Fuseta Ria

[andy cap]

Fuseta ria update

LIKEWISE DEALING WITH THE SAME PARTIES ABOVE AND WAITING FOR VALUATION WHICH HAS BEEN PROMISED ON A WEEKLY BASIS
HAVE DECIDED TO LET THE MOUNTAIN COME TO MOHAMMED!
I HAVE BEEN INFORMED THAT THE BUILD/CONSTRUCTION PHASE WILL BE COMPLETE LATE APRIL AND THEREFORE NOT TO EXPECT HABITATION LICENSE BEFORE MAY/JUNE
THESE PICS WERE TAKEN LAST WEEK AND PERHAPS CONFIRM WHY VALUATIONS HAVE NOT BEEN CARRIED OUT
Fuseta Latest - Furniture Packs & Packages for Property Investors
PICS DO NOT SHOW THE CLUBHOUSE/POOL WHICH ARE ALSO INCOMPLETE...ANY VALUATION PERFORMED AT THIS STAGE WOULD CERTAINLY BE PREMATURE AND NOT IN OUR INTERESTS...WHY THIS INFO CANNOT BE COMMUNICATED TO US BY THE DEVELOPER IS FRUSTRATING AND VERY POOR CUSTOMER RELATIONS
LAWYERS CAN PUSH FOR FUNDS BUT UNTIL SOME SOLID TIMESCALES/PROGRESS REPORTS/POSITIVE VALUATIONS ARE RELEASED I DONT INTEND PARTING WITH ANY FUNDS...I SEE THE 15TH DEADLINE SET BY PL HAS PASSED AND NO ONE IS CHASING FOR NON PAYMENT
I HAVE SOME FAMILY MEMBERS WHO WILL BE ON SITE IN THE NEXT WEEK AND WILL PROVIDE UPDATE FOLLOWING THEIR VISIT
GOOD TO SEE EVERYONE THINKING ALONG SAME LINES AND I'M SURE BY SHARING VIEWS AND STICKING TOGETHER WE WILL ALL BE REWARDED IN THE END

 

[JKort]

Hi,

just got an email from LL about completion process of our apartment in Fuseta. The email states that our apartment, including the hab license will be ready in April. It provides contacts to Millennium, with suggested max. amount of mortgage based on the valuation value of our apartment. It's exactly 80% of the purchase price.

Has anyone else received similar email today or earlier?

Rgs, Jkort

 

[phil jones]

Hi,

just got an email from LL about completion process of our apartment in Fuseta. The email states that our apartment, including the hab license will be ready in April. It provides contacts to Millennium, with suggested max. amount of mortgage based on the valuation value of our apartment. It's exactly 80% of the purchase price.

Has anyone else received similar email today or earlier?

Rgs, Jkort

Hi is that the valuation is 80% of the purchase price ?
I was informed over weekend that valuations had all come in below purchase price
Phil

 

[Cary]

Received same. Are not with Millenium ourselves. To be fair, last official news received did promise for April, so all on track so far. Anyone any idea how you go about connecting up facilities, broadband etc? Thanks.

 

[phil jones]

Received same. Are not with Millenium ourselves. To be fair, last official news received did promise for April, so all on track so far. Anyone any idea how you go about connecting up facilities, broadband etc? Thanks.

Hi Cary, the e-mail you have had does the valuation come in at 80% of your purchase price ?
Phil

 

[Cary]

No. 70%. But are golden oldies so .......

 

[phil jones]

No. 70%. But are golden oldies so .......

Is the 70% the actual valuation of the property or the amount the banks are prepared to lend
Phil

 

[Cary]

The amount they are prepared to lend - Subject to status, so could end up as anything really. No evaluation has been done yet anyway.

 

[JKort]

Hi, the letter says that a) Millenium is prepared to lend up to 80% of the PURCHASE price and b)based on valuation of the properties for the pre-approved clients (which we are) carried out by the bank can therefore lend us up to x amount (which is exactly 80% of the purchase price).

So, nowhere it specifically says what the valuation value of the property is. I'll try to find out and post it.
Rgs, Jkort

 

[AR2611]

.

Received same. Are not with Millenium ourselves. To be fair, last official news received did promise for April, so all on track so far. Anyone any idea how you go about connecting up facilities, broadband etc? Thanks.

Hi,

Could you possibly forward me that email to [email protected]?
I'm having problems receiving emails from LL or anyone else involved for that matter!

Thanks very much.

 

[Cary]

Sent. But not sure attachment will pass on hotmail. If it doesn't arrive, let me know on and will forward without.

