Anyone buying in Medina Suites? Completion dates? Mortgages? HELP

 

This message was last edited by Carolanski on 4/14/2009.

HI    Y,all  we   would  all  seem to  be  in  the same  boat,  getting    the   mortgage  we  thought  would  be  easy  enough   but  all  seems  to  have  changed ! We  are  also  buying  in to  Suites, it seemed  to be  a  great  idea  golf& sking  etc, We   couldnt  afford  the  shortfall  either,  even  if   we  could    what  is  the   real  value  of   the  Suites  ,  I  m   sure   30/ 40  less  than  we   agreed  I  would  love  to be   wrong. We  might  have  to  walk  away   losing   nearly  50k,  heres  hoping   they  will not  be   ready   for  a long  time !  and   if they  are  the  rest  of  the   complex   will certainly   be  longer ,  oh  well  ,as  long   as  youve  got   your  health !  Hola  Amigo

Hi

I was down looking at suites at he start of October. I spoke to Lars the sales manager and he said suites is due to be finished in April and should have its habitation licence by June.

The development is has progressed a fair bit since we were there is January. The clubhouse which he took us on a tour of was due to open by the end of October. The only part not complete re the clubhouse was the golf cart road up to the club house. The clubhouse has a gym sauna and creche. They are not fitted out but the rooms are complete.

The golf course has come on a lot but they had a water pump problem on the first nine and this has set back the maturing of the fairways. The greens and tes are excellent. The back nine is much more mature and the course really is a pleasure to play.

We were able to go into our apartment and it now ready for plastering and 2nd fixing ie pipes and wires are all run in. The car parking area seems finished and the trasteros only need doors to be fitted.

We will be hit with the change in valuation and it appears we will have to find an extra €16000 euro. It will have an impact but it will mean a smaller mortgage.  The english school is complete but I forgot to ask was it open. I noticed a bus stop at the entrance which I didn't see in January. I am not sure how the overall building is going but they are working on all the block that I could see.

I have some photos and I will try and put them on the site.

 

Thanks for the info Famroc

When you say the valuation has affected your mortgage - what do you mean? Have they  "officially" been downvalued? Please could you explain?

Cheers

Carol

Hi Carol

 

I have been talking to people who have purchased in Medina 23 and their properties have been valued over the pruchase price very recently. This is positive but I share your concerns about future phases. I have purchased in Fairways.

 

Thanks

Jonny

helo johnnyf

 

these people that have had valuations over purchase price

did they get an 80% mortgage with no problems?

highlander

Hi from famroc

Apologies for not replying earlier. My apartment cost €200K ex vat which has a vat charge of nearly 15K. The developer already has a mortgage on the property. It appears the valuation of the property is based on the 200K and they will give me a mortgage of 153K. The vat element is not taken into account in the LTV. I have not spoken to my solicitor as yet but I will wait a while and see how things pan out. In my documrentation it does mention taking over the mortgage the dev has. 80% is not mentioned.

Hope this clarifies what is happening in my situation.

famroc

 

Dear Forum,

 

I would just like to reiterate a point I made in an earlier post. ALL of our clients have a mortgage equivalent of 80% of the purchase price available to them and the great majority of clients who are now completing on their apartments in Medina 23 have achieved this. There are only a handful of cases where clients have not been offered the full 80%, and this is down to their own personal financial situation rather than the 80% not being available.

Please do not hesitate to contact me direct if you have any questions.

Kind Regards,

Sharon Hitchcock

Sales & Marketing Director Peninsula.

 

 

 

 

Hi All

Sharon has very helpfully explained the situation with Medina 23 and I am sure those buying there will be reassured.

Suites is different and Sharon has pointed out the reason to me. It is different it seems because Peninsula were only the promoters and not the developer on the Suites project. They have a different selling/finance structure and as i said in my earlier post 80% was never mentioned in my documentation.  In Spain, also,  the LTV is based on the purchase price before vat which is different to Ireland and I presume the British Isles. This may explain why so many feel the LTV is below 80%.

Hope this clarifies the situation re Suites assuming no other info comes to the fore.

Famroc

I also had a very re-assuring chat yesterday with Sharon at Peninsula.It's not all doom and gloom,valuations are actually coming in higher than purchase prices.....and most buyers are getting mortgages,it would seem.

I think we all have to remember why we bought at Medina Elvira in the first place....those reasons haven't changed even if the world economy has!

The bottom line is surely........if anyone has doubts or queries,ask the Peninsula team.

Sharon could not have been more helpful,and when I visited the site recently without an appointment,a representative arrived in minutes to take me round. Celine and Sonia in the main office have also responded promptly to my questions.

I personally feel more confident about buying somewhere when I can actually see evidence of what has been promised .The golf course is up and running,the club house nearly so,the international school is operational etc..............and builders are working on site!!Obviously,there are problems everywhere with property purchasing at the moment,and we all have every right to be concerned,but I do genuinely believe we should be as positive as possible in these difficult circumstances.

For anyone else buying in Tee 17 by the way,Sharon believes that, if anything ,this is slightly ahead of schedule,and,touch wood,not as yet experiencing any major setbacks.

 

 

This message was last edited by jbotwood on 4/10/2009.

Dear Forum

I am buying in Suites - a two bed.

Peninsula (at least I believe its Penisula and not Grupo Bilbao)  have advised me that completion will be in June 2009. So I'm currently expecting to complete around June/July 2009 but if it slips into August or September it isn't necessarily an issue.

My lawyers (English but based in Marbella) have made sure that bank guarantees are current and uptodate for the approximately £50 to £55 K which has been paid as 20% deposit (plus some tax etc). They are adviving that I start the mortgage process now.

The question for me now is to sort out a mortgage. Peninsula have advised that thir people will get in touch closer to the time. The material on this forum seems to suggest that the 80% LTV with the Valuation being at or very close to the purchase price is being achieved. Assuming a resonable credit rating then, the availability of a mortgage should not be an issue.

The concern that I have picked up is whether the Developers mortgage is a good deal or whether it is better to go somewhere else. Has anyone else had to deal with ths issue on any of these developments?

Any advice?

 

Senex

 

 

 

 

Can't do any harm surely to ask around.

I have a contact here in Spain and will be approaching him nearer the time we need to organise a mortgage for Tee 17.Hopefully,though,the developers' mortgage will be,in any case,  an acceptable one.