LoFO - Application For vs Granted

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17 Mar 2008 00:00 by DoubleJ Star rating in Las Alpujarras and L.... 143 posts Send private message

DoubleJ´s avatar

Just been looking at my contract for our Off-Plan purchase which is scheduled to complete early 2009.

One stipulation is that the remainder of the costs for the property (ie the 80% balance) will be required when the dwelling is completed and the Sale/Purchase made a public instrument by subrogation of the Vendors mortgage loan, for a sum which is about 63% "which must take place from the application for the licence of first occupation". The vendor will supply works electricity & water until the LoFO is granted, after which the buyer (me !) will pay the interest of the mortgage loan. Also the difference between the remainder and the amount of the mortgage (ie, the other 17%) will be paid by me.

Now, to me that sounds like I have to pay the bulk of the money (ie the 63%) when the vendor applies for LoFO, not when it is granted. Is this correct and normal ?

Confused of Lancashire





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18 Mar 2008 07:29 by mariadecastro Star rating in Algeciras (Cadiz). 9336 posts Send private message

Legal Questions? Speak to Maria Direct
That clause is illegal: null and void. NO property can be handed now without the FOL in place.
INterests on the mortgage due to the delays caused by the building works cannot be imposed on to you: again: abusive: illegal: null and void.

I would advise you to communicate that to the developer in certified written as soon as you can.

Best,

MAria

_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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18 Mar 2008 17:42 by DoubleJ Star rating in Las Alpujarras and L.... 143 posts Send private message

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Thanks for that Maria, excellent advice as always.

Kind Regards





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19 Mar 2008 15:49 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Could not have put it better myself - JJ make sure that whoever you send the letter to its delivery is recorded - or alternatively get it sent via your lawyer via Bureaufax

_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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19 Mar 2008 19:25 by DoubleJ Star rating in Las Alpujarras and L.... 143 posts Send private message

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Thanks both of you....

writing to my Lawyer tonight.....

about this and a number of other things........

Regards





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