable Vs guaranteed, to be honest I'm only interested in guaranteed for the first few years as I can't afford the risk of having to pay all the running costs if they don't rent well...




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19 Apr 2009 12:18 AM by Russ W Star rating. 230 forum posts Send private message

Has anyone received any news from Peninsula regarding the rental scheme / tour operators etc??

Once again - any information would be very appreciated - Russ



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22 Apr 2009 5:47 PM by sjh Star rating in Cornwall UK. 34 forum posts Send private message

Hi everyone

This is for anyone who has completed at ME23, could you please post something here on how you are progressing with furniture deliveries and whether utilities have been connected yet to your apartment.

Has anybody been over to the development recently and can report on the current state of occupation ie has anyone moved in yet!

Also just a reminder that a forum site specifically for ME23 has been set up and it would be useful if all ME23 owners matters were posted there rather than on the generic Medina golf forum. Make sure you add it to "My Community forums"

Regards

Stephen



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28 Apr 2009 2:07 PM by sabber Star rating. 37 forum posts Send private message

Hi

Has anyone had a bank valuation for mortgage purposes recently?  I am keen to know what the valuations are coming back at compared to the purchase price.

Can anyone share their experiences in finding a mortgage in Spain?  If anyone has gone for the developer's mortgage, was it a good deal in comparison to other deals?  What proof of income was required?  Has anyone got a self-cert mortgage or buy-to-let?

Any information especially from self-employed buyers would be appreciated.

And any news regarding the rental package would also be helpful.

 

 

 

 




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28 Apr 2009 6:50 PM by thelooney Star rating in UK. 116 forum posts Send private message

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Ther doesn't seem to be many people completing here. 

Am I right i saying that only ME23 is in the process of completion?  Does anyone have expected completion dates for other phases so we can see a complete picture?




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28 Apr 2009 8:36 PM by jbotwood Star rating. 41 forum posts Send private message

I am in the process of completing in Medina Elvira 23 and am expecting notification that my lawyer has completed for me any day this week. Medina Elvira 23 is the only development to complete so far and I am one of the last ones to complete, so this developent is nearly finished. Fairways will be the next one although I don't know about completion dates for this. I believe from talking to other purchasers that they don't have the LFO yet for Fairways and completions cannot start until this is granted

I was told late last year by one of the mortgage brokers I was using that the valuation on my property had come in at approx 15% over the purchase price which was encouraging. I do think however with the current state of the housing market in Spain that this is optimistic, but it does indicate that any loss of value now or in the near future is going to be offset by initial rises since we purchased a couple of years ago, especially for the earlier phases like ME23 and Fairways

I am taking the developer's mortgage which was actually the only decent mortgage I could secure. I was applying last year when things were at their worst with the banks. Gaspar Lino told me the banks just didn't want to know back then and it was almost impossible even getting responses from them to new applications, which is exactly what I found when approaching the banks directly. This is certainly not the case now so people applying now will have better luck

Some brokers I can recommend that were helpful with my applications:

Europa Mortgages - Chris Norman
chris@europamortgages.com

Fluent Finance - Mark Elliott
melliott@fluentfinanceabroad.com

Mortgage4Spain - Stephan Onsmark
info@mortgage4spain.com

Mortgage Group Spain - Joe Lopez
joe.lopez@themortgagegroupspain.com

Peninsula will also be happy to apply for mortgages on your behalf (I believe) and applied for many for me. Laura Porta would probably be the best contact to speak to at Peninsula about this
laura@peninsulapm.com

The developer's mortgage (Cajamar bank) is a good deal and to be honest I'm not disappointed with it. They increased the interest rate from Eur + 0.75% to Eur + 1.5% which initially annoyed me but this equates to 4.5% for me so is not bad at all, and let's face it you still can't get a really low interest rate in the UK for a new mortgage. Next year (it is based on the previous year's everage Euribor rate) the rate will come down significantly due to the lower Euribor right now although mine is floored at a minimum of 3.25%. Again this is still not bad and is in fact lower than the interest rates that were typically available at the time I originally purchased my apartment back in 2006. I was budgetting for 5% back then. Cajamar's fees should be subtantially lower than those of independant providers because the mortgage is already in place on your property and they are just moving it over to you and probably increasing it slightly

I don't know about being self employed - I had to provide 4 months payslips, bank statements, proof of savings and a credit reference from one of the main UK credit agencies for my application

Regarding the rental scheme I have seen the insurance policy that protects us on the guaranteed 5% scheme against Royal Peninsula going bust. The same insurance policy also protects each tour operator from the same thing. After my completion I am told I will receive my insurance policy. I don't know anything about when rentals will start but this should be 'very soon'. I am sure that newer developments will move to rentals much quicker than ME23 because all of the tour operators will be in place, insurances organised and things, and getting everything finalised has been a source of delays with ME23 rentals to my understanding. We just need to be patient and for those of you completing in later developments it is highly likely ME23 will already be renting by the time you complete

It would be very nice if the more silent users of the forum starting posting with their progress - at the moment it feels like there are only a handful of us that actively use this forum. I certainly intend to post my experiences as things progress




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28 Apr 2009 10:46 PM by sabber Star rating. 37 forum posts Send private message

Thanks Jbotwood for your encouraging and detailed post.  I hope things will start to move a bit faster now that some of the developments already are or are going to be completed within the next few months. 

I have been told by Peninsula that Tee 17 should be completing in Summer 09.  I have to say this caught me by surprise, as I did not have much hope for it to be completed in time. I was expecting a completion date in the new year or thereabout.  However, I am waiting for the developer's state of the works information, which will give us a more accurate idea.  The developer of Tee 17 is not Peninsula, but Grupo Proadis and therefore their mortgage is not the same as Peninsula's.  I am quite sure they have a mortgage with Cajasur, details of which I have been promised to receive with the schedule of works.

I have asked Peninsula what the situation is regarding the sports facilities, riding school and shopping centre.  They say that the works will commence this year.  I have been trying to confirm this with the developer Grupo Balboa but so far I have not managed to get a reply to my emails.  I will try to phone them probably tomorrow.  I seem to remember having read a post saying that Grupo Balboa does not intent to start building these for the time being until the economic situation improves.  Can the person that posted this information confirm whether this is so and who they spoke to?

Peninsula says that it is normal for all the amenities not to be available until a minimum number of residents are living in the resort, but I feel this is the pulling factor when it comes to rentals, so I cannot see how anyone would want to rent a holiday apartment in the middle of nowhere without any amenities in place.  It is true that the school is now up and running but I suspect most of the students are local and this would not make much difference to the holiday rentals.  They say that tenants have already moved in some of the apartments at Medina 23 due to the availability of public transport to the centre of Granada.  I imagine they might be long term rentals.

As Jbotwood said, it would be good if more people shared their information and opinions in this forum.

 

 

 

 

 

 




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28 Apr 2009 11:30 PM by thelooney Star rating in UK. 116 forum posts Send private message

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Thanks guys,

It seems that people in other developments have been informed of completion in the next couple of months inc Tee17, Golf and Suites.  With the delays and time it has taken to keep us all informed I guess that it'll still be a while before actual completion is organised for us.  The last people on ME23 have just completed and that development finsihed in Nov so I guess it'll take 6 months for the stragglers to complete on other developments too.

I am considering taking variable rental now as 5% (- with a delay of god knows how many months before any back payments) means we will have very little to offset mortgage payments.  Has anyone who has completed actually calculated what they will be paying after tax and management fees on the guarenteed rental scheme?  At least then we can use the place our selves.

I'll update as soon as I have definate news.

 

 




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