 

[symon]

Hi everyone,

Good news about completion dates!! We also had this email from LL. On the valuation side of things it is still unclear and this does not stack up for me. LL state that valuations have been carried out by M/BCP on properties where the clients have made an application, so this applies to us! We have been chasing valuations for the last 3 to 4 weeks with M/BCP who to date say they have not had any back???

LL and BCP must be communicating as in the email from LL it states our required loan amount based upon 80% of the original purchase price. This we have been pre-approved for in our initial application stage with BCP but things have come to a halt as no valuations have been confirmed.

Has anyone managed to source a reasonably prices furniture pack for their apartment under £5K?

I’m going out to site on sat for a few days so ill post pics when I get back hopefully I can shed some more light on valuations upon my return!!

Regards

Si

 

[lbro]

hi i spoke with our bank (BBVA) ON 11TH MARCH at which time they had not recieved any paperwork from the developers to go to valuation. our portuguese solicitor also told me that no valuations had been completed for his clients though he did say there were fluctuations in prices all along the algarve but he had not heard anything about a 20% reduction in overall values.
i asked whether we could get our deposit back as our contract gave a completion date of 28th february 2010 but because there is a penalty clause of 0.05% he said it was unlikely
we will be out there over Easter but if anyone hears anything sooner please post it as we have not had anything recently from LL

 

[andy cap]

Site pics taken wc 22 march

LIKEWISE DEALING WITH THE SAME PARTIES ABOVE AND WAITING FOR VALUATION WHICH HAS BEEN PROMISED ON A WEEKLY BASIS
HAVE DECIDED TO LET THE MOUNTAIN COME TO MOHAMMED!
I HAVE BEEN INFORMED THAT THE BUILD/CONSTRUCTION PHASE WILL BE COMPLETE LATE APRIL AND THEREFORE NOT TO EXPECT HABITATION LICENSE BEFORE MAY/JUNE
THESE PICS WERE TAKEN LAST WEEK AND PERHAPS CONFIRM WHY VALUATIONS HAVE NOT BEEN CARRIED OUT
Fuseta Latest - Furniture Packs & Packages for Property Investors
PICS DO NOT SHOW THE CLUBHOUSE/POOL WHICH ARE ALSO INCOMPLETE...ANY VALUATION PERFORMED AT THIS STAGE WOULD CERTAINLY BE PREMATURE AND NOT IN OUR INTERESTS...WHY THIS INFO CANNOT BE COMMUNICATED TO US BY THE DEVELOPER IS FRUSTRATING AND VERY POOR CUSTOMER RELATIONS
LAWYERS CAN PUSH FOR FUNDS BUT UNTIL SOME SOLID TIMESCALES/PROGRESS REPORTS/POSITIVE VALUATIONS ARE RELEASED I DONT INTEND PARTING WITH ANY FUNDS...I SEE THE 15TH DEADLINE SET BY PL HAS PASSED AND NO ONE IS CHASING FOR NON PAYMENT
I HAVE SOME FAMILY MEMBERS WHO WILL BE ON SITE IN THE NEXT WEEK AND WILL PROVIDE UPDATE FOLLOWING THEIR VISIT
GOOD TO SEE EVERYONE THINKING ALONG SAME LINES AND I'M SURE BY SHARING VIEWS AND STICKING TOGETHER WE WILL ALL BE REWARDED IN THE END

still no word re valuations...development is taking shape but clubhouse/pool some way off being finished

 

[symon]

still no word re valuations...development is taking shape but clubhouse/pool some way off being finished

Hi Everyone,


I visited the development Monday and you will be pleased to know it looks really good with high quality finishes inside and out (don’t have many photos as it was chucking it down)!

Our apartment was 99% ready just last aircon unit to go in and garden to be paved! Has anyone else brought an apartment? It looks like they have the changed the kitchen design and there is no longer a return on the kitchen work surface which was going to be a breakfast bar for us instead the cabinets run all the way along the back wall to the entrance door? We were not consulted on this design change and have emailed LL to ask why this was changed so we will keep you posted!!

Outside was almost ready just full landscaping design to be implemented and tarmac for the drive route. The externals to the pool and bar area were complete but inside has just been left. LL said they do not know what is going to happen to this at the moment?

LL told us that the valuations have been done by M/BCP but we have emailed to find out what they are but no reply, we are yet to receive a formal offer so we are getting very concerned now as Paulo said the habitation licences have been applied for and to expect to exchange mid/end April. Has anyone else got any further with M/BCP?? If we hear nothing from them by next week I think we will have to go elsewhere and suffer the valuation costs and arrangement fees etc, anybody got any suggestions on who to go to we do need 80% LTV??

