Costa advice bureau

We are buying a phase 4 apartment. hoping to move out within next two years. 

 Was informed that these may not be ready until June 09.

Is this correct.?

Has anybody been to the site lately.

We was out there last August  phase 4 still not started.

Has anybody got any information on how things are going.

We will be taking a trip out soon,  will let you know what we find out.

Please can everybody keep this updated.

Any information  that can be shared  would be much appreciated.

Thanks Calvino &   Ellaina     Nottingham U.K.

 

Hi Calvin,

We are also buying on Phase 4 (Block 3).

I've heard formally (from our Agent) that completion date could be March 2009. However, I've also heard informally (and more recently) that, 1) it still is March 2009 and 2) It's Aug/Sept 2009. Therefore, your date of June 09 doesn't sound too far off the mark. Where did you hear this from, an agent or the developer ?

Looking forward to your posts (and photos ?) after your upcoming visit.

Regards

John

hey

we too are on phase 4 block 3!

I have not yet visited however will do so when I get some time, I will try to upload some photos.

Are you planning to take a mortgage out on this? If so, are you using a Spanish or UK bank?

 

Hi,

The original plan was to use the proceeds of a UK house sale, but it's now highly likely that it will no longer be an option. Therefore, we will probably have to get a mortgage.

Problem is, it would have to be interest only to try and keep the costs down. Even so, the monthly payments are likely to be in excess of £1,000 !!

I'll probably go for a Spanish mortgage because of the slightly lower rates (they used to be a lot better !!), but they are a lot more costly to set up.

With completion expected in March 2009, I'm waiting to late 2008 before making any firm decisions.

 

 

Hi guys good to see people chatting again.

I am in same boat on raising funds.

May sell property in UK... Or down grade or just go for a mortgage.

(No need to panic yet we seem to have time on our side)

Hsbc and Halifax banks have sister banks in Spain which will help in transferring monies over, setting up direct debit etc.  And of course arranging a mortgage.

All English speaking both were very help full.

You can phone for information packs on opening a bank account in Spain. This seems to be quite straight forward.

Opening a bank account maybe a good idea to get this sorted sooner than later.

Has anybody got an idea of what the out goings are likely to be on these apartments.

Taxes,   electric, water  waste collection. And of course the community charge. Any thing missed?

It’s all going to add up.

 But still looking forward to my dream home in the sun.

Hope to see you all settled in summer 09

Calvino &  Ellaina

Hi,

 

Has anyone been told of the tax implications of selling your off - plan apartment before it is completed?

 

Regards

 

Pete

Hello all - just uploaded photos now of the development as it was last weekend.

When I went no one was around, so could not ask any questions, planning a visit this Saturday again, so will see if I can have a word and an update.

Cheers people.

Just been looking at a Spanish based website which seems to be offering Vista hermosa appartments at prices well in excess of what we originally paid for them. If this is true, AND, most importantly, if people are actually buying them, that is good news.

The website is:

http://es.aj-andaluciaestates.com/prd/481/%20vista-hermosa.html

2 bed appartments are being offered at 235,000 Euros with 4 beds at 417,000 Euros. This is over a 25% increase on the original price we paid. As I said before though, there is no point in getting excited with these figures unless people are actually buying at these prices.

If anyone has any other info which may indicate what is currently being paid for these properties (either new or re-sale) let us know.

Thanks

hi all

Just spoken to ADH  this week (see email)

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Hi Calvin,

Thanks for the info. We are purchasing with ADH as well. Are you expecting a formal letter from them regarding the latest date change (like everyone got informing us of the slip to March 2009) ?

Can't wait to see the latest photos when you upload them.

We've just come back from Spain, but we were walking in the Alpujarras and didn't get time to check on progress.

Regards

John

Hi All (John)

I have just uploaded the pics but put them firstly at the wrong date!

They are now under 01 march 08
94417  x2 pics and 11010  x6 pics

Best Regards
Calvin

Thanks Calvin, the photos look good.

They appear to show that Block 6 is well on the way to being complete (although it's still not rendered & painted white yet !!).

Not much sign of Block 3 yet (where we are buying) although the shot from the distance may show the lower levels/foundations in progress.

Thanks

John

Hi All,

Just had a response from ADH following an email to them re the expected completion date for Vista Hermosa:




This message was last edited by DoubleJ on 6/6/2008.

