Buyer beware is still an apt warning when it comes to Spanish real estate. Despite the long promised legalisation of the illegal property built during the corruption-ridden years at Marbella town hall, potential buyers are still facing risks.
So far 18,000 properties, given planning permission during years of town hall back-handers, have been retrospectively, newly “legalised” and the innocent buyers – including many British families - no longer face the threat of demolition of their sunshine homes.
But there are other developments that have not been legalised that will be demolished. One of these is Banana Beach, but far from being blighted by this threat, apartments there are still being offered for sale by Spanish property websites at prices up to EUR 260,000. This has been exposed by The Guardian, who named the websites as www.propertyworld.com and www.esmoz.com and sure enough there are silky words to entice buyers.
The new Marbella regime has issued a list of the retrospective planning approvals that are now fully legal and responsible websites like www.propertyinspain.net have asked solicitors in Marbella to obtain and maintain the lists and check with other town halls for the latest positions on 100s of developments along the popular Costa del Sol.
“That way our buyers can see the legal paperwork for themselves before they commit to a purchase that may involve their life savings. In all cases we advise buyers to have their own Spanish solicitors, who can make the same checks independently.” said a spokesman.
The website is offering bargain resale properties from must sell owners and Spanish bank repossessions that are fully legal and come with generous mortgages and good key ready deals direct from developers operating on fully legal sites.
23 October 2009
19 October 2009
Offplan property deposits legal successes
The offplan boom that fuelled the Spanish real estate market for nearly a decade may have ended with the arrival of the recession, but the consequences for some unsuspecting buyers lingers on in ongoing disputes.
Currently, savvy buyers are favouring the key ready bargains from hard-pressed developers and Spanish bank repossessions where even bigger discounts are available. Conversely, 100s of buyers from the Offplan Years are still waiting for delivery of their long promised homes or the return of hard earned deposits they handed over in pursuit of their Life in the Sun Dreams.
One of the worst developer offenders was Aifos Promociones, who were recently wound up by the Spanish Courts, and whose directors were jailed for corruption. They seemingly bribed local mayors to get their hands on prime sites in Andalucia, drew up plans for exotic resorts and sold these concepts to unsuspecting buyers, who handed over hefty deposits on the promise a “Manana building licence”.
Agents like specialist PropertyInSpain.Net were recruited to the cause and deposits rolled in from across Europe, enabling the Aifos directors to enjoy a playboy lifestyle and produce a glossy lifestyle magazine to report on their “successes”.
But as few building licences emerged PropertyInSpain.Net because suspicious and asked Spanish lawyer, Javier de Juan to confront Aifos at their Malaga HQ and attempt to obtain licences or regain client deposits. After numerous meetings he was successful in regaining all deposits paid over on disputed developments, despite the fact the developer claimed they were so big they didn’t need to have bank guarantees in place to protect buyers deposits.
Buyers were delighted to get their money back, the website was able to protect its good reputation, but had to forego the retained commissions for the collapsed sales.
Now, in another campaigning website, Eyeonspain.com another couple pursuing the sunshine property dream, detail how they were successful in regaining their “lost deposits” when the legally required bank guarantees were in place. They too put their success down to the efforts of a tenacious Spanish lawyer, in this case, Mario del Castro, daughter of a leading planning legal specialist.
It’s a good example of how to use the cumbersome Spanish legal system to beat developers who think they are above the law and this tale should encourage others. The article also includes warnings on not what to do when buying a property in Spain.
Currently, savvy buyers are favouring the key ready bargains from hard-pressed developers and Spanish bank repossessions where even bigger discounts are available. Conversely, 100s of buyers from the Offplan Years are still waiting for delivery of their long promised homes or the return of hard earned deposits they handed over in pursuit of their Life in the Sun Dreams.
One of the worst developer offenders was Aifos Promociones, who were recently wound up by the Spanish Courts, and whose directors were jailed for corruption. They seemingly bribed local mayors to get their hands on prime sites in Andalucia, drew up plans for exotic resorts and sold these concepts to unsuspecting buyers, who handed over hefty deposits on the promise a “Manana building licence”.
Agents like specialist PropertyInSpain.Net were recruited to the cause and deposits rolled in from across Europe, enabling the Aifos directors to enjoy a playboy lifestyle and produce a glossy lifestyle magazine to report on their “successes”.
But as few building licences emerged PropertyInSpain.Net because suspicious and asked Spanish lawyer, Javier de Juan to confront Aifos at their Malaga HQ and attempt to obtain licences or regain client deposits. After numerous meetings he was successful in regaining all deposits paid over on disputed developments, despite the fact the developer claimed they were so big they didn’t need to have bank guarantees in place to protect buyers deposits.
Buyers were delighted to get their money back, the website was able to protect its good reputation, but had to forego the retained commissions for the collapsed sales.
Now, in another campaigning website, Eyeonspain.com another couple pursuing the sunshine property dream, detail how they were successful in regaining their “lost deposits” when the legally required bank guarantees were in place. They too put their success down to the efforts of a tenacious Spanish lawyer, in this case, Mario del Castro, daughter of a leading planning legal specialist.
It’s a good example of how to use the cumbersome Spanish legal system to beat developers who think they are above the law and this tale should encourage others. The article also includes warnings on not what to do when buying a property in Spain.
