Has anyone already handed their property to Royal Executive?

I visited Tee 17 about five or six weeks ago and was told by Sharon H that completion was unlikely to be before the end of the year.From what I saw,talk of it  being finished in a couple of months is total nonsense.I have had no such contact from Peninsula,and have no idea where this has come from.

There do seem to be more encouraging signs though in  terms of genuine progress  being made on the rental scheme.As I've said before,until someone tells me it's NOT going to happen,why should I presume it ISN'T as many seem to be doing.

With regard to mortgages,I do have a contact here in Spain and will keep you posted if he is aware of better deals becoming  available.

Meantime.I still believe this can be the excellent project we all thought it was at the outset,and will try to remain positive!

Hi Seagull,

Laura Porta at Peninsual told me completion was expected this summer, but we are waiting for Proadis to send confirmation on the work progress.  We'll have to wait and see.

Did you take any pics when you were there last time?

Any news about the building of the sports and shopping facilities?

I did post  about our visit on one of the forums recently,sorry not sure which one!

No pics,I'm afraid,but building work was definitely progressing. International school was open and club house almost so.

Can I suggest you get back to Laura Porta and ask who's right.?....according to Sharon H,who showed us round,Tee 17 was not now sceduled to be ready until the end of the year.That's quite a difference from the summer!

Hi everyone,

I am going to be visiting Medina Elvira in the next few days and hopefully taking some photos of the progress.  If anyone needs any pictures taken of a particular area of the development, I will be happy to help.  Just send me a PM.

Tee 17 - Found the progress very disappointing as you will have noticed from Peninsula's latest photos.  I cannot see much has been done since I was there in September.  Proadis say that a lot of the progress has been internal and insists the first five blocks (A-E) will be completed this coming August!  When you see the pictures, you will realise it will take more than a miracle.  There were a few workers on site but the site manager was out so I could not speak to him personally.  Some of the flats' kitchens and bathrooms were already tiled. The quality of the ceramics is well below what you would expect for the high spec finish we were led to believe we were getting.  

The remainder of the blocks will follow but it could take well over another year before they are finished.
 
The problem arising from this is that Margaret says she cannot put Tee 17 up for rentals until the whole building is finished and landscaped (which is fair enough), meaning the situation for us is quite dim.  I seriously doubt even our blocks will be ready in less that 8-9 months. 

More positive news is that Medina 23 looks great and Fairways is almost complete and looking very nice.  Peninsula's finishes look of a much superior quality than Tee 17 to me.
 
Margaret has given me some names of companies she has lined up for the guaranteed rentals.  She mentioned a swiss-israeli company called SIR, another called HRS (Hotel Reservation Service) and Signature, which is british.  Apparently the swiss company might agree to owner's personal use for 4 weeks a year provided the owner pays 30% of the rental cost to cover services like cleaning, utilities etc.  Margaret says she has got an 80/20 ratio of guaranteed/variables both in Medina 23 and Fairways.  She is hoping to start rentals from July on a small scale and move on from there.
 
I had been informed by Grupo Balboa that the sports facilities at the resorts would be provided by the Council and they would actually be building the sports centre, pools etc. Jose is surprised to hear about the sports centre being assigned to Atarfe's council.  He is aware the plot is but thinks that it is Grupo Balboa who will be building it. 

Hi all, Jetdog from Fairways.

Has anyone seen a copy of the insurance policy that is supposed to underwrite the guaranteed rental scheme? Amongst other things, it is supposed to cover rental income if the rental company goes bust.

Also does anyone know of anybody who has signed for one of the rental schemes?

Not a single person has said they have received any rent yet but others have been to the resort and seen people using accommodation in ME23.

With all the delays, I think that by the time fairways requires completion there must be someone on 23 who has received income.  Our solicitors should now have have copies of the insurance if it has been renewed.  It is their job to look after our interests here so I presume they have chased this up in the first place.

 Peter(Seagull).......Tee 17

To avoid confusion, could we all please say which development we are buying into when posting?It will help us all to get a clearer picture of progress on the site etc.

I have had an invitation from Margaret at Royal Pen to stay at a discounted rate at Fairways..........sounds a good idea,and a definite opportunity to have questions on the rental scheme answered.

Obviously,the question of insurance should be dealt with by our lawyers conducting the purchase,and I'm perfectly happy to allow that to happen.

Hi All

Just a word to those who have completions coming up at Fairways and Tee17 in future

 I suggest that you do need to pin down the details of the rental scheme if you require this and also how swiftly the apartment will be usable after you have completed.

Our story so far is that we completed on ME23 at end of February.

I have had no snagging report so don't know if this ever took place, It was 3 months before the furniture pack was installed in the apartment, make sure the timing of both of these is known before you complete.

