Reasons to move to Spain

Hi Everyone.

I'm new to this, so please be gentle

We have purchased an apartment on Phase 4 and were taken by surprise when we got a phone call 2 weeks ago telling us that the apartment in ready for completion on 20th November.
So far we haven't sorted out the mortgage, utilities nor furniture...the whole buying process in Spain is new to us it seems as if we have been hit without warning.

We have so many questions and so little time. Any help/suggestions on the following would be greatly appreciated:
Anyone else bought a place on Phase 4?
What banks have others opted for?
Are people opting for furniture packs or DIY
Snagging, are people using professional companies for this?

Is there going to be a market for Renting the apartments or are they going to sit empty? Does anybody else have this fear?
We would consider selling the contract...but haven't got a clue how to go about it and if there would be any buyers.

Stress is certainly making it's way to us. Maybe things will work out.

We would love to talk to others in the same situation....anyone from Reading/Berkshire?

Hallo AJ&Dee

We're also (hopefully) completing on 20th November but we're on Phase One. We should have completed already but had to postpone for several personal reasons.

If you are happy with a 60% repayment mortgage, then your easiest and quickest solution is to take over the CAM mortgage from Polaris. It is a good offer according to my mortgage broker and everyone on this forum who has gone with them seems very impressed. Have a look at previous threads.

Because we need an interest only mortgage in order to keep the monthly repayments down until we can sell our house in the UK, we have gone with Bankinter through our mortgage broker ((PM me for her name) but I have to say they have been very slow. I'll keep you posted how it goes.

I'm sure the rental market will be good eventually if you price it right but it's going to be a good 6 months before you can advertise it commercially at any sort of decent rate. However you might get a long-term tenant. I can give you a link to try for that as well. If you decide to sell, you need to contact Polaris World Resales.

Hope this helps

Hi Saltay, thanks for your prompt reply.

It sounds as if you are emigrating to Murcia...how wonderful. We really hope everything works out for you.
For us, this is purely an investment with the aim of making 1 to 2 trips a year to enjoy the lovely apartment, the mediterranean and maybe play a little golf.

Since we bought the apartment in 2005, we haven't been back to Murcia...it was sort of a whim. To put it mildly, we were enticed, maybe even a little foolish. Still, what's done is done and, although there is a little regret, we are holding out and hoping things turn for the better. We would sell but I can't help thinking it would be at a huge loss...so we will probably keep hold of it and rent it out. We would also consider long term rental  - could you send me the link please?

I was just about to say we have tried CAM bank but they haven't got back to us, but as I'm typing this I have just received an email from them (8.06 am GMT). How weird. I will read the small print in a while. 

Is it just us, or are others feeling daunted, scared and nervous at the experience of buying their dream place in the sun?

However, I would still like to dealy the completion if at all possible, but I don't know if PW will accept. It would make things a lot less stressful for us. November 20th is just round the corner and December really is a no no. Ideally January would be great to complete...do you think PW will allow this?

 

Regards

Hi there,

We are like you, not really much of an idea how things are meant to work never having bought a brand new property in this country let alone Spain! I think I will look back old message threads to try and pick up a few hints. Anybody got a beginners guide to buying property abroad?

We were meant to be completing on Phase 5 this Monday but have managed to put it back to January 16th. I called them a few weeks ago as the telegram I received advising Monday 5th for completion stated that they would be back in touch to confirm. We didn't hear anything so I contacted them and apparently the telegrams should not have stated that there would be a follow up so in the circumstances they were happy to delay completion as I advised that it was too short notice for us to sort anything out. Maybe worth trying as it worked for us!

With you 100% on the daunted, scared, nervous bit.

Good luck

Stuart & Pauline

 

 

 

We were looking an apartment on La Torre last week. It's up for resale, we completed on ours in April, its in the same phase as ours and the original purchaser hasn't completed yet, so you should be able to delay. Tell them you can't arrange a trip over for a few months and you want to do your own snagging.

Mike

Hi AJ & Dee,

We are also on Phase 4 (Jengibre 1) but have not been contacted yet and to be honest we, like you, are just not ready  to complete so I am not pushing.  We only bought into 'the dream' in July this year and I have spent since then trying to understand the sequencing of each of the steps involved, we are not planning to rent which does reduces the things to worry about.  I totally agree that the whole process is scary but forums like this are really helpful. If you e-mail me I can send you links to other sites where I have found really useful and sensible information.  We have obtained a lot of help from the agent that we used for our inital viewing trip and our solicitor in Spain.  We are planning to take over the builders mortgage via CAM bank in Sucina as they will eventually have a branch on HR and they seem to be offering a reasonable rate.  We are vising Murcia over Xmas staying on La Torre and hope to be able to go onto HR, see the solicitor, open a bank account , take some photos and hopefully get a little sun and rest.  Good Luck - there are lots of owners and near owners out there who will share their experiences to help first timers like us.

