Deals at Polaris World

There have been no postings for a while. With the interest rates on mortgages being high and the euro exchange rate being so unhelpful, the site not being so attractive with incompletions and delays, does anyone know of anyone who can't or won't complete?

Hi twofish

There have been many postings on this forum of purchasers who will probably be unable to complete, for many different reasons.  Some of the threads are obvious, but others need to be scrolled through to find the comments.

With regard to mortgages, I think that if you shop around you should be able to find some very competitive rates.  Have you contacted a mortgage broker?  The ECB meet next week and thoughts are that Trichet will probably reduce their interest rate by 0.5%.  Should help.  I do agree that the exchange rate hurts a bit though!!!!!!!!!

As for "the site not being so attractive with in-completions and delays", commencement of completions of Phases I and II is due within the next few months - around June(ish), and, I, personally think the site looks fantastic.  I think things are progressing very well.  Have you looked at Calidonia's Corvera site?  The last two overhead photographs show just how much progress has been made. 

Regards Anita

Esther from the Corvera office called me last week to check if I had been contacted by CAM bank about the Mortgage, etc.

She told me that Calidona are expecitng to complete on around 700 properties within 3 weeks through May/June?

This seems a ridiculous number in such a short time?

When I asked about potential community fees, she said they cannot say until a Community is establlished to approve costs - listening to how many people cannot/ will not complete, does that mean that the Community fees will not kcik in for a while?

I doubt it, but its very hard to plan ahead with so little information!

Hi, As you say seems a lot of completions in such a short time..I am going over on Sunday for a few days and will see if I can gain anymore inf. Why did they ask if CAM bank had contacted you, had you asked them to do this?

Any other question you would like me to ask? 

Anita I will do my best to check on how the sports facilites are progressing.

Regards

Ron

Hi HQ

I imagine the question was asked as they are the Bank who are responsible for the Developer's mortgage on that property, ours is Banco Poplar who have contacted us with a not so good offer in our opinion!

Its all very well Calidonia saying they intend to complete 700 properties in such a short time, but can the Town Hall issue all those LFOs in that timescale - I wonder??

Any info on the sports facilities would be much appreciated HQ.

Kind regards, Anita.

Hi Anita, I will do the best  I can..

Regards

Ron

Simple maths dictate that it is not possible to complete on 700 properties in 3 weeks as they don´t have the staff if you consider the overhead on time involved in the snagging inspection and completion process

Please remember that this is a new site where the build quality, by the way RODA was good is  and you should ALWAYS check a property for specification and build quality, before you agree completion and, if they run the system the same as ar RODA snagging inspections are allowed 1-2 days prior to completion

A member of their staff is normally present at the snagging inspection as they produce the lists and as explained if done properly this will  take between 1 and 1.5 hours per apartment, longer for a townhouse or villa

Previously the same staff who did the inspections attended the Notary completions 

For each property you can reckon minimum time for the porperty vist and checks plus completion at the Notary of 4 hours and work, plus The Notary only opens Mon - Friday 34 hours per week with 3 staff

700 properties 2800 hours staff time, the maths don´t work plus this doesn´t include the time required for the banks surveys

On the LFO there is a chance that they could get a batch of LFO´s through if they plan it right and they cannot force you to complete without one, banks typically won´t mortgage properties without one plus they will need to do a valuation survey

Because some people may not complete what they are possibly doing is getting as many people as possible in a position where they can complete

If anybody needs a copy of  the completion guide which explains the process please e-mail me

I Had corvera phone me  out of the blue last week asking me if i had a mortgage in place and if not would i be interested in having one with them.Pablo said that i would be able to get the other 70% on a mortgage,but i thought its alright have 70% mortgage when they are worth 30% - 40% less now, so why would i want to complete in negative equity mmmm!.I was thinking there must be something wrong to be phonning people to see if they have a mortgage in place or is it because of lack of solicitors contacting corvera to pass on some good news about people completing,has anyone else be approached by corvera this last week or so.I think they are bricking it because there funding will dry up from the bank If not enought completions are made.Then the people that can complete will be staying on a half finished site what wont be good for business or them selfs,but if the developers were as keen as taking my money in 05 this would have been build and i would have completed now,but i state nearly three years down the line and still not finished phase 1 and 2 they new what they were doing dont you think when we all signed on the dotted line? i think we have been stiched up like a kipper ! and lost a lot of money unless they go bust.

It will be a nice building site i mean 5 star golf resort sitting in the sun with and drink in one hand and a hard hat on my head to keep the sun out of my eyes

Hi all,

We also has call from Pablo.

Our property currently has a mortgage with CAM. They approached us in January and invited us to apply for a mortgage to take over the existing mortgage. Originally they wanted a quite reasonable set of documents such as 3 months salary slips and 6 months bank statements. Last week we got an email from them asking for ONE YEARS salary slips and TWO YEARS bank statements!! They wont accept a credit report which is only a few months old and are insisting on a mortgage insurance so require a declaration of health.

What is going on? Are they just targetting us or are they getting that stringent with every application?

They are also asking what terms we require which is most unusual! I'm going to say 10 years interest only at Euribor minus 1%!

Anyone had same kind of email?

Trevor

corveragolfapartment.co.uk

All of the banks are tightening up on their checks and now insisting on additional insurance including life and cover for unemployment

Hi tgedge,

CAM have also requested from me all the insurance documents fililng in, apllications for current and savings accounts with them and a health declaration, so I suspect its everyone.

Although to be fair I also applied via Nat West as a standby and they wanted more information than CAM I think!

Hi All,

We are now seeing that lenders have tightened their criteria and study cases more carefully, but I think CAM are unique in asking for such back dated documentation.   Most lenders will insist on your taking Life Assurance out (with them!) and unfortunately this can be a hefty amount. There are a couple of lenders that do not have this requirement.  There is actually a lender that will complete on a mortgage without the LFO but of course this is not a good idea and not recommended.

As for the client dictating the mortgage terms, well that is a first!!

I received a pdf update from Celia Garcia yesterday, I assume we all got a copy?

Nice to see they have reiterated their intention to inaugurate the golf course in the final quarter of 2009.

Hi Warren, Thanks for inf. no I havan;t received a report can you advise what it said?

Regards

Ron.

This was the text, there wer some pics too:-

Its also on the Corvera website under press notes:

http://www.corveragolf.com/PUNotasPrensa.aspx

Hi HQ, you can also view it on the Calida International Site.

Kind regards, Anita.