Final payment.

I am unsure of the proceedure for he final payment on an off plan developement,

On the signing day can I authorise the payment electronicly from my uk bank. or can I pay with a checque from a british bank. or do I pay the money into my spanish solicitors account and he then pays the developer. I wish to avoid any unecessary bank charges. Can anyone tell me if I lodge the money into a spanish bank current account and then write a large checque will the be a large bank fee

Regards Tom..

Hi Tom,

I have been told by the same law firm just now that the discounted sales are offered by a private buyer who purchased several apartments.  This may or may not be true. 

I am reluctant to make my solicitor aware that I know the contract can be revoked as he is a friend of the builders'. So I am still reseaarching.

Regards.

Catherine

Hi, Do you know when the completion date is likely to be? I've a deposit holding for almost 3 years on a 2 bed apartment. Will it be before the end of March for completion? Scott

Hi,

I have been notified by my solicitor in Marbella that the builder has applied for completion certs and habitation certs and they will be issued before the 1st April (after which contracts can be revoked by the buyer).

I expect therefore that this will happen.

Catherine

Hi Catherine,

Are you thinking of revoking your contract?

I am concerned about the facilities that will be available when completion takes place soon.  Originally I was told that a 5* hotel was being built on the site but I understand that they haven't been granted a licence yet?

Does anyone know if discounts are being offered on the remaining apartments due to the current climate?

Angelica

Hi

We recently visited the development and things appear to be storming away - the pool, landscaping, paths, water features etc. are all being laid down. They have many new trees and plants to go in and new palm trees have been planted between the blocks. The builders are working 7 days a week and all daylight hours to complete - if they don't, they have to start paying the developer.

We were also told that the developer does not want to sell any discounted apartments and would prefer to wait until the market stabilises again. It seems they have sold enough to cover their costs. I believe the discounted apartments being sold is by a private buyer who probably wanted to flip the units to make a profit, however, in this market, it is unlikely. Saying that, though, with the drop in the pound, they would still be able to recoup their money with little loss.

The hotel, I don't think will materalise any time soon. They still have no building licence for it yet. However, I don't think it would be a point for negotiation if it is not in the contract.

BTW, Just wondered if anyone has recieved a bank gaurantee for their second stage payment?

Crystal

Hi,

Thanks for all that info.  Do you think Prosavi will have the certificates in place by 1st April deadline?

Cove

Christal,

I have received a bank guarantee for the first (large) payment in 2006, but not for the second small payment (Dec07). Because they didn't/couldn't give me a bank guarantee for the third payment (Dec08), they offered me to keep the money until completion.

They might feel the financial cost to get the bank guarantees in place in the current financial climate is higher than the interest they have to pay on the same amount until completion.

Milko

Milko,

Thanks for that.

We have been given several different dates for completion; end of March/ April by the developer and May/June/July by our lawyer - anyone have any other updates on the completion date? we were also told that they would have three months grace by law to complete...does anyone know if this is correct. Our lawyer seems to be giving us conflicting advice :(

Crystal

Crystal,

In September08 my lawyer mentioned a year instead of 3 months grace. Some judge in Spain would have ruled so because the many strikes in 2008 couldnot be blamed on or avoided by the developers, so they should not end up paying for it. I didn't ask for much more detail, as I felt the delay would help me get a mortgage at a later date when the financial markets might have quietened down and the ECB had more time to drop the interest rate. But I consider that last argument not valid for every buyer.

Milko. 

Hi everyone,

Anyone have any recent photos of the developement ....

Tom

Hi

  I have several photos taken yesterday, the development is not finished and it will take several months in finish it.

If you want more information please send me a pm.

Best regards

I have confirmation from our lawyer that they now have the architects certificate and are in the process of applying for the habitation one, doesn't that mean all the building works are completed?