Phase 4

Just read what ginge has to say very interesting, I am going to spain 21/4/09 I will visit the site before my appointment with L O S I am due back on 22/4/09 and will post my findings for everyone .

                                                                                                                      Belly

Hi  john

A true update would be great   .........nice one.

;looking forward to your findings.

Would it be possible to get some pics ?

if you see anyone from promaga ask about the discounts they offering now. these are only on offer to new buyers not  us suckers!!!

At the moment in the Urbanization of Vista Hermosa we have very competitive prices in addition to great discounts.

In order to be able shape on prices he would be advisable to see the product and the final price in the Office- Vista Hermosa.

For Example:

An apartment of 2 dormitories, of more than 100 square meters constructed and with seat of garage including in price.

This apartment in particular, has in addition impressive Views to the Rock to Gibraltar and the Bay:

-        It has an initial price of 205.000 €

-          However, this price can lower based on the discounts applied on the price, being these discounts initially the following ones:

First discount:                5% on the sale price.

Second discount:             10% on the money that pays to the buyer in cash (Example: 40.000 €)

-          Therefore, the Final Price of this Apartment would be of the following way:

The Initial Price……….…   205.000 €

First Discount…………….    (10.250 €)

(5% 205.000)                             _________

                                                           194.750 €

Second Discount……….        (4.000 €)           

(10% 40.000 €)                          _________

The Final Price…….…….    190.000 €

• These discounts can be in some superior cases, depending for example on the selected House or Apartment, and the mode of

     payment of the buyer.

Hi,

Is the final price of the flat including iva? because that would be around 7% ontop of the Eur 190,000. I bough mine for 197,000 4 1/2 years ago so at least it looks like I am evens.

Hi

No the taxes and buying fees would be added on to that price.

They are examples of discounts you can now expect to be get when purchasing from promage sales office it you were to buy today.

I would have saved 20,000  euros plus.....on my 325000 apartment. which would have been at least something.

I would not purchase here anyway now because there are a lot of better properties out there on the market for sale for a lot less.

Hi all,

I have been offered a discount by promaga on 3 bed flat in phase 2, perhaps if you argue strongly enough there are discounts to be had.  I have not made up my mind yet whether to accept their offer or stick with my origional 2 bed in phase 4.

I won't be offered anything off that one as thay have a substantial deposit from me, even though they have cost me thousands by been late with completion.  My lawyer said it would be worth taking them to court but would cost me a packet.  I'm of the opinion that it would be better to lick one's wounds and soldier on.  I need a place to live having sold our house in UK last October, I'm living in my son's house just a few hundred metres from VH.

I was offered a further reduction on the 3 bed if I could pay 100k cash up front that would save a further 7% but I declined as this is illegal, but they made the offer all the same, my wife was with me and can vouch for that!

We are all a victim of the credit crunch and the state of the £ !  I wonder if it will ever recover to previous highs against the €.  At the end of the day that is the biggest single factor facing the one's who have to pay the balance shortly!

I wonder if I will be offered 3 years free mortgage?  If anybody has any further info on this, please let us know and I will be in their office rapido!  I rather suspect it is for the new buyers!

All the best.

Jono.

Hi Jono,

The 3 year free mortgage payment is definately not just for new buyers. I've had a deposit down on a 4 bed in Phase 4 for almost 3 years now and I got the mortgage offer yesterday.

Slightly separate issue: When we signed up in 2006, we were told that our 2nd floor appartment was on the top of the 3 story block (ground, 1st, 2nd). Up to now I have still assumed that this is the case. However, when I looked at the most recent development photos, it looks like some of the Phase 4 blocks are actually 4 storys high. As you live so close, can you confirm if this is the case ?

Cheers

John

Where have you got the 3 year free mortgage offer from and what does this entail?

Sorry just read the other post - this does sound abit too good to be true, there must be a real catch here. If you provide details of what your lawyer has received I will get my lawyer on the phone to Promaga on Monday morning to enquire.

Hi,

It's exactly as I've stated in the other thread. All my Lawyer has stated at the moment is that Promaga are prepared to pay the mortgage for 3 years if we complete.

Like I said, I have sent numerous questions to my Lawyer for clarification. Not had a reply back as yet. I'll let everyone know when I do.

Bottom line is that I'm very suspicious at this stage and it would take some real hard facts to get me to accept this offer.

Regards

JJ

Say you took the offer up of the 3 year free mortgage,

You have completed the purchase.......

The apartment belongs to you........

You are now responsible for any outstanding debt on that property.

Pomaga go bust or decide to stop paying the mortgage.  

The bank would foreclose on the property if you did not come up with the payments.

The bank would effectively own the property.

What is to stop the bank increasing the payments after the interest free period is up?

Would you really trust Promaga and Lawyers and that Bank!!!!!!!!

 .......................On their past performance.     No way!

I am trying to fight out of one corner and I certainly do not want to be backed in to another.

