Fuseta Ria

[phil jones]

Hi Everyone, not been on the thread for a while, but been monitoring everyone else's posts.
I went out to the site 2 weeks ago, met up with Paulo and had a tour. Raised the question of valuations with him as have heard a few horror stories about significant reductions from purchase price. He was confident the valuations would hold up. He is still suggesting March for completion, erring on side of caution he suspected nearer the end. Visited our lawyer and financial advisor and completed power of attorney and mortgage application, both suggested it be more likely to be a couple of months after March. Noting in our promissory contract that the developer have a longstop date of August to hand over before penalties accrue.
The development has come on in leaps and bounds since we were last there (Mar 09),pleased with build quality and progress generally.
We are now beginning to watch the euro exchange rate more closely again as the time draws near to send over some more cash.
Nothing to add re furniture packs etc we did have a scout round whilst we were there and tried to visit a couple but being a saturday, they were closed!!
If anyone needs the name of a financial consultant I can recommend ours and the 80% LTV is still applicable on the mortgage wwe have applied for.
We took some pictures mainly of our T2 apartment and will try to post them later

 

[symon]

mortgage

Hi folks,

Good to see things picking up on the forum as completion comes nearer. Great to share ideas and experience. Our first time, so keen on opportunity to discuss things

We shopped around mortgage wise and eventually went through algarve based finance consultants. If you want any contact details please let me know via email and I will forward them on to you.

We have looked at IKEA furniture here in the UK and have decided to purchase some here and transit larger items over along with other bits and pieces. Didnt fancy buying off pictures alone and will have little opportunity to visit again before contract. Also more chance to shop around here in UK. We will buy some items locally, and the shopping centre in Tavira looked good for bedding, cutlery, electrical goods etc. Sure that there will be lots of other shopping opportunities locally.

Re: Golf magazines: As a golfer the main golf mags I read are 'Bunkered' scottish golf mag, and 'Today's Golfer'. Both have ads for propertys to rent abroad.

ATB
P

Thanks for the useful info! Can you please send me the details of your finance consultants that organised your mortgage for you! Surely it is only an offer in principle based on the purchase price two years ago as no valuations have been carried out yet?

If you could also let me have an idea and any contacts you have in sending a container of furniture over that would be great!!

Simon

 

[Vie 10]

Hi All

My thanks to all of you who responded to my concerns on mortgages.

I would also be interested on hearing everyone's comments on the other concerns I raised

Many thanks

P

 

[pollitico]

Thanks for the useful info! Can you please send me the details of your finance consultants that organised your mortgage for you! Surely it is only an offer in principle based on the purchase price two years ago as no valuations have been carried out yet?

If you could also let me have an idea and any contacts you have in sending a container of furniture over that would be great!!

Simon

Hi Simon,

The company we spoke to about furniture removals was 'Algarve Removals' their phone number is 01245 468888 .

There are no doubt plenty of others so we will shop around some more before we finally decide who to go with. If anyone knows of any others they would recommend we would appreciate a heads up.

Regards
P

 

[phil jones]

Photos

 

[phil jones]

Photos

Hi everyone, now I have the hang of it, here are some more photos from my visit to the site in January,as you can see there is still much to do, but things are looking good.
It was a beautiful sunny day and the views from the apartment were stunning.

 

[phil jones]

mortgages

Hi everyone, just read the post re Millenium Bank changing LTV to 70% My Financial advisor has just confirmed to me this is right.
I have just had my mortgage approved subject to valuation.
If anyone needs further information about my advisor or indeed the Bank I am dealing with, please PM me with your email address and I will provide you the details.
Phil

 

[andy cap]

Hi everyone, just read the post re Millenium Bank changing LTV to 70% My Financial advisor has just confirmed to me this is right.
I have just had my mortgage approved subject to valuation.
If anyone needs further information about my advisor or indeed the Bank I am dealing with, please PM me with your email address and I will provide you the details.
Phil

interested to hear of Milleniums shift to 70% LTV, my Millenium mortgage has been approved in principle subject to valuation...I will speak with them tomorrow to confirm their position...if above is correct then i will be following the thread to seek alternate lenders who can offer 80% LTV
on a different note, what is the general consensus re completion dates? surely March is not likely...

