Mums and tots, Dads and tots, Friendship in Spain, lonely in Spain.

It seems that the board is a little quiet, but I'm trying to build a network of people who have actually BOUGHT on this development.  I have had quite a few messages from people who don't seem to have bought on Manilva Gardens, but who have an opinion on it which I find a little strange.

Anyway I thought that it can only do us all good to network amongst ourselves and share ideas.  I am more than willing to share any information I have on rentals, furniture packs, agents, mortgages etc and if we all do the same it may save some of us some legwork.  I understand you may not want to respond on here but please feel free to PM me or e-mail me helen.bforb@hotmail.co.uk and maybe we can set up a yahoo group or something?

Its only a few months until the completion process starts on Manilva Gardens and I hope we can all be prepared and make a profit from our investments.

Helen

Helen,

I am brand new to this forum, and have bought on Gardens of Manilva.    Co-incidentally, just recieved info. from OVP ref completion in April / May 2008.  Ours is in block 10

My wife and I also have another OVP property at Duquesa Golf, nearby.  

I am keen to share info. with other owners and agree, the more of us communicating, the stronger and more informed we will all be.  

I have a reasonably good experience with OVP, and their rental programme, GV&A lawyers, and financing - re-financing in Spain.    Glad to share with all.

Rgds

Dave

Hi Dave

I would be interested in who you have used for financing and refinancing.

Cheers

Carl

Hi Carl,

Good to hear from you.

Our 1st purchase with OVP was at La Duquesa Golf, which is a developement of 3 bed townhouses on the Duquesa golf complex.

Originally arranged by OVP, we mortgaged  through an agent ( not the builders bank, as originally planned), who arranged a mortgage with El Monte Bank in Spain.  ( Now Cajasol bank)    This was a repayment mortgage.  Good rate of interest compared with UK rates.  But being a repayment mortgage, was quite a high monthly outgoing, with few rentals coming in.  

After a meeting with OVP, they put me in touch with Nat West Bank, here in UK, who in turn put me in touch with their Gibraltar office, who arranged a mortgage for me.    It is an interest only mortgage, with a loan to value of 70%.     I had to get the property valued.  ( Value after 1 year of ownership was very pleasing  --- whether I could actually sell it at the valuation rate is another matter)

The costs of re-mortaging was a bit of a shock though.    The bank charged  a high fee, as did the lawyers. Plus land registry fees again.    All in all, I reckon the cost to change was around £12000.   The bank's underwriting was very thorough.    I had to produce 1 x full year UK bank statements, which they probed in depth.   

I have since been contacted by Halifax, who are also financing Spanish properties, with supposed lower fees.    It seems that the UK banks have seen a big opportunity overseas, and are producing products which fit the buy to let market better than the Spanish banks.

Hope this helps

Rgds

Dave