28 Mar 2008 3:18 AM:

I agree with Jet, if that contract had any input from a clients solicitor then they should be debarred.

Cardiffan, interesting about the comparison to the French set up as I know others who looked at those and decided the returns were not worth it, and here we are in a similar boat. I think you are right to stay away from the variable scheme for the first few years, but then again it would not be a good idea to sign up for a guaranteed scheme that is not what was promised as we will have to live with and fund it for some considerable time.

We should not foget that the developer was also a party to the advertsing of the guaranteed scheme, perhaps its time to bring pressure to bear there as well.

On the guarantee, its now becoming apparent to me that its not actually a "guarantee", its just an insurance policy in case the holiday company does not pay, if there are no contracts with the holiday companies then what - answers not required !

Deep

 

Community thread: Hallo

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23 Mar 2008 2:59 AM:

 

Folks

Just a final point - NET is NET is NET, ie there are no deductions afer NET, otherwise its not NET !!

unless of course you drill a hole in the jam jar after packaging it.....!!! which would make it less than promised - (and having done so - of course its still not NET) 

-   we need to prevent this -

I rest my case on NET - you need to re-read the original adverts.

Deep

 

Community thread: Hallo

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23 Mar 2008 2:38 AM:

Many thanks to tax exile for the pics, this confirms what another purchaser had told me about the status when he visited early March, and I agree with with Jets comments

so clarifications and my comments

1) ME23 Elvira is now coming up for completion, builder has been trying for this month but photos on this site and info rec'd indicate to me that May/jun is more likely at earliest

Now to the main stuff-

2) Remember you are liable for the mortgage as soon as you sign for it, so make sure its correctly linked to the rental companies future payments, ie if you accept getting paid 6 months in arrears instead of monthly as promised - then at least know when the first guaranteed payment is( see points below) - .

3) make sure there are no get outs on the basis that the surrounding areas , like pools and gyms are not complete, thereby giving the rental Co an out on payments to you but you're still tied in to the mortgage payments, get them linked.

4) be aware the certificate of habitation can be applied for but can take months or years to get - another potential get out for the rental company

5) If you don't like getting paid 6 months in arrears then tell them so and fight it, it was not the original advertised deal

6) is it a guaranteed payment - check this out and get to see the contract first - ie who is guaranteeing it ?

 Conclusion from the above - don't sign until you are fully satisfied with the deal, 3% is not what we signed up for - we signed for 5% paid each month plus index linked and guaranteed.

As to the companies involved - somewhat convoluted - but here is what I know

a) Peninsula Project Management  (PPM) - this is ran by the MD - Gaspar Lino - this is the developer and builder of a number of the individual developments on the total development area, there are others and you can find them easiiy on the web via google searches. - PPM are the main developer who you are buying from for the rental management schemes- and they advertise and offer the rental schemes as part of their sales mechanism (I believe there are some developments on the overall site where PPM act as sales agents for other developers - not sure on the rental offers there) - important to note they are not the same company offering the rental scheme, and your purchase contract will not make reference to it - future purchasers might want to think about this.- happy to offer advice offline

b) Royal Executive (RE), this is the company owned by Margaret Crawley, they are supposed to take the lead on the rental management of the properties in conjunction with PPM above.

c) Royal Peninsular (RP), is a completely seperate organisation - from what I undertand this is listed in Companies house in Spain by Margaret Corley, initially my understanding was that  this is a joint co of Peninsula and Royal Executive - but whatever - they are the ones identified as responsible for organising the furnishings and for the management fee,  they are supposed to look after and manage the property and offer either the fixed rental (5%) or the variable rental scheme for the years you sign up for.

d) Peninsular Vacations S.L Now it seems the actual rental contract is between you and this company. this is a recently created company in Spain, with Margaret Crawley listed as the owner, and as the SL indicated has limited liability - however the other Co's were S.Ls as well ??.

On the Web site for Royal Executive - yes I also got the banned web site messages for ages and ages and gave up looking - but it depends - if you use google you are getting out of  date links to the wrong site, if you type in the link then you go straight there and not to an older google link,..... - so it is online, but it adds little value from what I can see .

Peninsula PM site has always been reasonable

Peninsula Vacations SL site does not exist from what I can see

 

Community thread: Hallo

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21 Feb 2008 10:31 PM:

 

Jet

here are details of the existing transfer mortgage that is being made available along with details of the documents you have to submit. While its not in this note they did confirm the lender would lend up to 80% of current valuation. you can get an idea of current valuation from Peninsula site ref current prices lists and from some resales around on the open market.

rgds

Deepriver

- Maximum term 30 years

- Euribor + 0.75% Interest rate

- Interest Only maximum 5 Years

- Bank Opening Fee 0.5%

 

DOCUMENTATION REQUIRED:

 

Identification:                       Certified copy of a current passport for each client

                                                Copy of N.I.E.

                                                Marital Status

                                                Address, e-mail, telephone and fax

 

Proof of income:                    Employed:

                                                Last 3 pay slips

                                                Last P60

                                                Letter from employer

 

                                                Self employed:

                                                Accountant's letter

                                                Last 2 years tax return

                                                Last 2 years audited accounts

                                               

 

General:                                                Last 6 months bank statements

                                                Bank's reference

                                                Experian file

 

Additional information to support your application:      

                                                Proof of any other source of income

                                                Last mortgage Statement

                                                Copy of the legal Spanish Sales Agreement

                                                Rental Contract or Valuation of your actual home

 

Community thread: Hallo

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17 Feb 2008 10:38 PM:

Jet

It was not clear if the rental contracts sent out before christmas were supposed to be signed or not, RoyalPeninsula (the lease management Co) said one thing in the letter and another when asked verbally, it was also unclear if this was supposed to be a pre agreement or the full agreement, either way the draft rental contract has issues with it and does not (in my opinion) meet the expectations of the initial advertising - hopefully everyone pointed this out to RP as I did and did not sign, however since then all has gone quiet from RoyalPeninsula!.

Maybe Margaret will rejoin this forum and provide an update ?? 

Peninsula Project Management (the developers) however have been busy and seemingly productive, they have set up an office in London to help arrange either new mortgages or the take over of the existing mortgage and are contacting all the owners who are going to be completing in the near future, M23 is currently being spoken about in terms of March, I'd expect that to be late March or April given where we are in the process.

Take over of the existing mortgage is offered at euribor plus 0.75% with 0.5% bank arrangement fee payable, 30yr max term and 5 yr max interest only option,and if you take the option or the transfer mortgage there is no stamp duty to pay under current rules.

The list of information required to support the application is pretty standard from what I've seen checking around, however they ask you to reply in 10 days which is a bit unreaslistic - I will post details of what they ask for during next week.

hope that helps

Deepriver

Community thread: Hallo

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