Hallo

Nice one Margaret,

It seems crazy about the aircon - what will the typical costs be for one and two bed appts?  Are there any other hidden surprises like this please?  Is it possible to get an inventry and list of prices for the furniture pack as well as the contact details for the source?

Have you any idea when the licience of occupation for fairways and golf will be ready and after that the date rentals will be paid.  So far we haven't heard of anyone at ME23 receiving any income which is a concern.

Thanks again,

Hi Looney,

I know it might sound crazy if you are not used to it, but Margaret is right about the "pre-installation of air conditioning" term being used widely in Spain.  It simply means ducting ready, but no split units supplied.  I know for a fact hot and cold split units are included in the Tee 17 apartments, but haven't seen the specs for the rest, although I do seem to remember that Medina 23 did not include them.

Sabber

Hello the looney - aand thanks to sabber for the post.

The airconditioning for a one bed is running about 1350.- euros, whereas a 2 bed is about 1750€ - these are for units which are compatible with the preinstalled ducting.

We re just finishing the furniture packs for Fairways and Medina Golf - really the suppliers dont deal directly with the owners - they re not geared up to take potentially hundreds of calls, and especially from  overseas clients (ie, speaking English).

We ll be updating everyone shortly on the tour operator trip/meeting over this last weekend. It was very successful so its good news.

I think the IT peeps are trying (or at least looking) at what they can upload onto this forum (photos,videos,ebrochures).

regards

Margaret

Margaret,

Would it be possible for you to answer your e-mails and telphone calls. My husfband  and I have left numerous messages for you.

As you know we completed our appartment on Medina 23 in March, our furniture is still not installed and we have no sign of any guaranteed rental income. We are still waiting to hear from you about the aircon unit, which we presumed would be pre-installed, ours is a 3 bed, so what will be the cost for this size appartment?

At our last meeting -  2nd September in the Marbella office, you promised us an update and information.  You told us our furniture would beinstalled the follwoing week, and that the gas was to be turned on. So what I want to know is this, just when will Medina 23 purchasers, signed up to the rental scheme get any money? 

That's a good point. 

From the time we have our appartments fully furnished and everything ready to go then how much rent are we expected to receive on say a 180k one bed appartment per month (5% would be 750 euro/month).  I have asked for this for a while now and could really do with a figure which I will be able to offset the mortgage with.  I cant find anywhere in any contracts about the 6 month waiting time.  I have never experienced that with any propery anywhere in the world and certainly didn't read it in any of the official brochures or from my estate agent or lawyer.  I thought that as soon as the place is rented we would receive income.  Is there any explanation on the reason for this as it seems quite unnessesary. 

Guys,

For anyone who is interested I have had translated my PPC for Medina Golf (Not Tee17, ME23).  It may be similar though.

Our developer is Nadasol although this company is now being administered by the bank.

There is a very interesting point in the contract reference the build time of 32 months from Jul 06.

Most people I have talked to had their reservation contract in english but the actual contract only in Spanish.

Also - does anyone know if their solicitor actually has bank guarantees?

It's interesting that your contract states 32 months from July 2006.  I haven't had mine translated but I can understand Spanish sufficiently to see that mine says 26 months from that date.

I have never been sent a bank guarantee.

I bought at Tee 17 and did get an insurance backed guarantee for my deposits after demanding it from the developer.  These policies cost the developer around 800 euros per client, so if they can get away without providing them, they will always try it, despite it being a legal requirement in Spain.

hi

with regard to the guarantee, if you have it in place.and  the time for completion of the development.

the guarantee allows the date of completion of the developent to be extended in cases of strikes, bad weather etc etc, having enquired through my solicitor whether we could withdraw on the basis that the developement went over the alloted time in the guarantee we were told no. (to be exact we were told we could try, it would cost a lot of money and the chances of success were little oir none).

if you are unsure whether you have the guarantee in place, check it out with your solicitor and make sure it will last until the developement is completed.

on another note has anyone been out recently? any news

Also there appears to be a lot of members of this forum and only a few who post. If you are a member and have some useful information please post it.

Donefor

Hi

Speaking from the experience of attempting to purchase an off plan property, in the past you could just pull out, the developer would pocket your deposit and sell the property to somebody else.  In the current market that just will not happen, the developer can't sell the property to anybody else so they will do everything they can to force you to complete, which is perfectly understandable as they have a business to run and you have signed a contract with them.

I like many others expected the property to increase in value, and the turn of events last year made things very difficult for me, but that is my problem, not the developers (they have enough of there own).

There are only four ways to proceed that I am aware of (based on lengthy conversations with my solicitor).

1) Find a way to finance the deal, go ahead with it and hope the market picks up sooner rather than later so you can then sell it, or the rental covers the re-payments.

2) In addition to 1) you could negotiate with the developer to try and owngrade your property to a cheaper one, which they may consider.

3) Find a buyer and sell the property to them (almost impossible at the moment)

4) Terminate the contract based on breach of contract from the developer.  This obviously requires a breach of contract to happen, but to be honest in most cases it does.  If the development is more than 3 months late (and subject to the wording of the contract) you can in theory sue for breach of contract and get your deposits back, but there are some provisos. 

a) You must allow for any time lost through force majeur which needs to be added to the 3 months allowance

b) You must terminate the contract (through your solicitor obviously) before the licence of first habitation is granted, which is generally before the property would normally be deemed complete.

c) You can expect to pay in the region of 5000 euros in legal costs, which you are gambling against your deposits, and possible future payments.

Even if you tick all the boxes on this last option, don't expect it to be a quick procedure, I know somebody who has gone down this route and it's 14 months and counting since termination of the contract with no resolution yet.  There is also no gurantee as your solicitor will tell you.

