Manzana 8...phase II ??

Hi Nikki,

Generally max is 70% LTV.  The problem you face is that if you don't have a developers mortgage, which is through Bankinter, you're LTV ratio will be based on the current valuation of the property whereas the developer mortgage is based on the purchase price. I'm surprised to hear that there's no developer mortgage for your house as I was under the impression they had done it for the entire development.  I've got the contact details for Bankinter:  if you would like me to send them to you please send a PM.

Mick.

I was under the impression the builders mortgage for phase 1 is with Banco de Valencia. They were helpfull with me.

Thanks for this seamus - that explains why Parador told us the developer mortgage was with Banco de Valencia!  We applied to BdV for a mortgage on their advice only to find out that on Phase 2 the mortgage is with Bankinter.  We didn't pursue the application with BdV.

mick.

Hello everyone.....We are purchasing on Manzana 8, Phase 2, Quad property 42c, we are just wondering if any one on this forum are going to be our neighbours?

WE are going out to Spain mid August and will take some photos and post to the forum upon our return. Has anyone been out recently since the completion date of 15th July near to our premises and taken some external photos.

Hope we get to hear from our possible neighbours prior to taking up occupation.

We have applied for a mortgage through Bankinter and will keep people posted on the process as we know more.

Lisa & Mark

we have just returned from a visit to San Cayetano, I have uploaded some photos.

Thanks to the people of SC who gave us a nice welcome and showed us round the area.

Kev & Bev

Hi Lisa and Mark

Have posted you a reply as a PM following your request to get in touch

Regards   Ann/Harry

Hi, Every one buying on phase two.

It seems to gone very quite the last few weeks on E.O.S regarding phase two. Just wondering at what stage people are at regarding completion, has enyone been out to see the site finished or done any snacking. Due to work commitments we wont be going till late September, Will anyone have moved in.

Regards

Mick & Liz

Hi Mick & Liz,

Like you I am tied up by work committments for a few months, but I have managed to squeeze in a couple of days to pop over by myself the week after next. I have tried to get dates via my solicitor for when the LFO will be granted, but I have not had any feedback yet. So I can't imagine completion will be much before the end of the year.

I still need to sort out the mortgage yet and have had some initial contact with Bankinter, though nothing agreed yet. Has anyone else taken on the developers morgatge with Bankinter and how did this compare in terms of deal and set up costs compared with another spanish mortgage?

Regards,

Allan

Hello

We are going out to San Cayetano tomorrow and hope to see our quad on Monday morning to do the snagging. We have applied to Bankinter regarding the mortgage and are still waiting to hear back.  August is holiday month in Spain so not much gets done during this month. We probably won't hear back from bankinter until early september.   According to MASA the builders mortgage is a better deal (cheaper) for us in the long run.  

We will take photos of the development and will post them on this site on our return.  Will keep you posted regarding BankInter too.

Lisa & Mark

Lisa & Mark

Have a lovely holiday and enjoy the sun, sand and sea.

Please take lots of photos from the quads. It seems to me that there are not enough photos from them.

Thank you

Helia

PS: We are in the same boat as you, waiting for bankinter to respond.

Hi Lisa and Mark

Have a good time  in the sun.I spoke to my solicitor a couple of weeks ago and she was hoping the LFO

would be through by the 1st week of sept. I bought through Masa are they doing your snagging or are

you doing it yourselves.Iam coming out to SC in a couple of weeks and would like to get snagging done.

Cheers Fenboy 

we have our mortgage approved from bankinter!! so we're moving on to the next stage.

Hi Fenboy,

I am going out to SC for a couple of days next week to have a look at the property and to try and do the snagging. Anyone who has done theirs can they tell me do agents generally attend at the snagging, or is it down to us to do it with someone from Taray?

Regards,

Allan

Hi all.

Place to stay needed for weekend 26 / 27 to weekend 10 / 11 October 2009.any idea's. Penthouse or Bungalow.