Hi, buying in Phase 3 (block 9)....just had paperwork requesting final payment and to arrange mortgages...seem to have come as a shock as completion was touted as October...?
Anyone else received this paperwork from their solicitors?
Out to visit site july 10th...hope for more info then.....
Rgds

We are buying in Phase 4 (Block 3), so the June/July 2009 date I mentioned in my earlier mail relates to that Phase.

However, I thought that you only had to pay your completion money when the Licence of First Occupation was formally issued, and that this could only be done when the whole development was complete. This may not be the case when there are different Phases.

Has the LoFO been issued for Phase 3 yet ?

Haven't heard back yet about LoFo ...we are meeting local agents on site friday morning to see what the place looks like currently.....then be doing some research on current  rental/sales values...

I did some research a couple of months ago regarding potential long term rental prices. 

I did the enquiries with a couple of companies in Gibraltar, mainly because a lot of people work there, but can't afford to live (or even rent) there.

For our appartment (a 4 bed 2nd floor in Phase 4) the expected amount was in the region 1000 to 1200 euros. This wouldn't cover the interest only mortgage that we will need !!!

However, they also said that the rental market was very poor at the moment and the chances of securing a successful long term let would be very difficult.

As far as sales go, there are some sites on the web that are "offering" Vista Hermosa properties at up to 25% more than what we paid for them. However, just because they are asking that price doesn't mean that they are being bought at that price.  I suspect that in the current financial climate, we would be lucky to sell even if we offered at up to 40% below the contract price.

I would be interested in what you find out about the LoFo. I would expect the whole development to be fully completed with pools etc in place before the LoFo is issued, but I'm not sure if that's how it works.

Thanks

Hi All,

 

We have purchased in block 2 phase 4 in Vista Hermosa.  I was told that completion was to be Oct 09 and then June 09 from their offices in La Linea.  I don't think they know themselves, all depends on the weather over the winter months!

We intend this to be our permanent home as we have sold our house in UK.  Our children live about 1000 yards away and give us regular updates.  I shall be looking for a golf partner when we move in, so if there is anyone out there who likes a game and and a drink afterwards get in touch.

I agree with JJ about rentals, it is getting very hard to secure long term rentals because of the exchange rate.

All the best.

Jono.

Hi All

Phase two in Vista Hermosa will  be completed in December, haven't been given an exact date yet.  The houses are all completed, all they need to do is finish the garden off and there is no lighting.  they are in the process of applying for their habitation licence as the property needs to be viewed first to see if they are up to standard and connect the electricity and water.
My daugter has been accepted in her school and all paper work has literally been finalised, and I have also recieved my N.I.E number. 
As for the car my husband has managed to get it here through Portsmouth down to Bilboa and then drove down to  San Roque which is about 10 mkins from Vista exit 127. Trip wasn't too bad. 
Things seems to be up to date in vista and all the workers are hard at work, roads are being tarmac and the detached houses which is facing more to the road are going up as well. some places they have even started planting flowers and date/palm trees. 
In regards  to you selling your house , promaga can put you up in a temporary accomodation  if there is a delay  on your completion.  It can be either sorted out through your lawyer or get intouch with promaga direct. 

As for jobs I am setting up I am setting up a rental service but as everyone is aware, with the rates down its pretty hard to get full rental on your accomodation and its not guaranteed.  At least I will be living on the complex and there will also be a babysitting or nanny service if you cant pick the kids from school or you want a nite out. In the meantime I went for an interview in Gib this morning.
It will be lovely to meet up face to face later on, and my husband is a golf fanatic and enjoy a beer after.
Can form a social club........and not forgetting us woman, and there are times you guys need to stayat home while we go out for a sangria or two!
As for jobs it seems to be a lot of jobs around  hey are advertising  from clothes shop in Gibraltar to Morrisons and there's a couple of other sites I am aware of if anyone nis interested. 
Anyway  went to Gib this morning  and I better go and top my tan up near the pool.... haha

Hasta Luego  ( spanish pretty basic still in the learning process) 

Hi Vista 1,

Thanks for the update.  Looking forward to meeting your other half for a game when we move in!  It looks like you are gong to stay permanent?  I am not sure about taking my car over there as it's right hand drive and could be a problem selling at a later date.  We are registered in Gib and I will buy one there and save myself a lot of trouble.

Best wishes.

Jono.