As for furniture the cheapest pack we have been offered is 9K euros there is no way we are paying this sort of money. We have found two reasonable furniture shops in Olhao with good quality furniture in and they deliver for free and offer discount for bulk buy!! As for cutlery, pots, pans linen etc there are loads of good stores in Olhao and Faro. Doing it this way we can kit it out for half the cost!!

What’s the latest on everybody else’s valuations have any come in if so are they the same or more than your purchase price?? Has anybody else approached the developer to re-negotiate the price??

Good Luck everyone!!

Si

 

[JKort]

Hi Symon,
thanks for the update. We also bought an apartment, interested to know why the changes in the kitchen. We are in process of the mortgage assessment with M/BCP but so far also heard nothing re the valuation from them. That we will hear from HQ later on.
Rds, J.

 

[pollitico]

concerns

Hi
Thanks to Symon and others for the recent updates on progress. we take it that everyone received the same email as ourselves last thursday from Antonio Lopes at LL regarding completion checklist etc.

We are also purchasing an apartment and are concerned at the design changes in the kitchen. If this is correct then we will be left with very little workspace. As we intend to maximise the use of the property this is annoying. It will totally change the layout of the room, and as we have purchased furniture to suit design plans we are concerned. We will also be contacting LL to clarify, and will ask why if it is the case no consultation took place. It is not what we thought we were purchasing.

Also concerned at lack of clarity on pool area etc.

Been disappointed with response from LL to lack of information and clarity.

We will also be seeking clarity on all details before any further funds are passed over.

Re query on 80% mortgages, if it helps we got ours through Banif.

P

 

[bj_bazza]

re LL email

Hi,

We have not received email from LL. Could somebody please let me have the email address of the chap at LL that sent it so we can make sure we are in the loop.

We have suffered complete radio silence from Platforma Legal and Millenium BCP for 3 weeks now. Am considering changing both but from all the feedback here it seems nobody is much further forward.

We have also noted some design changes to the external landscaping that we are unhappy about and fed this back to Paulo.

Thanks for any further info.

 

[Teflon]

House Update

Hi,
After chasing LL and emailing the developers direct as I was getting no where with Paulo I have also been told mid April for habitation license. M/BCP are also offering me 80% against the price paid although I do not have a valuation.

I was told that Banks will mark it down and if I wanted a true value then best to get a surveyor in who would value the property for what it is....not sure that would make any difference.

There have been changes, out the front of the houses facing the pool was suppose to be all grass, now it is a paved area as well. Kitchens look like they have changed in the houses as well, no return from wall as far as I can see.

I asked my solicitor about the 0.05% and it was an open ended reply, typical solicitor!

So, if the pool is not going to be taken by anyone to run the cafe / bar we should all refuse to pay the full service charge, that's if we actually get in the place........

Very frustrating, all we need is some clarity on what is going on!

Looking to go down soon so if anyone else have photos to show that would be great.

C

 

[symon]

Hi,
After chasing LL and emailing the developers direct as I was getting no where with Paulo I have also been told mid April for habitation license. M/BCP are also offering me 80% against the price paid although I do not have a valuation.

I was told that Banks will mark it down and if I wanted a true value then best to get a surveyor in who would value the property for what it is....not sure that would make any difference.

There have been changes, out the front of the houses facing the pool was suppose to be all grass, now it is a paved area as well. Kitchens look like they have changed in the houses as well, no return from wall as far as I can see.

I asked my solicitor about the 0.05% and it was an open ended reply, typical solicitor!

So, if the pool is not going to be taken by anyone to run the cafe / bar we should all refuse to pay the full service charge, that's if we actually get in the place........

Very frustrating, all we need is some clarity on what is going on!

Looking to go down soon so if anyone else have photos to show that would be great.

C

Hi Everyone,

I suppose it’s re-assuring but at the same time disappointing to hear everyone is in the same frustrating boat as us.

We have had an email from Antonio LL who advised us that the local authorities stipulated the changes to the kitchen layout and advised me that these possible changes throughout the construction phase are covered in the contract, which actually are under point 2 of the ‘Contract of Purchase and Sale’ section. For us in the apartment I think the change has worked to our advantage as it gives us more space for the dining table and chairs. We were just a little annoyed at not being told and having to notice it ourselves when visiting the development.

Still no word from M/BCP re mortgage offer and the valuation of the property??

For anybody that has gone through Banif what did your valuation come in at was it your purchase price or have you had to find more capital? Also what are there charges i.e. valuation and arrangement costs and could these be added to the mortgage or did you have to pay these upfront??

Regards


Si