Good luck to anybody who would trust this lot. 

The contract you sign would need to be water tight for you to go down this road.

Personally if Promaga want to dangle a carrot in front of my nose, 20% off the purchase price would sound a lot better.

Hi All,

I have just got off the phone from  the Promaga office.  It was explained to me that Mr Givera was helping out people who could not afford to complete on their purchases.  I was told that the most he would do was help with the mortgage for 1 to 1.5 years but it would have to be paid back if full.

Let's be clear about this offer...it comes with strings attached and if you think that Mr Givera is giving away free money, think again!!!

All the best.

Jono.

hi

recently went snagging on my phase 4 flat. ill give some details as to the status of the build:

- electricity still waiting

- water still waiting

- the flats are ready, looking nice, i like the living room sizes.

- the finishing seems fine, some things are well done and the marble floors are a plus. the wardrobes feel abit weak but they will do for now.

otherwise the whole area around phase 4 appears done, including the underground parking.

has anyone else been snagging, and do they have any comments?

Hi,

I was there today looking at a flat in phase 4.  There is always something to find (this is the 3rd one I have looke at)  I thought I had a deal for a 3 bed in block 8, then they went and dug up the road behind it because the water pipes were leaking! 

That has now been put back for a couple of months at least!  They also gave me a discount and have now withdrawn it because I would not pay cash of 100,000€!!!

I am finding Promaga very hard to deal with - and I am no amature in these matters - tricky is not the word for them.  I looked at a 3 bed in Block 2 today - the only one they had on the top floor - it is a nice flat, very well put together but the kitchen was dark because it was oposite the lift and the light was blocked out.  Now I have a dilema, go for that one or wait months for block 8 as there seems no other alternative. 

My wife is loosing the will to live and I am loosing my patience.  It's impossible to get any joy from them, the problem is Mr Givera is impossible to meet he is the only one that can make decisions and I just can't get passed Gloria in the front office!

If anyone has an opininon, I will be glad to hear it!

Can anyone let me know what they paid for a 3 bed in block 7 or 8?  Please send me a private message as I think they have two price lists!

Hi

Can anybody confirm the extent of the damage caused by these water leaks and the likely delay for Promaga in being granted the FOL re Phase IV Block 5? I have been told it will be at least one month which probably means two and then assuming it will take another month to achieve the FOL. This would mean give or take a 10 month over run on their original completion dates. Bearing this in mind is this enough of a delay to sue Promaga for recovery of deposit and the likelihood of success?

Thank you

LMD 

Hi All,

As far as I know the water damage was negligable. It was Promaga's architect that insisted the builders dig up all of the water pipes behind block 8 and relay them. 

Phase 4 is almost ready and the licence will be issued soon I have been assured.  As for suing them, my advice is don't  throw  good money after bad!  Promaga has no money and suing them will only add to your costs.  I am sure the courts will give them every opportunity to escape any claims for delays because of the global downturn!!

Best of luck to everyone.

Jono.

Hi All

Anybody out there who thinks that Promaga would dig up the road to repair a water leak that is supposed to be negligible before they obtain the L.oF.O. Must be off their Head!!!!!

They are repairing the leak because they have no choice.

And as for suing promaga, No! we just want to execute the bank guarantees which is written in our contracts by the lawyers which states that promaga were out of contract as from Oct 08 the law is on our side.

Promaga may not have any money.  But it is the bank that holds my deposit not Promaga.

I know it is not going to be straight forward but we do have a good case for the return of our deposits. The Law is the Law global downturn or not!!!!!!!!

Hi All,

As stated in my blog, Promaga are NOT digging up the road, it is the contractors that have been made to do it by Promaga.  If you want to sue Promaga...go ahead.  I too would like my money back!  Let me know when/if you suceed?

Jono.

Its nice thought "we have valid BG and the law is on our side" but unfortunately law is not on our side - its on the side of builders! The banks are NOT honouring the BG's as they fear being sued by the Promaga! Promaga are rich and they have the money the only option is to sue them. Its costs money but thats the only way. I would love to hear from somebody who can vouch that getting justice in Spain is easy where builders, banks, estate agents are concerned. It looks like all these people are in each other's poskets! Contracts, BG's dont matter much when they can be manipulated and thats exactly whats happening! We have all been duped and taken to the cleaners. This does not sound so good and I dont think we have much chance of getting our deposits back!

Have read of of the http://www.spanishpropertyscandalpetition.co.uk/2.html and you will understand we are not alone!

Dear All,

I have been contacted to go and see my flat (phase 2) apparently the houses are ready for completion (subject to minor works).

Have any other people from phase 2 been contacted by Promaga?

Honestly I went over to see the estate last week and the only thing which I personally do not like is the front part of the gardens (supporting iron frames) it does not look like the estate is finished and looks ugly. I know that for the garden which basically fell down they have rebuilt it but with a concrete front, so my question is why they have not done this all around it looks so much nicer!