  I have had no confirmation that gas has been connected, again get lawyer to advise on the expected lead times from the various utility companies and who chases this is it the developer or it just happens when it happens.

Only now is it being raised that lack of an aircon unit (preinstalled on appt specs just means the ducting is in place) so the appt cannot be taken into rental program, additional 1500-1700euro expense required, 

No indication when the rental program will be fully active.

I have written off all expectancy of an income from the rental program this year, so if you do need it to pay the mortgage it looks like it could be a very long gap between completion and seeing an income.

The delays and lack of response or information is the most frustrating, about 4 years ago we purchased in Turkey and were renting within 3 weeks of completion

Either Royal Peninsula are going to improve as they gain experience or they will be completely overwhelmed with the additional development.

Just get all the timescales assured before you move forward as it certainly feels that you will not hear from the developer once you sign .

Hi, Jeff from ME23 here,

If anybody is on the verge of putting down their first deposit for furniture, I have a half-paid furniture pack for sale. It's for a 1 bed apartment and 50% deposit has been paid (€4000). The remaining 50% would need to be paid on delivery and I would sell the order to anybody interested for €3000 or nearest offer, saving you at least €1000

If anybody is interested please PM me and I will start arrangements with Margaret to switch the order

Hi, Jetdog from Fairways.

Unfortunately, according to my solicitors, the rental schemes and the property purchase are separate. Therefore, only the property purchase details will be checked by the solicitors, not the rental scheme. This is left up to us to check. Perhaps everyone should check if this is the case with your solicitors and post the response here. You may think that your solicitors are checking the rental scheme is ok, when they are not.

It looks like nobody here has had sight of the insurance policy that is supposed to underpin the rental schemes (especially the guaranteed scheme). If this insurance policy does not protect us from Royal Peninsula going bust, then we could be in a situation where we will have received no rent for 6-9 months and no prospect of receiving guaranteed rent for the term we signed up for.

Anyone any rentals yet?

Hi All

A rental? Whats one of those?

REferring back to Jetdogs post, our solicitor checked the rental contract when we completed earlier in the year, it certainly does not contain anything that constitutes a guarrantee. I think we are more operating on faith and blind trust.

We handed ours over in March, the furniture was paid for and we are told already installed. 

We have repeatedly asked for a date when the income will start to "kick in", but still have not got an answer.

It is very frustrating dealing with Royal Penisula, they seem so disorganised and at times "shifty"

i.e we make a call, the phone is answered, ask your question, then fobbed off, and promised a call back, no call back, so on it goes again.

We are getting quite angry now, it is going to become a problem if the income does not kick in after 6 months.

"It is very frustrating dealing with Royal Penisula" - it sounds like a right Royal "cock-up".

Seriously - I'm sorry to hear about your frustration - have they given you the name of any tour operators that are involved in the rental scheme?

Russ

So far I think we have five tour operators? I am copying from Vikki's very helpful post last week and don't remember seeing any other ones posted by anybody:

I was told about Signature and Hotel Club myself 3 months ago by Margaret and the guaranteed rental insurance contract I saw before agreeing to complete was for Signature. So we know they have at least 5 tour operators

I do hope for everybody's sake here that they get the rental scheme going soon as there are a lot of purchasers out there who have completed on ME23 months and months ago paying the full whack every month with no hope in sight of rental income right now

"Take advantage of the 2, 3, 5 or 10 year renewable guaranteed rental programmes we have set up, underwritten by one of Spains leading Insurance companies, and in association with some of the worlds leading tour operators. This is a REAL guarantee, not just a vague promise of income, as is offered by some other developers!"

An extract that has been on the Peninsula PM website for years.

http://www.ownersdirect.co.uk/granada.htm

It seems that some people are trying to get ahead in the game to get their places rented themselves.  I am wondering though why they have resorted to this at these rates which are lower than the guarenteed promise. 

I found these sites whilst looking for our resort.  If you find any others then please post here.

http://signatureclubclass.com/granada/medinaelvira23.htm   

http://www.golfingoptions.com/medina-elvira.php

At least it has been advertised although only ME23 for now.

http://www.ownersdirect.co.uk/spain/S11960.htm

http://www.theholidaylet.com/property/1363

http://www.apartment-rent.biz/detail.php?siteid=6293

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

Here are some more and you might find it interesting to contact the owner!

I had a look at the owner:

Margaret Corley
Mobile: (Spain) + 34 691 845452
Tel: (Spain) + 34 952 902020 (from 10am-5pm)

I was surprised by this and even more surprised when I looked at the availability especially as I thought a few booking may have been taken already!