Weather

Wow i've just been reading the dog/cat argument, i'm not getting involved. Instead I would like to discuss a far more happy subject. My husband and I will be travelling out to SC on 1st Dec to hopefully complete on our quad on phase 2. Just wondering what the weather is doing out there at the moment. I realise it's a bit premature and by the time we get there it could all change but just after an idea really, so I know what to pack. Your certainly not missing much over here in not so sunny Essex, wind, rain and pretty chilly. 

Can't wait to get out there and finally sign on the dotted line. Although knowing how things work something will go wrong somewhere. Fingers crossed.

A very excited buyer

Tracy.

Hi All

Just wondering how many of you have completed on phase two and how many are hoping to complete prior to Xmas..

Regards

Mick & Liz

Hello

We were hoping to complete on our quad before Christmas but are waiting for the LFO to be granted first.  Bankinter and MASA have advised us to hold off completing until the licence has been granted.  As it will be our holiday home I guess we are in no rush but would hope that the licences are through before the end of the year so we can complete early next year to start furnishing it and using it.   MASA have advised that they should be through this month but I'm sure they said that the licence should have been through in October as well !!!

Does anyone have any news regarding the LFO for Manzana 8, Phase II?

Lisa & Mark

Hi

I've received an email from my soloicitor stating the habitation licence will be granted by the time of our visit out there which will be 1st Dec. However we're now having problems as Bankinter will only give us a 60% and not 70% mortgage. Things not going smoothly now and i'm starting to get a bit worried. We now need to find 25,000 € to complete. As you can imagine not easy to do.

Also Bankinter are charging us 5000 € mortgage costs, can anyone confirm they have been charged this, seems very excessive to me.

Tracy

Hello Tracy

At first Bankinter were only going to offer us 60% mortgage but we managed to get them to change their minds and we now have a 70% offer in place. The decision had to come from their head office in Madrid.  With regards to the fees we will check what we are being charged and will send you a PM with details.   Bankinter was still the cheapest option available.

Good news about the LFO.... (fingers crossed).

Lisa & Mark

Just come back from a busy few days in SC/Torrevieja and the weather was fine and sunny, I think we have stamped every document, and signed every dotted line except one, the completion.

We have handed over power of attorney to our solicitor because we might not be able to go out again before Christmas. As for the LFO, our solicitor has said first week December but who knows?

Alan

Hi it's been in the mid twentys again today and even the spainish are saying how warm it is for this time of year.

As for the LFO we have been living over here since April last year and we are still awaiting our LFO for Manzana 5 but at least we get free electric and water ,most of us here have signed without the LFO and this is common for most devlopements in this area,there should not be any problems as Taray are a good builder and do not seem to have had any problems in the pass, so if you can sign I would,  then you can start enjoying the delights of Spain

Hi Tracey,

5000 euros in fees sounds very excessive. The commission they quoted when I enquired was 0.5%.

Regards,

Allan

Allan

That's what I initially thought but i've since found out that figure contains notary fees, management company etc etc so not so scary now. Can't wait to get over and fingers crossed sign on the magic completion form.

Tracy.

Tracy

As a rough guide I've calculated our legal fees at 3.25% and the mortgage fees come out at 2.6%. These are approximate figures as we have not completed yet but I don't expect them to change much.

Alan

Hi Tracy,

we completed (manz8 phase2) on 22nd Oct with a mortgage from Bankinter at 70%; like other have said, they had to get approval from Madrid which took a couple of weeks.

Bankinter only charge 0.5% set up fees, but then there are also management fees, notary fees (for the purchase and the mortgage), stamp duty, all sorts, and that's what brought our costs up to about €4900.  I've got the full breakdown at home which I can PM to you later, if you're interested.  Remember this is a subrogation mortgage so if you go to another lender you will have to pay an additional 1% stamp duty on the mortgage sum.  There are also conditions associated with the mortgage interst rate about life and other insurances, but the life insurance they offer is so poor, we took our own and pay a slightly higher rate.

Somone else posted a question about notary fees, but we still haven't got the final bill yet, so haven't been able to reply to that with a precise figure. We've paid the estimated amount; might get a refund, might have to pay a bit more.

A word of caution - from the time we first applied for the mortage to completion was about 5 months and we had given POA to the solicitor.  On the morning that completion was due to be signed at the Notary office Bankinter asked for copies of recent pay statements to make sure that our financial status hadn't changed.  We only had 90  minutes to get them, scan them and e mail to Spain.  Frantic.

worth it though. very happy.

Hi All

Just heard from Masa that our Cedulla has come though so wiil complete via POA any day now.

Alan

Is the Cedulla the LFO?

Regards,

allan

Allan

Cedulla, LFO, Habitation License, I've been told it's all the same thing.

Alan

Hi All

Hope you are all looking forward to the Chistmas holidays, I think that in the new year Taray will be wanting us to sign up and make our final payments. We have been looking at furniture in the uk to take over to Spain, We did spend a week looking at furniture in Spain, but did not see enything we liked within our budget that we liked, having said that we still have not found what we want here. Have any of you found some one to do the air con yet ?.

Mick & Liz

Hi

Our contract says completion ,on phase 2 , 15th Jan.  but we will wait until they get the LFO and hope the euro will improve a bit.  Any news on the LFO yet?    Solicitor told us the LFO would be 2 weeks. (that was the end of Nov) but when we did the snagging with Taray we were told 2 months so who knows!!!     The house looks good.      Can't wait to move in, hopefully in Feb.  We were in SC for 2 weeks at the end of Nov and the weather was great, very quiet.

Chris & Gerry

Hi Chris & Gerry

We were told that our LFO was in place 2 weeks ago, so i presume they should all be, when was the last time you checked?

Mick & Liz

We met up with Harry and Ann during our recent visit, they were very helpful and informative and would no doubt be happy to help you out. I could forward their details if you wish but Harry will probably read this post and send them anyway.

Alan

Hi Chris & Gerry

Our LFO was issued on 1st Dec and our solicitor is completing for us tommorrow 15th

hi Mick & Liz

We our using Ann & Harry for our furniture and aircon as Alan & Nikki says very helpful and good on price as well

Can anyone who has completed or is completing soon on phase 2 advise of the rate they got from Bankinter? They have just quoted me a poorer rate than they did in July.

Regards,

Allan