 

[shw]

Hi All - have not been on the forum for a while, was in Fuseta last week and met with Paulo. He seems to still be of the opinion that th building will be completed by end March but the issue will be around Habitation licence which hav to be issued prior to mortgage approval. Paulo also said that some valuations have already been completed and he values were holding up! - mine is sheduled for this week so will let you know how it goes.

As to mortgage I have accepted 70% LTV subject to valuation and cotract with a spanish bank. All seems t be goin OK!

As we plan to live there, we will be shipping furniture and have not followed up on furniture packs, but from what I saw they seemed to be a little expensive !! just an opinion.

I have some photos but are thesame as many published here - if anybody wants them just PM me and I will email hem. I als have video of our build if anyone wants it (noy sure how big it is!!

Will update when I get the valuation back

Take care for now

Steve

 

[lbro]

just had information from the finance people that completion may be april, possibly may!

 

[phil jones]

Completion

just had information from the finance people that completion may be april, possibly may!

Hi, this is what I was told when I went over in January, notwithstanding this info my financial consultant recommended that we proceed with mortgage application and valuation so that we would be ready without the risk of hold ups.

 

[pollitico]

Mortgages

Hi folks
Just a quick note. We have just had a valuation completed and were disappointed that it came in at 9k less than purchase price. This was through Baniff who still do 80% LTV.

Keen to hear how others come in.

The lack of clarity on the deed date is a bit frustrating as it doesnt help with planning of flights, furniture. Hopefully we will get some clearer info soon

Regards
P

 

[phil jones]

Valuation

Hi folks
Just a quick note. We have just had a valuation completed and were disappointed that it came in at 9k less than purchase price. This was through Baniff who still do 80% LTV.

Keen to hear how others come in.

The lack of clarity on the deed date is a bit frustrating as it doesnt help with planning of flights, furniture. Hopefully we will get some clearer info soon

Regards
P

Hi Politico, can I ask what type of property you are buying an appartment or a town house ?
We are buying a penthouse apartment and our valuation is due anytime now, ours too is with Banif.

Phil

 

[phil jones]

Hi Everyone out there, it is very quiet on the forum to say that things are moving towards valuations and build complete, does no-one have any useful contributions to make or suggestions or fears ?
P

 

[shw]

Hi, had my valuation come back today and it is almost 20% below the contract price for me.... not a good situation ! I am buying a villa on this site..... Anyone else had this experience wit villas on this site and any ideas on ho to mitigate????

 

[bj_bazza]

Hi, had my valuation come back today and it is almost 20% below the contract price for me.... not a good situation ! I am buying a villa on this site..... Anyone else had this experience wit villas on this site and any ideas on ho to mitigate????

Thanks for sharing the news of your valuation. We are also buying a town house and the 20% below contract is extremely concerning. Who are you using for your mortgage? We are waiting for our valuation and will let you know how it comes out.
Clearly if your valuation is accurate and others come in similar then we will all have to share views on potential solutions and mitigation.

 

[shw]

Hi, my mortgage is with BBVA at 70% LTV. The valuer was locally sourced by the bank and seems to have done a very good job with comparibles etc. better than you get in the UK!!! Not sure what could be done about it but if all the valuatios on villas are low, there perhaps is something that can be negotiated???? Seems from this tread that the apartments have not gone down as much ??? is ths right ????

 

[MikeW]

Completion

just had information from the finance people that completion may be april, possibly may!

Have been advised by my solicitor to provide funds "According to Portuguese law, all expenses resulting from the public deed of purchase and sale are the responsibility of the Buyer" by 15th March i.e not the completion monies with signing of the public deed due in early April!

 

[shw]

HI Mike, has anyone informed you of the progress of the habitation licence because we cannot complete without it and I cannot get any update on this from the developer???

 

[MikeW]

Hi, last info was 26th Jan "construction is expected to complete early in March and also confirmed to be safe we need to allow at least 4 – 6 weeks for habitation license to be issued. The developer has no control over the speed at which the council will issue these therefore it is best to be conservative. Once the habitation licences are issued the developer will summon the investors with a deed to their property. This is a date agreed between the client solicitor, bank and developer". The construction completion date maybe hopeful by the developer but I don't know what the Portuguese definition of construction completion is!