Unused quality furniture pack for sale.

I have been reading this forum with interest since we made an inspection visit in August and decided to buy in phase 4 (although I must admit had I read this beforehand I do not think I would have bought). I really feel for those of you mwho bought in 2005 and have paid 30% so far without a brick being laid. I have bought through MRI and am concerned over some of the things that have happened and wondered if anyone else has encountered the same problems.

We used MRI legal representatives for the purchase and have handed over our initial 15%, however we still have not received any bank guarentees. Has anyone elso encountered this and it is something I need to be concerned about?

We also had a discussion with their financial advisers (CFP). On signing for the property we were asked for credit card details and were then charger 690 euro's for their services!!!!!! I have managed to recover this money from CFP but it has taken over 2 months.

I am also concerned about the "hidden" costs that are appearing from MRI. We were promised they would keep us informed about building progress, manage the rental of the property, help with snagging lists and all sorts of other after sales services. It now transpires that they charge for after sales, again for marketing and rental, and even insist we buy a furniture pack through them for the snagging list to be sorted. Having never bought off plan, or rented abroad does anyone know if this is usual. Is it better to rent through them and buy their firniture packs or is there a better way.

I also notice that a number of members write about letters and communications they are receiving from Calidona. Can you let me know how you receive these as the only contact I currently have is through MRI.

Having had a look around La Manga, and seen the complex at Roda I have no doubt that Corvera will be stunning and a good investment, but like everyone else I have concerns that building licenses have not yet been granted. I am also concerned that if the golf course does not appear (or does not become the PGA Academy as promised) there is a possibility that it could become a white elephant.

Kathroger 

Hi Kathroger

Firstly, I would really recommend using independent lawyers - not those suggested by either developers or agents - this is the advice we have received from many different sources.  An independent is working solely for you whereas one with ties to agents or developers may have a vested interest in keeping them sweet.  We are certainly using an independent lawyer for our Corvera purchase.

Secondly - if you look at the Roda forum I think you may glean a lot of information from buyers there who have bought through MRI who may be able to advise you.  Hope this helps.

 

Dear Kathroger,

I must say that my experience of MRI has been similar - especially their 'independent' solicitor recommendation. My bank guarantees were sent to my solicitor and I have scanned copies. I believe that this is normal procedure for Caidonia and Spanish law states that new ones have to be provided by Calidonia if these run out before the handing over of the property.

I managed to avoid dealing with CFP and my limited experience of them was unsatisfactory. Suffice to say that a large number of alarm bells were ringing during and after the consultation. I have experience of Patrick Robinson (patrick@marbellamortgages.com) from this website and will be going through him or the developers mortgage depending on circumstances. In fact, Patrick was the one who bought my attention to some of the advantages of the developers mortgage - even though this would mean a 'no sale' for him. Although not in his remit - I wonder if he could advise on Rental Management companies?

I feel that the after-sales service is not cost-effective. Although my dealings with the after sales crew has always been pleasant, I don't think that they can do much if things go wrong (which has also been an unfortunate experience of mine). I believe that you can hire a professional for the snagging list and feel that the money spent will be worthwhile - although still researching this at present. I doubt very much whether the furniture service is cost effective - you will probably pay through the nose if you lack Spanish language skills. Personally, I am addressing this problem now and learning Spanish. Hopefully, when Corvers eventually comes on line these skills will be useful.

I have bought for personal use rather than renting, but do feel that there must be better terms, conditions and charges offered by other management company. If not, this is a prime opportunity for some enterprising (hopefully honest) individual living on site to get one organised in the future!

I too feel that Corvera has the potential to be exceptional and also dread the possibility of a white elephant. I am also aware that, compared to some other countries, the legal system in Spain is more mature although slow-paced - so do feel protected to some extent.

