Veranda Al-Andalus - Keymare

CandyF that is most definitely a bridge too far - something i have never endeavoured to try and fathom is the workings of the female mind - beyond the age of about 11 they seem to become from a completely different planet - Venus perhaps?

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Hi Marksfish
I've been scouting the messages looking for the Thallassa lady but I can't seem to find her.
Have you any idea

Ta very much
Geri

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I believe Noreen is currently in Spain. Her user name is nfm2862 if you want to drop her a PM.

Mark

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Hi Geri, we are also buying on veranda and wondering what the situation is too. I have allready been in contact with my solicitor who says that there is no price drop and that KM have confirmed to him  that phase 2 will be going ahead at a higher price than phase 1????? There is a forum set up for Veranda buyers and a couple of people (including ourselves) have already expressed concerns. I have seen an estate agent advertise a 2bed 2bath at 'below market value'. We also bought through MRI. Have a look at veranda forum and  Thalassa forum for other stories. Lets know how you get on. Tricia
PS we have looked into the builders mortgage (as someone suggested) and it is over 20years so might not suit you. But if you have sent your details onto smiley he will be able to answer all your mortgage questions.


This message was last edited by tricia52 on 5/26/2008.

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Hi Geri,

My partner Martin & I  bought offplan for a 3 bed apartment in Guardamar in September 06. We completed March this year. We had great difficulty getting a 80 per cent mortgage as the euro crunch hit us too. We went to several banks who had initially said no problem. One of them had us trawling into a internet cafe to get our credit details from equifax etc, before they would consider us even though our salaries shouldnt have been a problem.
Finally after alot of stress and thinking we may lose our deposit etc.... the developers liaised with another bank who we hadnt even considered and some strings were pulled and we finally got our mortgage and it went through really quickly.
We also edged our bets and took a 2 bedroomed property on the same site and as it was ground floor we had loads more outdoor area space....so all turned out well!!

We are now looking forward to our 3rd holiday in our lovely apartment in July..

Dont get too downhearted, things like this happen and at the time you think you are the only ones going thru it!

Hope this helps

Julia & Martin

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Just to add one further thing regarding valuations. We had loads of problems with undervaluing our property from the time we bought off plan to completing. In 18 months 3 valuations (2 SPANISH BANKS AND 1 ENGLISH BANK VALUATION) all came UNDER valuation from what was quoted in September 06 NOT March 08!!...it appeared our property had lost money not gone up in value. This had a knock on effect with the 80 percent and our budget was knocked for six! Even if the pound had fallen against the euro we certainly didnt expect in 18 months our property to de-value. That is another reason why we opted for the cheaper 2 bedroom apartment. Luckily apart from the 3rd bedroom, the living area is the same square footage but we have the bonus of loads more outdoor room as i mentioned in my last post.

lordy lord!!

Julia

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Hi Julia something you may not be aware of is that bank valuations here are not principally based on market forces but the principal line of the equation is cost per sq m to build. They will consider completed transactions recorded at the Land Registry but cost to build is more important than sale transactions. Added to that the Bank of Spain have issued a directive to the valuation companies to exercise extreme caution when assessing a property for valuation purposes before issuing their report and to decrease the published figure - various % have been talked about so nobody is exactly certain what the directive entails - as low as 3% to as high as 15%. basically they are trying to minimise the potential risk to mortgage lenders in the event of a serious decline in property values. Whether this is the right way to assess a property value or whether the BOS actions are correct or not I am not going to argue - but it is what it is. Thus even an upward price curve to the property market could have ended up with a valuation lower than purchase price if it did not meet price per sq m requirements.

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Hi Juliad
I was wondering if you wouldn't mind sending me a PM on detoils on how you went about downsizing. Is this a new thing?
I bought on Veranda Al-Andalus through MRI.

Thanks
Geri

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