Completion - how it works

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03 Dec 2009 12:00 AM by Paulw Star rating in Bristol and now and .... 40 forum posts Send private message

 We completed on Monday for our Menta. Just a few tit bits of info from the process which might help others

1) Allow plenty of time at the notary. We met our (spanish) lawyer there who spent the first hour translating the contract word for word so we knew what we were signing (you don't get an english copy).

2) The "rules" of Corvera are given to you then (you don't have time to read them) - these relate to things you must abide by as an owner at Corvera.

3) We used the developers bank (Banco De Valencia) for our mortgage and bank account - our contact there Lola has been brilliant - her english is first class and she sorted out bank accounts (you don't need to be in spain to set them up she said she could do them via post and email) - we did go to meet her and I think this was worthwhile.  Banking there is very different. They will offer you better rates of mortgage if you are prepare to deposit some savings there in their deposit account - which gets around 2% interest.

4) Snagging - we employed Roy Howitt who was amazing - he spotted 3 pages of snagging items (nothing serious but all which need doing) and has been absolutely invaluable during the process (he is a fountain of useful knowledge). I cannot recommend his services strongly enough to any buyer - don't try and do it yourself!

5) We are going with other people's suggestions of using the €3k promotion on white goods (and a bbq probably). Some things are better value than others so do check.

6) Setting up your gas/elec/water is done via Corvera - you sign forms on the day but be prepared as it will cost to connect to all of these (not a Corvera fee but a supplier charge).

7) The site is coming along (still a building site but taking shape - we drove over to Roda to see how that looks and it is very impressive).

I'll do a separate thread on places to try for fitting out/furnishing as we have just spent 5 days in two trips driving around checking it out to get the best deals!

On completion day, we met at the notary (in San Javier) and spent an hour with our lawyer. You give the lawyers your passports and ORIGINAL NIE certificates (copies won't do so don't forget them!) which they copy and pass back. After which time, Lola from the bank arrived and there was a representative from Calidonia. The notary arrives in the room. They all speak in Spanish and the notary reads through the contract out loud - he flicks through picking out points (nobody says much - our lawyer seemed quite nervous, as did the others - apart from the notary!). At the end of about 10 mins of this, he signs it, you sign it, your lawyer signs it and your banker (assuming you are borrowing a mortgage) signs and Calidonia sign it. That's it. You then get a pack with 5/6 sets of keys to your door, two sets to your mailbox, store room (if you have one) and a pack which contains various certificates which you need to keep. Original title deeds are kept by the lender and copies will follow. 

All in all - slightly bewildering and a fair bit of hanging around (allow 3 hours) but actually on reflection people were very helpful. Over the process, Roy H and Lorraine his lovely wife, Lola at Banco De Val. and Pablo at Corvera have all been helpful and patient. (suggest you take a picnic for the car as there weren't many places open nearby for a late lunch)!

Few other points to note - I work in insurance and was keen to see the buildings insurance. Long story but I didn't see it - apparently the notary won't allow a builder not to have insurance over the whole site (he sees it when he grants the licence). The bank made us take buildings and contents (buildings insurance not strictly proper since you can't really cover one flat). Which we will leave in place for now but may sort out our own at some point. Our lawyer said, once Calidonia have sold 51% of units in our "section" ie. Menta's they will probably go about setting up the Residence Management Company - it is our responsibility but it is in their interests as then the residence start paying the running costs. The management company will need to sort out buildings insurance then for all the owners. We will need to be on the ball here - see Roda forum issues regarding their management company which was rushed through leaving some snagging items outstanding. 

Anyway - feeling pretty positive about the whole thing now - We hope to see some of you folk out there before too long. 

Cheers

Paul and Jo




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03 Dec 2009 7:13 PM by SteveandJane Star rating in Somerset and Corvera.... 481 forum posts Send private message

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Congratulations Paul and Jo and may I say an excellent, informative post.

Best of luck with the rest of your moving in period. Keep the info coming on EOS.

Steve.



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03 Dec 2009 8:09 PM by BC FIFER Star rating in Fife Scotland. 34 forum posts Send private message

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 Hi Paul and Jo, congrats on your purchase and many thanks for 2 very informative posts re your experience, we complete on 21st Dec also on a south island Menta and like yourself are feeling positive about the future since being over in mid Nov.

see you on that golf course soon

Brian & Liz



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04 Dec 2009 10:49 AM by mmepani Star rating. 73 forum posts Send private message

Thanks Paul and Jo for sharing your experiences,

I was wondering if anyone else has gone via a mortgage broker. It may be my paranoia but I get the impression that going via a broker takes longer than via builders mortgage provider.

It may have something to do with the close relationship between Calidona and Banco Valencia in that they can skip certain procedures - not sure.

I am just curious because I still do not have date for signing. The mortgage has been approved but the property needs to valuated by the bank which I have been told takes about 8-10 days hence I am in danger of missing out my loyalty bonus.

M.

 




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04 Dec 2009 11:31 AM by inspectahomespain Star rating in Orihuela Costa, Spai.... 2417 forum posts Send private message

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Again Paul great post and thank you for yourcomments on our service and mentioning Lorraine on the other thread

mmepani just make sure that you keep Corvera advised what is happening with the mortgage process and you should beine as far as the loyality payment is concerned

Yes the builders mortgage is quicker as in effect they are transferring the mortgage from the builder to you plus you should get a full breakdown of the ACTUAL costs for each option

I am not an expert in this area bur for  example I know that with the builders mortgage do´t have an interst only preiod but there are savings on the setup fees and taxes 

Be carefull if you are getting a mortgage form The Halifax as even though they have some of the best rates they have a reputation for low valuations compared to the other banks



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Roy Howitt Independent Property Consultant www.sonrisaproperties.com www.snaggingspain.com WE CAN FIND YOUR DREAM HOME 627 955 748


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06 Dec 2009 11:11 PM by arky25 Star rating in erskine, scotland. 351 forum posts Send private message

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we used halifax in los alcazares and had no problems whatsoever witht the valuation etc.

we just wanted to use a bank that was uk based as we found it easy to nip down to local branch over here incase of any problems.

think we had to do that just once.

 

on snagging , i would just say... keep on at them and they will get it done ... eventually.



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07 Dec 2009 12:22 PM by sharonw Star rating in Coin, Malaga. 281 forum posts Send private message

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Hi All,

I work with Halifax and I can say that in the main, valuations are coming out well. Have had valuations coming out well over basic purchase price on Corvera (and indeed other developments too) although as banks now grant mortgages on the lower of purchase price or valuation these only serve to give peace of mind and of course secure the 60% borrowing!

I am not sure if going via a broker takes any longer than using the developers lender.  My experience is that the whole process from application to completion can be done inside 4 weeks and this is a very good turnaround when using an independant bank.  I get a lot of comments from people saying how difficult it can be getting responses and mortgage conditions from the developers lender and I am sure most are aware that the developers mortgage is not granted by default, there is still the approval process to go through.    One bank has recently had to recontact people who were previously approved to tell them they now do not qualify as the bank  have changed their affodability criteria prior to them receiving a formal offer / completion! 

 



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Regards

Sharon

sharon@tmasspain.com

 www.themortgageservicegroup.com

 



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