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03 Mar 2009 3:23 PM:

Dear Maria - just been trawling through all the emails and have just realised/remembered that back in September 08, it was our lawyer who forwarded us the details of the existing mortgage on the property - which were passed to him by the deveoper. 

The amount given in the email is 23,000 euros more than we need to complete and there is no mention of any withholding of excess funds.  

We feel they want us to borrow exactly the same as the existing mortgage but do not want us to have the excess funds (for 2 years anyway) - could we use this a leverage to cancel the contract?? If so, would we get all our deposit back? 

 



Thread: Developer Mortgage Question?

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01 Mar 2009 4:01 PM:

Dear Sharon, Maria and Smiley - thank you for taking the time to respond to our mortgage query.    Our lawyer has also not heard of this before - perhaps it is a new lending trend in Spain!  Let's hope not.

Just to clarify, we are buying an apartment on CdS and have paid 30% deposit, and our lawyer suggested we try for the developer mortgage due to the  cheaper set up costs so we thought we should  give this a try as our first port of call.  If this did not seem suitable we planned to contact a mortgage broker in Spain for assistance.  We duly emailed the bank and were given details of the mortgage on offer.  We supplied all financial documentation requested and the mortgage was approved.  This is going back as far as last September.  Anyway, the bank said all okay to complete in February and asked us to make an appointment with a notary.

We asked our lawyer to do a final cross check of the bank fees against the fees the lawyers were charging as some of them seemed to be the same or very similar.  Some of the fees were the same so some good news, the lawyer came back with a lower amount we need to pay to complete but then dropped the bombshell that the bank want to keep back 20,000 euros in a fund for 24 months.  After 24months have passed apparently we can then use the money for mortgage payments and this seems quite specific - only for mortgage payments.  Of course we were shocked so immediately emailed the lawyer back to say this is the first time this has been mentioned and why?  He came back to us and said he thinks they wish to withhold the money in "case we go into arrears"!  This makes us so cross, how can they assume we will go into arrears.  They do not have a crystal ball that looks into the future (if only we all did) and if they think this then surely they should not lend us the money in the first place.

If there were no funds left over - would they do the same?  Probably not. 

Smiley, we did not ask for an extra 20,000 euros to cover costs - the bank told us how much the developer mortgage was and that was the amount we could borrow.  I suppose we just assumed they knew there would be funds left over (actually 23,000 euros) which we, therefore, thought well okay this will to help pay towards set up costs and furnishings etc.  But we don't want to have to borrow the money if we cannot use it for 24 months and pay interest to the bank in the meantime.  We would rather borrow less if this is the case but they have not even mentioned borrowing less.

Maria - the developer never suggested we take out the developer mortgage so I am not sure what you mean about private purchase and financial conditions attached to the contract  - it was our lawyer who suggested this option.

Or lawyer is going to contact the bank again tomorrow to find out what is going on and to tell them this has now delayed completion.

Maria - do you think we would have a case for contract cancellation?

Any advice greatly appreciated.

 



Thread: Developer Mortgage Question?

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26 Feb 2009 12:00 AM:

We have been offered a developer mortgage for the property we are buying - everything approved and we were okay to complete this month -  but we have just heard from our lawyer that the bank plan to withhold 20,000 euros in a fund for 24 months!  This is the first time this has ever been mentioned. 

Can anyone help/enlighten why the bank would propose to do this?  Obviously, we do not want to proceed on this basis.  We were told by the bank that we could only borrow the amount the developer owe them.  As we do not owe the developer as much as they owe the bank this leaves us with a small balance left over (which will help with costs/fees etc) - we think this might be the "problem" but the fact is we did ask to borrow less  originally but were told "this is the amount the developer owes, this is the only amount you can borrow". 

Any ideas/thoughts?

Almost tempted now to back out but worried about losing our deposit - where would we stand now if we dropped out on the basis tht the mortgage offer was changed at the last moment?



Thread: Developer Mortgage Question?

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17 Feb 2009 12:00 AM:

Has anyone bought a complete furniture package in the UK (we need to furnish a 1 bed penthouse) and shipped to Spain.  If so, which companies would you recommend?  Prices seem so expensive now in Spain, we are certain we could buy cheaper here but the problem seems to be getting everything shipped to Spain .

Any ideas?

 



Thread: Buying furniture in the UK to ship to Spain

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