Easter holidays

Hi new to the forum
  what happens if we are not ready when the property is.  we were told late 2008 not mid 2008

 

That's a very good point that also occured to me, I suggest initially you look at your contract to see what dates it gives you, then maybe speak to your solictor ??

Contracually if the property will be ready early and if they may demand payment early, then there there must be a caveat to that extent in your purchase contract ??

I am sure our's says that "the property" will be ready no later than "x many months" after the 2nd payment but its a good question that needs resolving !

 

 

Hi

My understanding from my contract (and I assume they are all the same as that is what I have been told) states the property will be ready within XX months of the original contract date. The second installment is due 9 (I think) months after signing. There's a clause in the contract that then says the third and final payment can then be requested at the same time as the 2nd instalment or any time after that if the property is complete and ready for handover even if it is much earlier than you anticipated!! Not ideal and not something I thought I would have to worry about given how much you read about delays!

Thanks for that
I have been in contact with Parador properties who think the final payment is due after 18 months and looking at the contract it would appear to be correct.Parador did say the 18 months is from the laying of the first bricks but only PW know when that was, but said not to worry as the early handover is unlikely

After conversation with Polaris my understanding is completion expected after summer . When they use the phrase  completion  expected to be  May , they are referring to the end of building work and when Building division hands over to Polaris. Habitation licence then needed and paperwork for property transfer will be completed. I still expect completion as used in UK to refer to property completion to be September / October .

I think confusion occurs in the use of the word completion as in UK it is used as a legal term meaning property transfer and Polaris customer Service are referring to Building work completion.

I asked when a bank surveyor should be able to make property valuation and I was told from June .Access to site not allowed until builders have finished .
Hope Thats OK

Hi, dringman this matches what we have been able to gather, apparently each apartment has to be granted a licence so thats not an overnight job. Even so it sounds like we should get the aparments before December . I think we're bit stunned like everyone else with the thought of having to have the final instalment  a lot sooner than expected. Stll its great not to be looking at  a late release.

Its been pointed out that lots of the bathroom pictures show slightly different fittings- does anyone think thats just because Polaris are showcasing fittings they will use right across the whole resort penthouses and villa's included and its not that the Jardines will be varied?

As far as I can gather Gail A is correct.  Installment 2 is due 270 days after installment 1 if PW finish the job early then they are within their rights - as per our contracts - to ask for installments 2 and 3 at the same time.  They will expect final payment when they are ready to hand over the keys and will make no allowance for that date being earlier than expected I don't think.  Guess it's spam n chips for the next 6 months!!

I'll chip in here form experience on other PW resorts.  If you are struggling to make the final payment as it is early, play the "I'm in the process of getting a mortgage sorted card" - this will buy you a fair amount of time.  Due to the credit crunch, many people on other PW resorts had mortgages agreed in principal but then they were withdrawn due to the credit issues.  CAM bank were a big player here and pulled lots of mortgages.  People basically had to go back to square one in the process and are still waiting for decisions, 6-9 months after they got the call from PW to complete.

 

Don't stress, PW need the money and it's a lot harder and longer process to sell a key ready property than it is to wait an extra few months on us getting our finances sorted earlier than anticipated.

Taken us a bit by surprise that the Jardins are coming along so fast and that they are going to start releasing them in May. As yet we haven't arranged our mortgage so any advice on the best bank to go to would be much appreciated. I believe we also need to sort our Spanish NI numberts in order to do this so if anyone can point us in the right direction that would be a help. We have made our second payment and December 2008 seemed such a long time away in Dec 2006.......must be our age!

Polaris should be able to sort you out with your NIE numbers, or your selling agent (if you have one)

Take you pick on the mortgages front but I will try and find a good broker or good deals and distribute the news.

With regard to NIE applications, your solicitor should have sent you completed forms for you to sign and take to a Spanish Consulate in the UK.  At the consulate you will need to pay for your application and provide proof of your identity (passport), you will also need two completed forms and two passport size photo's.  I went to the Consulate near Sloane Square in London, the process was relatively simple although they are only an authorising centre and mailbox.  The applications are sent to Madrid and then returned to your Spanish solicitor.  It can take a few months to receive, mine took five.  You can find more info at the site below.  Hope this helps.

http://www.spanishpropertyinsight.com/spanish_property_nie.htm

This message was last edited by 1098 on 2/12/2008.