The best advice is to speak to your solicitor, they will tell you all of the options.  If you are concerned that your solicitor is not acting in your best interest, change them.

Hope this is of use to somebody.

Sue

good post thanks

has anyone considered getting another party to come in with them on the purchase. seeing as we all have paid 20-30% it may be attractive for a family member/friend. i would be interested to hear from anyone who might have tried this?

donefor

I would'nt be able to sleep straight at night if I dragged a close friend or family member into this mess.

Even though I researched this purchase extensively and felt assured in my own mind that I was happy with the risks, I am living to regret dealing with the associated agents and developers.

I do not have any confidence in the Spanish legal system either which is why I am not rushing into a decision to prosecute the developer.

To all that have contacted me directly, I will be in touch over the weekend.

Thanks

Chartered

I have received a letter stating the the architects have signed of on Fairways and the next step is to get teh habitation licence signed off.  Does anyone know how long this process could take?  The longer the better as it will give the rental side a bit longer to get themselves sorted.  I find it incredible that they have left everything to the last minute, and that there does not appear to be a 5% rental "guarantee" in place, but I am probably very naive.  The rental contract seems to be very one sided, and not for the benefit of the owner!  Like lots of others I will struggle to complete, but cannot see any other option despite the delays as others have posted, and the mortgage payments with no rental income will be a killer. 

I have been told to expect the licence any day now.

As for the Guaranteed Rental Scheme, you may as well forget it. It's not worth the paper it's written on. You're better off doing it yourself. It's either that or taking a big gamble on Peninsula actually paying. But even if Peninsula pay you your Guaranteed rental income, your first instalment wont be for about 3-6 months as quoted by the rental company. If you look at the evidence, Medina Elvira 23 was completed 12 months ago but nobody has yet received a penny under the Guaranteed Rental scheme. If anyone has, please let me know.

And don't kid yourself into thinking that more time will help Peninsula get the rental side sorted. They've had over 3 years so far to do that.

Jetdog (Fairways)

Seagull Tee 17

(Please could everyone put your development when you post,it does sometimes get so hard to work out who's talking about what otherwise!)

There is some very good news on the rental front which Margaret tells me she will try to post on here as soon as she can.She's attending a big Expo event over the next week,so obviously very busy.

Basically,they've signed up a notice of intent deal with a major European tour operator which will involve some 250 apartments in Medina 23,Fairways and Medina Golf(I think)..(.the three that are either finished or about  to be anyway.)

Hopefully she will come on to provide more details.....also details of Medina Elvira getting  major international golf recognition.

Meantime,we went to the site again this week and will be going again tomorrow.The now open club house and surroundings are superb ,with golfers taking lunch in there when we visited..

Work on Tee 17 is slow and the latest seems to be that they will now be concentrating on getting one half finished with licence to live in place by March/April....and the other block by the end of next year.Not very satisfactory in one way obviously in that it's already behind schedule,but at least the housing market /rental schemes etc will have more time to pick up/get going.

Steve from Peninisula answered all our questions on site and assured us that work on the commercial and sports centres would start by the end of this year.

I can only repeat what I have said before.....yes,there are still problems and issues to be resolved,but given the fate of other projects throughout Spain,at least ours is still alive and kicking!

What's more I am certainly not alone in believing it still has fantastic potential and my optimism remains very much in tact,despite all the delays.

If you've not had the chance to visit,I  really would strongly recommend you do so if you possibly can.

I

Thankyou Seagull. 

This message was last edited by Russ W on 14/11/2009.

It is some positive news on the rental front, but something that should have been ongoing a long time ago.  Have any indications been given about what the expected rental income could be from this, or even what rates have been agreed?  Useful information is almost impossible to get out of them.  Has anyone taken the option of renting it out themselves?  The rental side of Peninsula seems a shambles and unless they really start to make some concrete progress it is difficult to justify using them, but there does not appear to be many alternatives or ones that I am aware of anyway. (Fairways)

In fairness,RC,Margaret has posted at length on the forum , and in her newsletters ,to explain the reasons behind the delays and what is now being done to rectify the problems.

As far as I know,the five per cent  rental guarantee still applies and for the variable scheme,I think  Margaret said on here a while back that Fairways is being marketed at around 700 euros a week(not sure  if that's average or just peak weeks).

As I said,she is away next week at an Expo .......in the meantime anyone buying at Fairways,Medina 23 and Medina Golf should have had a newsletter explaining the latest rental news.

Buyers in Tee 17 or any other project at Medina can also get a copy presumably if they ask for it,as I did.

Having looked round Fairways,by the way,this week.......if that doesn't rent out extremely well once everything is up and running properly,then my eyesight's even worse than I think it is!

They've started work on the shops,cafe etc below Fairways and the swimming pool next to the gymnasium is finished,

It''s really very,very good.

As for organising your own rentals,of course it's possible and something to consider,but personally I think it's worth seeing what Margaret and her team come up with now that their scheme does at last seem to be about to kick off.

Seagull Tee 17

Hi

A quick note to Seagull (among others) who has several times requested that investors indicate on which development they are purchasing.

I understand the point but if you remember it is not that long ago since a senior member of one of the developers came on one of these forums with a very unprofessional and threatening post, giving personal information about one of his clients.

In the light of that I, and I would guess several others, would not wish to give out any more personal information than neccessary. 

I have no intention of allowing the views I post on this forum to be used against me, by unscrupulous developers.

I know this sounds a bit paranoid, but some of the tactics employed have been pretty appalling.

Sue.