Pauline & Richard

Have a look on the La Torre message board, there's loads of info on there. You may have to go back a bit to find info on completion, snagging & utilities

Mike

Have just spoken to Polaris World and they are insisting that completion must be done before the end of the year.
The representative said that ALL completions should be made by this year as it is a requirement. I'm not sure what she meant by ALL.

My problem is that I don't even have a mortgage organised. Halifax (my existing provider) are stating a 4-6 week turnaround and then December I'm away from work.

I really could do with a completion date in January but PW are not willing to budge.
This is all too stressful. What can I do?

The rep is going to phone me back on Monday 12th Nov. but    also stated that I could potentially lose my apartment and deposit!!!

Anyone wanna buy my contract :(

Aj&Dee

They might want this to happen, but given the lack of info from them over the past few months I think it unreasonable and unpractical for them to be able to 'force' things. There are apartments on La Torre that are 6 months down the line from completion dates. Even up to a few weeks ago Polaris could n't provide a timescale so they can't expect people to jump through hoops. Not sure of the original dates for Phase 1, but this is months behind, I know phase 2 should have been last December so is about a year behind schedule, but we enquired about phase 5 when we were there at half term and they'd no idea.

Quote the info about your mortgage to them, you shouldn't really have a problem. A the end of the day they want your (Halifax's) money. Yes, potentially you could lose the apartment, I would take it as a threat to try and speed things up.

I wouldn't worry too much.

If you want problems have a look the the ACC threads

Regds

Mike

Polaris are also pushing us to complete on Laurel 1 Phase 3 before the end of this year & I am very concerned as I have just been speaking to Mikaela at Polaris World re the current position re the Town Centre.

I eventually managed to extract from her that they still haven't even got planning permission for this & they have no idea when this will even start, let alone finish. If they never manage to get planning permission, I feel this will severely impact on the potential resale of properties on Hacienda Riquelme & the rental prospects. If they do, we will also have to suffer considerable noise, dirt etc whilst this is being built, which i imagine will drag out for some time.

I ca't find anyone at Polaris that is even prepared to discuss or update me re the lack of the Town Centre that is outlined on the Resort plans & the Polaris attitude seems to be basically 'tough' even though we bought on the basis of the whole package.  Does anyone know if this is grounds to request a refund & withdraw from the contract? 

Jan&Andy

Jan & Andy

If you want to pull out I would speak to your solicitor. I would doubt if lack of facilities on site would enable you to withdraw even if you bought as a 'package'. I'm no expert but am thinking about problems at other sites like Mazarron CC, I would think it would only relate to your building i.e. the missing blocks in phase 2 & 5, which are now well on the way, but late. In the short term it will be a bit of a bind but the site's looking good as is El Valle which we had a look at the other week. They're in the same boat, no TC for another 2 years.

The planned TC is close to the access point and away from most buildings, so noise shouldn't be too much of an issue, La Torre has been kept reasonably clean whilst the TC there has been built, pity they don't spend as much time cleaning the pools

Mike

Thanks Mike for your reassurance.

I spoke to Noella from PW and she spoke to her manager re postponing my complettion till January.
Here is what she has to say:

"I have been talking to my manager about your situation and we can´t , in any case, postpone the date of the completion to next year cause the contract says that you have 20 days in order to complete since the property is finished and we are giving you two months."

Does it say that in the contract? I couldn't find the clause anywhere...unless it is hidden admist all the other legal jargon.

Who else is buying on Phase 4?

AJ

We have brought on Phase 2 Jenigibre 2 and had a call about completion this Nov/Dec.We are not ready to complete yet for many reasons--Blocks next door still being built, TC not started, golf ?? Also restricted to when we can go out due to being teachers.  Sales Rep not very helpful. Contacted solictor and they advise to complete or lose deposit , so they are a great help!!  Any one else having problems, any advise ?

We should have been in one of those missing blocks. Hence our move to La Torre. They're probably trying to hurry peolple on as the delivery is so late. Last December was our original completion date for phase 2, so they can't suddenly turn round and expect people to drop everything and jump through hoops to complete at short notice

Mike

Can you guys check your contracts and let me know if you have the 20 day clause in it? Or are Polaris World trying to pull a fast one on me?

PaulandJane, if  your solictor has said "complete or lose" then maybe PW have us by the short and curlies. Who is your solicitor? I used Aldea Advisors (http://www.aldeaadvisors.com/).

I don;t really want to give them Power of Attorny either...mainly because that will cost and also because I want to be there when the deed is done.

AJ

Did anyone see Watchdog last night on BBC1. I must say Polaris failure to deliver, together with their heavy handed threats of contract terminations and loss of deposits, is doing them no favours! All that expense on advertising, and PW's credibility is shot down in one 10 minute slot on Watchdog.

