Late Payment of Rental Settlements from Albayt CC

Hi all,

I was wondering if any other owners whose properties/rentals are managed by Albayt are experiencing difficulties receiving their settlements which were due on the 1st November 2009.

Despite repeated e-mails and enquiries I have been continually fobbed off with various excuses as to why they have not paid the amount due.

I would be interested to know if other owners have received any payments yet or are in the same position as myself.

Regards,

Hi Tom

I couldnt even get them to take on my property,  did you get  good rentals from them,  i thought they would only be interested in renting out Labaro ones as they have 40 odd on there books...

Also Labaro are filing for bankruptcy...

Good luck getting paid.

regards

Rob

We've been renting (short term rentals only) since 2008, it was going OK except for delayed rental payments which also stopped in November. Also just been advised changes to the administration in relation to application of VAT and deductions of IRPF 24% Tax which may mean this is not such a simple solution for the longer term and net return is now questionable (will probably  look to manage ourselves now via family and friends). Next payment advised to start in March after they apparently are still chasing monies owed by tour operators. 

Got to say I'm a little disappointed in the way this has turned out, as I hoped that it would be the 'low maintenance' solution to covering some of the costs - looks like we'll be better doing this ourselves. Having said all that, I have no problems or complaint with the Albayt reception in their managing my queries - have always had a quick response and I don't feel they have tried to BS me. Question for me is if monies due don't materialise, do we have right to hold back or off-set against Community fees (one for the lawyers maybe but let's hope it doesn't come to that!)

On a separate note, we've had a place in Cost G since 2006  and rate it first class - many friends and family have also holidayed there and absolutlely love it. I know it's had it's problems but for us, it's clean, safe, well managed, the Albayt is a nice too have if you want to indulge and location for beaches, golf, and local towns and villages is superb. Only niggle we have is crossing the road/roundabout to get  down to the beach but here's hoping!

If anyone has any good advice on self-managing rentals eg holidaylettingsuk etc then any advise welcome

Regards

Greg   

Hi Greg,

     Like you I started renting short-term only with Albayt late in 2008. Before that I had being managing the rentals myself through 4 or 5 on-line owner rental sites (Hol Lettings, Hol Rentals, Villarenters, Hol Lets and Owners Direct). Managing this was quite a lot of work for me but overall was quite successful.

So when the opportunity to rent with Albayt arose I decided to try it for a year or so. Unfortunately this did not work out very well by comparison with my own efforts. Now with the imposition of a 24% Spanish Tax on the rental income (and that's after Albayt's 35% cut) this whole project has become unviable as I now only receive about 45% of the total income generated by the rentals. That is of course assuming Albayt decide to pay the settlement amount due since last November per the contract agreement.

As you indicated, they are claiming inability to pay because the tour operator companies have not paid them. I have to say I'm a little sceptical about this excuse and suspect there is more to it than that.

Like you, I have decided to exercise the option of cancelling the rental agreement with Costa Galera Expoltaciones Turisticas (CGET) and will return to managing the rentals myself through the various rental websites.

I would be interested to hear from anyone who knows if the entities CGET and Albayt Resort are one and the same thing legally, or two seperate companies.

On a more positive note, I completely agree with your comments about the Recepcion staff and the development in general. When the pedestrian bridge across the main road is eventually erected this will be a huge boost to all concerned.

Regards for now,

Hi Greg,

We have managed ourselves all the way so far and it has been ok. Not spectacular but ok.

Agree with all dev looks really well and i just wish the market was a bit better but what can we do.

Greg you said "when" the pedestrian bridge is there. Have you heard something we haven`t? Hope So.

Hello from Galera Park. When we bought 2007 we were told all developments get a blue bridge. But when no sign of one I asked around and was told that all communities have to put in a formal application with the town hall. I keep nagging our community president and administrator to do this.  As Estepona has no money I don't suppose it will react soon anyway. I read in the SUR in English about a year ago that a community near here had to protest at the roadside with banners etc to get action on a bridge. 

Hi all

I had a shock this evening, Costa Galera called me and asked if i would like to rent out my apt via them,  they must be calling up all owners to drum up business... lol 

Rob