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Tuesday, October 31, 2006
leeabby
Ático
I'm in Old Kilpatrick, Glasgow approx 20 minutes from Loch Lomond/purchasing in Almoradi,Costa Blanca, 10 mins inland from Guardamar Beach/25 mins from Alicante airport
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Be careful if buying direct from builders/developers.
Myself, husband and another couple had arranged to buy direct and had sorted out a low deposit with the builder and mortgage and the 10 percent costs were to be added onto the mortgage at the end. One week before we were due to fly out to meet with them, Atlas had left a message on my answering machine saying that they were taking over the flights and they would be meeting us instead and that the builders had been 'naughty'..The builders have their own website and are still selling themselves.
Anyway we were told by the builders (onthe one phone call that they would return and speak to us, any thereafter have been ignored) that all deals, deposits etc would remain exactly the same as if we wre still going with them but that it was better we wnt with Atlas.
Now we,ve been out at the weekend, told that Atlas would do everything aprt from the mortgage which the builder owuld still do, cam home and got a call yesterday, mortgage will be fine but now Atlas are doing it and cannot add on the costs which they say will not be 10 percent but 14 PERCENT. They are giving a 3000 euro cashback but this doesn't even cover the extra 4 percent they will be charging! and it means myself and my friend iff going ahead with purchase have one year to find an extra 14,000 approximately euros, which we just can't do. We had paperworl which we,ve faxed off to Atlas this morning stating the deposits and that the costs would be added on, so unless they can do something about that we've lost our dream holiday home which took us 6 month to sort out, I think all Atlas are thinking about is they'll get 2 fat fees from the developers if they sell to us.
Watch this space and I'll let you all know what happens, but beware of offers like Atlas's - the extra euros cashback do not cover their inflated costs.
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31 Oct 2006 3:12 PM
Smiley
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Talk to your lawyer - Atlas cannot insist that they arrange the mortgage. It is illegal and unless something binding in the contract you have signed that says they arrange the mortgage tell them to ???? off. This of course assumes your lawyer is not in Atlas pocket as well. If he/she is then they will probably sing the party line too. Spain is like all democracies and a country of choice and a great many businesses here insist on things they they shouldnt on the basis you dont know any better and it is easier to take the line of least resistance. What would you do if you were investing in the UK. What would they do if you were paying cash - still tell you that you have to take a mortgage with Atlas? Sounds ridiculous to me and obviously I dont know all the specifics of your situation but sounds as if someone is trying to mess you around.
If one does not take the developers mortgage overall purchase expenses should be in the region of 12% including lawyer, IVA etc.
Regards
Smiley
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31 Oct 2006 3:48 PM
leeabby
Ático
I'm in Old Kilpatrick, Glasgow approx 20 minutes from Loch Lomond/purchasing in Almoradi,Costa Blanca, 10 mins inland from Guardamar Beach/25 mins from Alicante airport
I've made 127 posts
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Sorry, didn't mean to mislead, Atlas are not forcing us to take their mortgage, they did say we could go elsewhere, but the agreement with the builder was 10 percent costs would be added onto the mortgage (mortgage being just slightly under 80 percent) and when Atlas took over they and the builder both said everything that had already been agreed remained the same except for the fact Atlas would be showing us around, not the builder. After being in Spain at the weekend, came home got the mortgage stuff done yesterday and now told, oh by the way, we can't add on the costs which could be anything up to 14 percent. and not enough time to go elsewhere now as property going back on th market sometie tomorrow. So have told Atlas now, no way (the way all deposits etc add up we require about half the costs added on which amounts to abount another 6500 euros. Awaiting their reply.
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01 Nov 2006 9:11 PM
colesfamilywales
Apartamento
I'm in Pontypridd
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Fully understand the time & effort to find your "dream home in Spain", but being blunt, they are pulling the wool over your eyes.
It is too easy to say Atlas will take everything over, but you watch THEM & THE BUILDER take a U turn if something goes pear-shaped.
Your dream home will turn into a nightmare if you proceed, they are forgetting who the customer is and simply having a dispute over who gets the commission, sadly you are the innocent party.
Do not forget it is a Buyers market at the moment....and ther are more then 1 dream homes in Spain!
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04 Nov 2006 3:14 PM
leeabby
Ático
I'm in Old Kilpatrick, Glasgow approx 20 minutes from Loch Lomond/purchasing in Almoradi,Costa Blanca, 10 mins inland from Guardamar Beach/25 mins from Alicante airport
I've made 127 posts
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Well, we have finally signed the reservation contract to purchase our apartment! We got our own independent lawyer so feel a lot better because we done that!!
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29 Nov 2006 2:41 AM
JeansSis
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This message was last edited by JeansSis on 5/19/2007.
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