14 Nov 2009 11:18 AM:

It is some positive news on the rental front, but something that should have been ongoing a long time ago.  Have any indications been given about what the expected rental income could be from this, or even what rates have been agreed?  Useful information is almost impossible to get out of them.  Has anyone taken the option of renting it out themselves?  The rental side of Peninsula seems a shambles and unless they really start to make some concrete progress it is difficult to justify using them, but there does not appear to be many alternatives or ones that I am aware of anyway. (Fairways)

Community thread: Hallo

--------------------------------------

10 Nov 2009 10:07 AM:

I have received a letter stating the the architects have signed of on Fairways and the next step is to get teh habitation licence signed off.  Does anyone know how long this process could take?  The longer the better as it will give the rental side a bit longer to get themselves sorted.  I find it incredible that they have left everything to the last minute, and that there does not appear to be a 5% rental "guarantee" in place, but I am probably very naive.  The rental contract seems to be very one sided, and not for the benefit of the owner!  Like lots of others I will struggle to complete, but cannot see any other option despite the delays as others have posted, and the mortgage payments with no rental income will be a killer. 

Community thread: Hallo

--------------------------------------

16 Sep 2008 4:42 PM:

I am also finding it difficult to get clarification on the rental contract.  The fixed scheme as it currently stands states that after a 6 month period to allow the development to be completed, payments will be made every 6 months in arrears.  So the first payment will be after 12 months of ownership.  However they have stated that they will make payments quarterly, but I have had no success in finding out if they will amend the contracts, the management company seems to suggest that the final contracts will be the same as the pre-contract.  It should also include that the fixed rental is index linked, but this is not mentioned either.  Has anyone else had any confirmation that these are not final contracts?  As they stand they do not reflect what I am being told anyway.  But unless the contracts are changed then these are empty promises.  I also do not want to spend money on lawyers to review contracts that are still a work in progress.

Russ, I agree with your view on the fixed and variable schemes, neither are great.  If you take the figures given of say €uro 750 per week for 30 weeks less the management fee of 30% you are left with in income of €15,750.  This is remarkably similar to the fixed scheme of €uro 15,000 for a €300,000 apartment.....and of course the gross yield (pre management fee) of 8%  is far below what was originally included in the marketing materials.


Community thread: tourist train in Guardamar

--------------------------------------