Mick & Liz

Not all agents attend the snagginginspection and even if they do they are not necessarly very much use as they, do not arrive equipped to carry out an inspection, I can say this because I have done a number of inspections with agents present 

For example a typical snagging kit, for a straight forward inspection includes a good torch to check bathrooms with no lights and behind cupboards, and a spirit level. More specialised kit includes a damp meter, and electrcal testing meters

Again this is not the case for all agents but they  will receive their commisions once you complete therefore there is no incentive for them to delay this and we do not work for any agents, only directly for the buyers or their lawyers, which avoids any conflicts of interest

No you are not on your own you can employ one of the inspection professionals and not be on your own where the real value of the service is not only the initial inspection but all the follow up visits, which will save you having to travel to Spain and, as the electricity and water are not connected at the time of the first inspection, is when things like electricity ewater and gas are checked

Typically it requires 4 insoections before all defects are repaired

Also included are checks on thngs like furnitire packs if installed, both inventory and quality

One of the biggest benefits can be having the property checked, BEFORE, you travel to Spain to complete

Hello

We have just got back from San Cayetano.  For those of you who haven't been over yet to view your newly built quad, you will be pleasantly surprised!  We are thrilled with the quality of build and the development is looking really good.  The pool area is lovely! 

We have bought through MASA too but did the snagging ourselves.  They told us to contact Taray directly and Taray would arrange for us to have access.    We just went to the site office and got our keys and were left on our own to look around the quad.. we spent a good couple of hours looking it over.  

There a couple of minor things that we found and we will be contacting MASA to ask them to get those things sorted out for us. 

We will post some photos of the development on this site later on this evening.

Lisa & Mark

Taray are a good developer with a quality product, and they do repair the snagging defects howvever the snagging process is a very important part of the buying process

The  process  that Taray use to manage the snagging as what should happen is that you book with Taray a formal snagging appointment and the person from Taray comes with you to check the snagging and complete, on their formal form, a snagging list

As you go around they normally mark and number the defects using masking tape to make t easier for repairs and we would normally photograph these

Because under law there is a ste time for the developer to resolve the snagging, typically 30 working days,  you should present the form as part of the completion paperwork when  completing at The Notary so that it becomes part of the contract as you sign to agree the defects

Law governs the process, you have 15 days after competion to find any immediate defects and then an additional one year

Hi

We have just uploaded a cross section of photos that we took on Monday that we hope you find of interest.  If anyone has any questions about the development and feel that we can update them, the please feel free to ask away.

For those of you who asked us to take photos of your property, we will send these to you directly.

Kind regards

Lisa & Mark

Hi Lisa & Mark

Hope you had a good time in San Cayetano, Few questions for you.

1) Did you need to book an appointment prior to going to San Cayetano to view your property.

2) Did you carry out your snagging whilst you where there, and did the sales staff attend whilst snagging.

3) Did they allow you access at any time during your stay.

4) Have they given you a date to complete.

5) How are they doing regarding licences.

6) Are the builders still on site.

7)) Did you get your N.I.E when out in Spain.

8) When do you think people will be ready to complete

Sorry for all the question, not mutch information coming through.

Regards

Mick & Liz

Hello Mick & Liz

 We have a very enjoyable few days away and SC is looking great.  To answer your questions in turn:

1. We didn't book a time slot with Taray to view our property.  MASA told us that if we wanted to see the property then we needed to contact Taray directly and they would arrange for someone to be there.  We called Taray and they just  advised us to go to the Sales office and we would be given access to the property. 

2. We did snagging on the property ourselves, well the bits that we could check given that there is no electricity on at the moment.  Taray just gave us the keys and told us to spend as long as we liked there. We found only a few minor things that we will be contacting MASA about and also about officially snagging the property as we believe they should be helping us with that.

3. We just turned up on the Monday morning, as long as the Sales office is open then gaining access to the property should be no problem. We think the opening times are 10am to 14.30pm and again at later on but not entirely sure of the opening times in the afternoon.

4 & 5.  No we haven't received a completion date as yet but assuming that we won't get that until the LFO has been granted. We spoke to the lady in the Taray sales office and she said that they are hoping that the licences would be granted within the next 8 weeks.  We told her that we were hoping to complete 2nd week in october and she seemed to think this was feasible. Also depends on whether or not we get the mortgage offer from Bankinter.

6.  Phase II looked finished and the only builders that we saw were on Phase I working on the pool area.

7. We haven't got our N.I.E number yet.  MASA said that they would help us sort that out when we are over to complete, so assuming it doesn't take that long to obtain.

8. As mentioned above, we are hoping to complete 2nd week of October... fingers crossed!!!

We hope the above is of some use. Let us know if you need any further info.

Lisa & Mark