Are my Capital Gains calculations right??!!!

Hi All,

Hope everybodys well, just had an email from trevor & pauline who live on site, that hogar sur wont to pull off site,
We will all recieve a letter in about 3 weeks time about this matter, T & P have contacted there lawyer and he thinks with so many apartments unsold its not possable to do this.

We await the letter...

cheers Michael

What do you mean by pull off site exactly?

I don't really know exactly but from what I have gathered, I believe it's the general maintenance contract that they want to pass over to the people who have bought - or an external company to charge the people who have bought.

The problem lies in the fact that so few apartments have sold compared to the number unsold - so any communal fee that would have to be paid by us (owners) to cover a maintenance contract would be over-inflated as it's only 40 apartments on a 120 apartment building.

When I was over last week there was mention of monthly fees up to 100 Euros a month - which is obviously pretty extortionate.

Alternatively, if we only pay a normal amount any maintenance company wouldn't want the contract as they wouldn't be getting enough money to cover costs (hence why Hogur Sur want out).

The building supposedly comes with a 10 year builders warranty - so legally Hogur Sur are bound to repair any building defects and any snagging in individual apartments too.

Which is why I think it's just the cleaning and upkeep maintenance they want to get us to start paying for (as would happen normally after a build - the only hitch here is that Hogur Sur still own most of the apartments).

I could be completely wrong though! But I think this is what it's all about.

This message was last edited by lyndsey on 7/25/2008.

Right, I understand.

If this is the case, I think as Trevor and Paulines solicitor have said, it wont happen.

In our contracts, we ageed that we pay a percentage of the community fees which is based on the square feet of our property. 

Using random figures.... if the running costs of the community are say 100,000 Euro a year, each apartment pays 1% of that cost - or 1,000 Euro per year (if there were 100 apartments). So, if Hogar Sur still "owns" 60 of those 100, they are legally required to pay 60,000 Euro per year.

Its all covered in the community laws, so we will be fine.

The only problem is, with Hogar Sur still owning the majority of apartments, they have the majority vote on the community. So, if they decide that they only want a pool cleaner once a year, a gardener once a year and a cleaner once a year then the maintenance costs will be  much lower, but the apartments will become a real mess. The saving grace to that is that Hogar Sur still want to sell the reamining apartments, so its in their interests to keep the complex looking nice (at least you would hope so). Thats unless they are mothballing the complex totally for a few years, hoping the market will improve, and will only start upkeeping the complex properly after that mothballing period.

Hi all
with all thats going on dont we require a community group meeting (dont know how this could be arranged tho) or at least all of us that have bought ought to get together and speak as one voice,
one day surely a management committee will be set up,
 if iwasnt on this site wouldnt know at all whats happening.

Well something unofficial could be organised I guess, but might be difficult. But, any official meetings would have to be sorted by the builder I think.

For the time being, I think we should all keep updating this forum with any news we hear.

hi everyone Pauline e- mailed me 290708, to advise a meeting with alhambra holdings on 010808 had been organised.This was such short notice, I e- mailed althambra holdings direct & suggested 010908.it might help if others did the same. e-mail address info@alhambra-holding.com. This will allow time to arrange flights & speak as one voice at the meeting.Hope you support me.
Michael

just spotted this message.

i guess its too late now, unless they did postpone it.

my sisters on her way over today, so I'll update with any news I can get from them over the weekend.

I think it was postponed!

was wrong - it wasnt postponed. will put some details up asap.

pauline just emailed me and the meeting went well, alan drew is president and pauline is vice, electric+water will be connected in about 4months proper and will be billed monthly, pauline will be walking round with alhambra rep next week to put outstanding work right.

Michael

----- Original Message -----

From:

To:

Sent: Saturday, August 02, 2008 10:14 AM

Subject: Fw: meeting

----- Forwarded Message ----
From: Pauline Trevor
To:
Sent: Saturday, 2 August, 2008 11:12:56 AM
Subject: meeting

hi everyone

sorry i have not been in touch but we have had a bit of bad luck we were broken into , don´t worry everyone else is OK

   the meeting went well Alan drew is president i am vice  so that is good all the mail will be coming by emails

    you will all get a copy of the meeting and the charges

swimming pool is open

snagging is being seen to i am meeting with alambra next week to go round the complex to sort out the problems

  all charges will be paid monthly

electric should be connected in about 4 months as the same with the water  have to upgrade the wiring from marina torre

   this is just a quick note to everyone will be in touch when i get a new computer

regards

pauline

Hi All

Has anyone heard if Alhambra have actually started doing anything yet ?
We were at the meeting and they were supposed to be going around the developement sorting out all the communal problems with Pauline.

