Got a buyer but what to do with the cash?

Hi All.

I have just spoken to Medio y Heredia law firm who I know a lot of you are using for your purchase in Balcones de Iznalloz. (They are going to write to each of their individual clients) They have spoken to Rudina this morning to get clarifiation about the completion date. Pepe from Rudina is looking at a June completion with the 1st stage habitation license. I am not sure whether this will be good or bad news for people ?? Medio y Heredia does have a good working relationship with Pepe and they have said there is a good chane that they might be able to delay the hand over and final payments until September without Rudina cancelling the purchase contracts. Also the other paperwork which you should have received from Rudina was with regars to the developers mortgage.

I am not a lawyer so please don't take anything I have said in stone. I would strongly recommened that you contact your lawyers with regards to completion.

Thanks Ruth

Ruth

What do you mean by "they may wait until september without cancelling contracts". The contract we have states completion in September, not earlier not later.

Anyway, do they have a right to cancel contracts, if so do we get a full refund?

We have been continually asking for an accurate completion and the answer has always been September. Consequently, we are arranging our finances accordingly.

Woodycurtain

Hi all,

I was in touch with our lawyer and they haven't heard anything yet from Rudina. They also said:
"In any case the developer not only has not finish the apartments, but also finalise all necessary legal paperwork before completion. This means obtain
the First Occupancy Licence from the Town Hall as well as finalise all with local utility companies to be able to allow private individual water &
electricity contracts once the Deeds are signed. Once they have it all, no doubts they will be in touch with us and call for completion. Apart from this we would always recommend to inspect the property before completion, always once the developer finalises the works and starts preparing the completion process.

Regarding the developer's mortgage, the only information we got was the attachment from Eli that showed how we would save on fees against taking out another mortgage. We would also want to know whether the mortgage carried redemption penalties and other conditions.
The financing is obviously going to be a problem now with the euro the way it is. We have booked roughly 50% of what we need in advance at a rate of 1.21, but this is a sort of gamble. We will decide later when we have to pay whether to use cash for the rest, depending on the euro rate, or whether to take out a mortgage.
By the way, has anyone thought of getting a profesisonal in to do the snagging. I saw one company on this site that wouold charge £199 and another that quoted £150.

We hope to visit the site around 20 May.

Sandra and Mike