26 Aug 2008 9:33 PM:

I see no mail on this one for a few weeks.  Whatever the press may occasionally report, I see no sgns of progress on this.  On my first visit in 2005 I was told it was to open in 2006.  I have since been told a year later each year, and now it's 2010.
I have visited the site each year, and have yet to see any progress at all, not even a sign.  My last visit was 16 August 2008.
To build an airport of this scale will take several years and I cannot expect, with the overall property market and European economy as it is just now, that the successful bidder will contemplate starting to build for some considerable time
Neil

Forum thread: NEW Murcia Airport

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03 Dec 2007 5:48 PM:

It's not the granting of the POA that's the problem it's the fact that it must be notarised.  For us we had to go to the Notary's office and sign in his presence (in Spain)

The suggestion below about using one in the UK to then prove to your solicitors in Spain may be the only way to go.  We too use Aldea.

Neil

Community thread: Los Naranjos

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03 Dec 2007 5:41 PM:

We have not had ours (on phase 6 valued), but it's interesting to speculate.

If a buyer wants to subrogate the CAM mortgage from PW, or if any other mortgage is sought, a valuation will be required.

There will be no problem I believe with the subrogation, as it is only around 56% of the contract price.  Where there may be a problem is with the top up mortgage or any other single mortgage which takes the loan up to 70% of contract price (LTV)

It's possible that properties will be downvalued, given that there are resales being advertised below contract price (see chersun.com if you want proof).  If that happens, it would restrict borrowing to 70% of the valuation

If it's like the UK, downvaluing is unlikely however.  The valuer rarely spoils the party.  And it's usually not a problem with LTV around 70% - it gets more exciting at higher levels

I'm sure the true market value of pretty well any property on Hacienda is currently below contract price.  By how much opinions will differ.  Any valuation will be solely based on whether the asset is adequate security for the mortgage, not market value

For us, we planned to mortgage to the max and rent out.  We have now scaled down our plans and are going to complete with cash and hve a lovely quiet holiday home we can visit as often as we want.

Neil

Community thread: furniture wanted

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21 Nov 2007 9:01 PM:

Hi,

I have also been reviewing the mortgage situation.  I needed a top up of around 25k Euro and the cost of aranging this were prohibitive as it would be a second legal mortgage.  If you're not to to for a single mortgage with somone else (by not subrogating), you're better to find the money in the UK or raise finance against UK assets.  A sinlge mortgage from another provider would incur a single set of chanrges, just like the second top up mortgage from CAM.

Regards interest rates, the credit crunch is alive and well in Spain.  We were quoted EURIBOR (currently 4.72) + 1.25% - that's 5.97% (only slightly lower than my UK mortgage).  OK so no currency risk if you go with teh Euro denominated loan.

Finally, the serevice from CAM in Sucina was fantastic.  We met with Maria del Mar.  Very knowledgeable, friendly and excellent English

Hope this helps some,

Neil

Community thread: It's Me -- Again

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03 Nov 2007 9:48 AM:

Hi,

We're on phase 6 and will be looking to rent out after we complete.  Plan to look at Polaris, who will, I think, be offering a turnkey solution.  No idea of the cost yet.

Have seen a number of people offering key holding and cleaning etc, so if you can find your own tenants and collect the money, you could do it that way.

The rental potential will only come through when the course is open and the facilities are all complete.  Don't think there are any guarantees on dates for this

Neil

Community thread: Rental management software

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