Sian

We also were wondering what is happening, havent received any minutes of the meeting, and what about all the points that Les & Sue have raised, also on the point of security does anyones alarm work?

Lucy & Rich

Not heard a thing here - no updates from Pauline, Alan Drew or Alhambra!!!

Eunice - how was the meeting? Anything that hasnt been mentioned that you can think of? As you can see, there are quite a few of us with no, or very little, info.

Hiya

If you let me know what block your in and portal etc i can tell you what your quarterly communal fee will be if you don't already know.
It goes on the size of your apartment.

Alan Drew seemed very keen on getting things sorted but since the meeting we haven't heard anything from him.

We complained to Alhambra about the state of the developement and that the builders hadn't cleaned anywhere but Adelene who is representing the builders and sorting out snags in the apartments told us the  builders had cleaned everywhere. This we were all very angry about as it obviously hasn't been done.
When we asked about the empty room which could be turned into a games room or whatever, she said thats how it comes .
Its just been left an empty shell with no ceiling, floor etc.
Hogasur are paying the communal fees for all the apartments that haven't been sold . We were told that only 23 are occupied.

The total budget from Aug08 - Aug 09 is in Euros :

Repairs                                                   3000,00
Pool Maintenance                                 6000,00
Lifeguard                                                 5000,00
Water Analysis(4 Months)                    650,00
Extras Pool                                             1000,00

Garden Maintenance                            8857,76
Extra Garden                                          1000,00
Pest Control                                            500,00

Cleaning                                                  25223,04

Lift Maintenance                                     10800,00
Lift Phone Line                                        1200,00

Administration                                          7516,80
Mail Expenses                                          500,00

Community Insurance                            3800,00

Water Supply                                             6000,00
Electric Supply                                          6000,00

Rubbish Tax                                              130,00

Reserve Fund                                            4358,88

Total Budget                                               91536,48


Even though it all sounds a little bit gloomy especially with Pauline and Trevors being broken into, we still had a great time .
We've left 40 euros with Pauline to have 2 extra security locks on the patio doors as their insurance company said they can be lifted out very easily.

Hope this helps a little bit.
We met your sister and family by the pool, Hope they are all well.

thanks
Sian

Hi All 
On subject of patio doors when I was fitting extra locks on our doors one of the original catches fell to pieces which I had to fix, they are very flimsy and think the doors could almost be forced with a table Knife woudnt even have to lift them out of their tracks, suggest everyone does fix extra locks or something, especially as most apartments are unoccupied, when we are over almost seems we are the only ones in the whole complex.
Richard & Lucy

Dear All. I firstly apologise for not informing you of what has transpired between Alhambra and myself the answer to that is, other than sign the minutes and send them the documentation to set up a bank account precisely nothing. I will be at the complex on the 20th of this month when I will attempt to get more information from Alhambra. I believe at this stage we have all bought into a big white elephant and that we need to pull together to push sales of all unoccupied apartments, we must all attempt to have all defects rectified, and the complex made as attractive as possible. I would like to thank Pauline and Trevor for all they have done to get some semblance into the various problems at the complex. All residents should be grateful that they have a couple on site permently interested in their investment. Also as for the job as head of the residents association I was one of those few who made the trip over to attend the meeting, it was necessary for someone to take up the position. As there seems to others who are now taking an interest in the complex come forward and please take up the position or lets all pull together openly to improve what we have. Alan Drew

Hi Alan and All
agree with all you say we just could not get over to the meeting we were given too short notice. We would love to get involved, but how? do think we all need to get togtether to protect our investment, we will be over again on th 25th.
Lucy & Rich

Hi All

Has anyone been out recently to see if Alhambra have started work at the developement yet

We're going out on 11th so we're hopeing it might look a little bit cleaner and finished off than the last time we went

Sian