mr chidgey

has any investors had new valuations on this development  im finding it hard to get a morgage becuse the bank has de vaulued the property by 30000 euros and will now only lend 60 percent  i stand to lose 45000 euros now and my agent says i will lose it all even when the contract says the builder has to refund 40 percent  is this fair no its not i just feel riped off .

hi mr chidgey

i have bought a property on this development but dont know the present value.  what do you mean about the developer having to pay 40 per cent as there is nothing in my contract regarding this ?

when my agent took me to the site office i paid 3,000euros holding fee. and signed a builders contract and then sent a further deposit of 42,000 euros into the builders bank under a bank guarantee(bbva bank) however the builder has now changed his bank back to the cam bank. they have revalued the apartment at 20.000 less i uderstand that this had taken place in nov and my agent tells me it could even be a lower price today. therefore if i do not take the builders mortgage over and arrange my own mortgage then the bank i choose will most certainly revalue at todays price.in the contract it states that should i not complete at the notary then the builder will cancel the contract  the 3.000 euro holding fee will be lost .however the further deposit of 42,000 euros he will be able retain 60%of this money.

my agent also tells me i may have to take the builder to court in order to reclaim the 40% back.and that the builder could lock me into a court battle for a very long time .i nderstand these apartments will be ready in april is this to your knowledge.

hi

like you i paid a 3,000 euro holding fee then paid a further deposit.  i do have that clause on my contract although i thought that if i did not complete the builder had the right to claim 60% of the full amount owed not just the deposit paid. i probably have read it wrong.  i dont know which bank the transfer was made to.  phase 1 is due to be completed by the end of April but other phases are not due to be completed until December 2009.

i will look at my contract again and let you knowe later .

hi iv'e checked the contract page 4 item 4 headlined resolution

failue on the part of the buyer of his obligation to appear for the signing of the title deeds when required to do so buy the seller, of default by the buyer on any deferred payments will invalidate this contract having the seller the right to retain in its favour the amount paid as deposit  and 60% of the other payments made buy the buyer upto that date, and all this as compensation for damages caused being able the seller to exercise unilateral power to cancel the contract or demand the payment of the unpaid amounts through the appropriate actions.

i hope this answers any questions good luck im out.

Hi I have read my contract and it is the same as yours.  I obviously read it wrong the first time.  I checked bank that transfer was paid into. It was the Cam bank. I must have paid deposit after you. I have not tried for a mortgage yet so I dont know what the position would be regarding that.  I have not had any info on development for over 2 months so dont know if any of them are ready. Our apt on first floor so I think they will be first ones to be ready. Keep you updated if I hear anything. Are you seriously thinking of pullig out ?

hi, if i do not find an investor to share the cost of the mortgage with me i will have to pull out.i have offered half of my original deposit to investors free of charge this has arisen solely because of the new valuation and the bank only offering a 60% mortgage. i have not heard anything from my agent concerning completion dates iam also on the ground floor pool facing. good luck with yor mortgage( if you are thinking of aking over builders mortgage this will take 2or 3 weeks or 4to 6 weeks arranging your own mortgage.

Hi.  Not long back from Spain.  Went to see the apartment and got a shock.  I have a problem with the apartment so I did not go to see about a mortgage and dont know what the present value of them are,Sorry !.  I have just read a thread on EOS started by someone called blueprawn with the heading (Help Needed With Contract).  Different circumstances from yours but same scenario.  Might be worth taking a look at it.  I do not know if our contracts are Signed to be Financed as you will read when you look at this thread.  Hope it helps. Let me know.

i will be visiting spain next week i will let you knowe whats going on please can you let me knowe what sort of problem you had as i can prepare myself incase i get one too .

Hi

I am just going out at the moment so I will send you a PM later. 

Does anyone have any information on the builder's mortgage?  Golf Invest have emailed me today stating the the builder's mortgage is best as the valuation is already done and there would be a saving of 1.5% on fees. I have to wait for the solicitor to get in touch with me about this - no doubt that'll take forever going by previous experience.

Hi,

I applied for builders mortgage 6 weeks ago (have been living in Sucina for 5 months) and have only today heard that I will get word about my application first week in June. My lawyer has had my Habitation Certificate for some weeks now. No problem with building as far as I can see (and I visit my flat every week). Snagging done and only some small problems. Road outside access to building will be ready in 2 weeks. Swimming pool half tiled. Have had someone in to measure up for Bug Blinds.

I will be moving in to stay as a resident there hopefully mid June.

June Barrie