Has anyone already handed their property to Royal Executive?

Well, we may not have any major industry players yet but at least Margaret is trying.

Yes, very.

All of the links have Margaret's name linked to them.

I've had a really long chat with Margaret today and owe her a big apology for my post on 28th stating she is 'shifty'

After our chat I can say she really didn't deserve this. I have removed all negatives from my post as I don't want to start helping with the rumour mill on here again

I will say that at times Margaret's communication lets her down. We should all remember she is running a company with no income stream (so no money to pay for enough staff), with hundreds of clients to keep up with. It's no wonder her communication is patchy and we shouldn't blame her for it. None of us could do any better in her position

Hi. What did she say to make you change your mind?

Any websites or adverts linked to Margaret Corley are completely above board and she is using these to pull in variable rentals for purchasers who signed up for the variable rental scheme. We will not find anywhere advertising rentals for the guaranteeed scheme until the apartments are deemed 'rentable' (e.g. air con and everything fully sorted) and the tour operators can get their insurances and all that in place

Here's another site Margaret has offering rentals in ME23 although the geographical area it's currently listed in is a little misleading and they are working on changing it:

http://www.apartmentsdirect.ie/apartment-to-rent-in-pantano-de-cubillas-p14882.html

She said variable rentals have started. They are making do with fan units until the air con is sorted

I thought our guaranteed rental agreement was between us and Peninsula, not between us and the tour company so surely it is up to Margaret to get her company's insurance in place. What she agrees between her and the tour company is not really our concern. Or am I mistaken?

I have obviously expressed my concern previously about this rental scheme but let's assume that there is actually a market for rentals at present given the type of prices that are being quoted ie 450 euros per week during peak season.

Assume that the typical apartment may be about the 275,000 euros mark.  A 5% return on this price should mean that I would expect 13750 euros.

At this amount I should expect to see the apartment rented out for 31 weeks at peak season prices.  To my reckoning, it is actually going to be impossible for those people who completed in the early part of this year to actually get a 5% return.

Given the cost of furnishing a 2 bed apartment is 12000 euros and the present annual management fees are 1100 euros, there isn't much left from income to pay additional charges such as community fees.

My understanding of the holiday lets market is that you should also be looking at replacing you furniture every three years.

Given this, the variable scheme claims "Yields can be between 5 and 15% per year".

Taking the 10% figure (I don't want to be too greedy) given a 275,000 euros apartment I would expect to see an income of 27,500 euros.  At the rental price quoted, I would need an occupancy of 62 weeks a year.  If I was after the 15% it would be 92 weeks.

Now perhaps it might be that certain apartments command a higher price - perhaps a penthouse apartment.  If the purchase price of a penhouse is 325,000 euros and I am expecting a return of 10% then I would have to charge 625 euros a week and have full occupancy.  If I wanted a 15% return I would need 937.50 per week for 52 weeks of the year.

When making my decision to purchase I was dependent on the literature that was given to me and trusted the accuracy of the claims that were made.  Given the actual rental rates and the claims that are still made I find the figures questionable.  The people behind these figures are highly educated and experienced in business.  Perhaps I am missing the point and would welcome the opportunity to be corrected on this open forum.

I honestly don't know what the answer to the rental problem might be but then again it should not be up to the individual purchaser to address it. 

 Don't forget the taxes:

The question of replacing the furniture every 3 years is a good point. What does Royal Executive say in their contract?

Cheers,

AIS

I'm not sure that it is mentioned but it is a standard time period. 

If you really wanted to highlight poor returns I should also have included the purchase costs such as IVA, solicitors fees, mortage arrangment fees etc which will account for about 10% of the purchase price.  However you would have to pay these sunk costs in any situation.

Just another point, you'll also have to purchase the air conditioning units.

Terrazas de Alcaucín

This development seems to have been completely abandoned by peninsula.  Perhaps we are the lucky ones in some respects!

That was a joke!

Margaret Corley resigned as a director of Signature Clubclass Ltd on 11 th Sept 2008. A search on companies house shows that this company has never submitted any accounts. A first gazette was issued on 26^th May 2009 by companies house to strike off this company from the register ie a resolution to dissolve it directly from companies house.  The company had 3 months to respond to this and at present there is no evidence of a response on the companies house website.

Someone is active as this site no longer has Margaret as the sellar: http://www.ownersdirect.co.uk/spain/S12627.htm the telephone is a voip london number (very clever).  This means the number appears to be a London number but  you may receive calls anywhere in the world on it. 

Perhaps she has another marketing name as the advertisement hasn't changed so not that clever.

No rental money so far for any ME23 owner, no facilities, no air CON, no riding school or hotel or legitimate management company or shops/restaurants.  We have been thoroughly stuffed here! 

Is the 24hr security even still operating?

Please see latest ppost on thread "Hallo".

From Seagull,Tee 17

testinh

testing

testing

testing

testing

testing

testing