Hopefully this might get them to see that they need to deliver on the Town Centre facilities and the Golf Course, not to mention the late blocks!

With regard to our Solictor, we are using the one recommended by Polaris, so I intend to get a second opinion.

I have looked at the contract and I think the relevant  sections are : 3, "Execution in a Public Deed", and section 4 "Termination", but I cannot see any reference to any timescale except for the request for execution of the Public Deed shall include the date for execution which must be at least 20 days after the receipt of the previous notice. This why I am getting a second opinion!!!

Paul

 

The clause "the request for execution of the Public Deed shall include the date for execution which must be at least 20 days after the receipt of the previous notice" doesn't, to me, mean that I have 20 days to complete after the Apartment is ready. It's just rubbish.

I will try and speak to my solicitor and see what they say.

Shame I missed Watchdog...can't even find a snippet of it on You Tube. Did anyone record it?

 

 

I recorded it. You can watch it if you have cable - on demand. Showed El Valle and HR as building sites basically commenting that people were being forced to complete despite having no town centre or even a Golf course in HR... PW deserved it for treating their customers like s*** but do they care? NO! Last comments from PW: See you in court!

Hi all

I too would have liked to have seen the report on Watchdog.  However, I have accessed the BBC website and this is their report.   I would have copied the link, but it may have disappeared before you access the site.   As this is an 'awareness programme', I am sure they have no objection to the news being available to all readers.

We are flying out on 24th November to snag on 26th and complete on 28th.   I wonder if, after the Watchdog programme, PW will be more 'open' to questions we will be raising while we are there.

Here is the Watchdog's report: 

7 November 2007

Polaris World - you may have seen the ads - claims to be number-one for luxury Spanish properties. Plus, it offers a get-out clause in some contracts, giving customers the opportunity to cancel if their property isn't ready on time. According to some of you, however, this isn't the case.

In June 2004, Mark and Becky Vinen paid £50,000 as a deposit on an apartment in Polaris World's Hacienda Riquelme Golf Resort in southern Spain. By January 2007 the apartment wasn't finished and the Vinens attempted to cancel their agreement with Polaris World, according to the terms stated in their contract. The company sent the Vinens a termination agreement, which they signed and returned. However, in June 2007, Mark was shocked by a call from Polaris World saying it had decided not to accept their cancellation and unless they completed on the property they would lose all of their deposit.

Clive Treacher spent his police pension on a deposit on a property in Polaris World's El Valle Golf Resort. In January 2007, he notified Polaris World that he wished to cancel according to the terms of his contract when the completion of his property was delayed. Polaris World initially accepted the cancellation, but in April it contacted Clive stating that he needed go ahead with completion and his deposit wouldn't be refunded.

Roy and Sherine Jawaheer completed on their villa in the El Valle Golf Resort in June 2007. They were looking forward to the tennis, spa, shopping and restaurants offered by Polaris World in its original sales pitch. But when they visited the resort upon completion they were shocked to discover that, although their villa was ready, and the resort offered a cafe and golf course, the five-star hotel, tennis courts and supermarket weren't. In fact, they found a building site in place of the facilities promised.

Polaris World says it accepts a small number of customers have had problems with their properties. The firm says its processes for resolving this haven't been ideal. It's made fundamental changes to put this right. On the point of facilities not being ready, Polaris World says it can't provide everything from day one, and never promised it would, but the company takes great care to provide them as soon as it can.

As for the cancellation clause, Polaris World disputes its customers' interpretation of the contract. They have refunded people in some cases.

 

 

Hi All,

Wish I had caught Watchdog! We were also given a completion date of 28th Nov to complete on Laurel 3, but are also trying to postpone until later!

Barbara in Completions Department is pushing us to complete & said the lack of the Town Centre was not a reason not to complete on time, although I beg to differ! I sent a lengthy email expressing my concerns to the Head of customer Services on the 6th November, & Barbara, but no response as yet!!

We are using Multi Bureau Service for our Solicitors & it was so long ago that I can't remember whether they were recommended by Parador Properties or Polaris World - if the latter, I am not convinced that they will be keen to act in or best interests as I'm sure they must earn a mint from Polaris & wouldn't want to risk losing their business! Unfortunately, we are probably too far down the line to change now!

We have the following clause in our contract that I haven't heard anyone mention yet, as follows:-

The Seller shall deliver to the buyer the Property hereunder within a maximum period of 18 months from the start of the building works, provided that the Buyer has paid the acrued amounts pursuant to the provisions of Clause 2 below. (Clause 2 is basically the Payment terms, i.e paying the various instalments).

Does anyone else have this clause, and whether this could be a possible get out clause? Not sure when building work officially started though; does anyone else know?