Ash

Hi kathroger

  Just to let you know that I will be using MRI to rent out in Aspen Golf, their first development in Bansko, Bulgaria. I believe the rental procedure is similar with MRI regardless of the country. They have just set up  an internet booking system that interested parties such as holiday companies or the general public can book through, their web site is www.mrivillasandapartments.com The web site is still in its infancy but should be fully operational shortly .They will charge a fee of around 8% for running the booking system, whoever books the apartment will get a further 10% ( such as the holiday company). There will also be cleaning fees and laundry fees on top of this.

If you're a member of the aftersales club there will be no additional short term management rental charges, so in total I calcalate it should cost around 25% - 30% of the gross rental income. The development is just about to be completed, so I have not had the apartment rented yet, but it should not be long.

As far as the furniture package is concerned I purchased my furniture package through MRI, the main reason for this was simplicity, just dealing with the same company, also their package appears to be quite extensive and they will fit it for no extra charge. At any rate I had a chat with someone from MRI rentals who appeared to be genuine enough, and he said as best I can recollect, some thing to the following effect on furniture package which I found quite persuasive :

 1 The apartments and their contents have to pass certain safety regulations and what they supply has passed these regulations. Anyone elses has to be checked and this takes time and there are costs involved. The large holiday companies that  use the apartments will also insist on this.

2 The furniture and fittings that they supply are chosen for their durability for the short term market as well as for the way they look.

3 Everyone having basically the same furniture and fittings will make checking the contents of the apartment easier after the holiday makers have departed.

4 If there are any breakages, replacement will be easier as there will be a stock kept of items they supply (or replacement due to wear and tear).

 5 When marketing the apartments they may show a picture of the apartment, it will be similar to the apartment they book.

The reasons they give for standardisation seem reasonable enough if you want to rent to the short term holiday maker, if you basically want to keep the apartment for your own use that’s another story.

I believe the aftersales fee is worthwhile if you decide to let MRI rent out your apartment ( no short term management fees) and supply your furniture package ( they will fit it for no extra cost) otherwise it is debateable.

 kev

This message was last edited by kev2 on 11/15/2007.

This message was last edited by kev2 on 11/16/2007.

hi, I am selling a 2bed 2 bath on phase 1 with garden - does anybody know any1 looking to buy? Crg

Just noticed posts on MRI. Like many others we bought through them and joined the aftersales club. How naive can one be?

I have attempted to raise a number of issues with them and went through each of the stages of raising a number of grievances with different levels of management.

Eventually I got to the Regional Director of the area had one conversation with him, he promised to investigate and reply but never did-an MRI pattern repeated from top to bottom

If its any consolation, Bunty, your not the first one and certainly will not be the last. I have had similar experiences - all seems to go well until there is a problem, then  they are not interested. Let's face it - they are in the business to make money and their responsibility ends when you sign on the dotted line. Trying to 'flower' things up with an ineffective after sales service is just one of the ways to attract people from the British Isles. Although my experiences have not been pleasant, I am lucky in that I have been able to deal with the issues, 'dust off' and carry on regardless.

I still think that Corvera is going to be something special, though.

Ash

Thanks to those who posted a reply to my query, and for the photos of the building work that has started, i am sure this is a positive sign.

One question no one has commented on is contact from Calidona. A number of you are still refering to receiving communications direct from the developers but I have received nothing - is this because I bought through MRI? How do you receive these updates?

Hi Kathroger,

I would say the reason a lot of people seem to have recieved a letter and you haven't as of yet could be because you have bought on phase four and the letter was to placate the purchasers on phase one and two because of the substantial delays we have had already. I think they are hoping to catch up as they go along, with phase one and two to complete at around the same time.

One of the letters was for a 10% discount off green fees at Roda, while the other was information mainly about phase one and two completion etc.  The letter states that we will get updates every two months, but regardless of what agent you went through Calidona will contact you directly, in fact two letters arrived at my house one for me and one for my husband because both of our names are on the contract.

If you have any concerns any of the agents on site are very prompt to respond.

Hope this helps.