14 October 2009
Brit buyers miss out on Spanish bargains
British buyers are losing out on the amazing property bargains in Spain as the Dutch show more courage, the Belgians more muscle and even the French recognise a good deal when they see one.
These Euro-zone countries do not have the adverse currency problems of would-be Brit buyers, who now have to recognise that the once mighty Pound is worth just one Euro and is unlikely to do better than this for some years. The McBroon fiscal foul-ups have allowed sterling to decline by 30%, removing the long-held extra buying power when it comes to getting a home in sunny Spain.
But there is still a chance for Brit Over-50s, fed-up with the general decline of the UK, to realise their dream of a full-time or part-time life in Spain. In many cases the current asking prices are showing discounts that more than compensate for the currency exchange losses and with prices bottoming out right now, there is a good chance of an equity gain in future years.
The Spanish property market is bouncing back as the banks sell off their liquidation stock of key ready homes taken from cash-strapped developers in exchange for unpaid bank loans. Spanish families are getting an increasing share because they are on the spot when the best deals come up – like La Caixa bank selling 120 apartments over a weekend and Santander selling 24 properties in a single day.
But the Dutch, Belgians and French have organised themselves and are finishing up with far more bargains than the Brits who seem shell-shocked by the McBroon machinations and its effect on their life plans. They browse the Spanish bank repossessions on specialist websites like PropertyInSpain.Net, make excited inquiries but then, seemingly, decide to wait a bit longer in case the prices drop further.
A bargain costing EUR 100,000 (discounted typically by 30%) needs a cash commitment of EUR 30,000 to cover deposit and buying costs while low interest mortgage payments can be offset by summer rentals if necessary. If the market returns in 3-5 years the recovered equity of 30% equates to the initial buying costs.
That’s the way the other European buyers are seeing the deals and they are enjoying the benefits right now as prices are bottoming out. That might be the signal that gets the Brits off their butts and into the buying fray?
These Euro-zone countries do not have the adverse currency problems of would-be Brit buyers, who now have to recognise that the once mighty Pound is worth just one Euro and is unlikely to do better than this for some years. The McBroon fiscal foul-ups have allowed sterling to decline by 30%, removing the long-held extra buying power when it comes to getting a home in sunny Spain.
But there is still a chance for Brit Over-50s, fed-up with the general decline of the UK, to realise their dream of a full-time or part-time life in Spain. In many cases the current asking prices are showing discounts that more than compensate for the currency exchange losses and with prices bottoming out right now, there is a good chance of an equity gain in future years.
The Spanish property market is bouncing back as the banks sell off their liquidation stock of key ready homes taken from cash-strapped developers in exchange for unpaid bank loans. Spanish families are getting an increasing share because they are on the spot when the best deals come up – like La Caixa bank selling 120 apartments over a weekend and Santander selling 24 properties in a single day.
But the Dutch, Belgians and French have organised themselves and are finishing up with far more bargains than the Brits who seem shell-shocked by the McBroon machinations and its effect on their life plans. They browse the Spanish bank repossessions on specialist websites like PropertyInSpain.Net, make excited inquiries but then, seemingly, decide to wait a bit longer in case the prices drop further.
A bargain costing EUR 100,000 (discounted typically by 30%) needs a cash commitment of EUR 30,000 to cover deposit and buying costs while low interest mortgage payments can be offset by summer rentals if necessary. If the market returns in 3-5 years the recovered equity of 30% equates to the initial buying costs.
That’s the way the other European buyers are seeing the deals and they are enjoying the benefits right now as prices are bottoming out. That might be the signal that gets the Brits off their butts and into the buying fray?
13 October 2009
McBroon get his figures in a twist…
So McBroon, the self proclaimed fiscal saviour of the world’s economy, isn’t very good with figures after all. First he loses £3B by selling our gold bullion just before prices soared, then he puts millions of pensioners in limbo by his annual stealth raids on funds, followed by his spurious claim that he’s seen off boom and bust for ever – just before Britain goes bust…
Now he admits to fouling up with his own expenses, somehow, despite his brother’s help, over-charging the taxpayer by £12,415 for having his place cleaned and double charging a decorating bill? Such “sloppy accounting” from another Labour MP got the bloke kicked out of the Party. No chance McBroon will ban himself or force fellow fiddler, Jacqui Smith to pay back the £116,000 for her double homes dodge.
McBroon never seems to finish up doing the right thing at the right time and this is what’s driving hard-working Over-50s from these shores. He proves every day he can turn gold to lead and that’s just about the only street cred he has with the majority of voters, who now realise it’s going to be a decade or more before the country recovers from his machinations.
In that time the Over-50s and hard-pressed pensioners can either sit it out and struggle in Blighty or choose to relax on their favourite Costa, spending their inadequate pension on sangria, sightseeing and Sky TV footie subs. If not fulltime, then with Ryanair offering flights for a fiver, pensioners can use their UK heating allowance to fund the winter months in Sunny Spain.
Meanwhile, McBroon’s new mate, Mandy stirs the political pot of sludge by encouraging MPs not to repay their ill gottons, even when found guilty and ordered to do so by the auditor they themselves appointed to resolve the MPs’ expenses scandal. That’s the same “Mortgage Mandy” who resigned after a dubious loan application came to light, but he coughed up his excess expenses charges 24 hours later.
Remember, how we howled with laughter at TV’s Yes Minister's more outrageous scripts. They look pretty tame compared with the ongoing revelations of the McBroon Years… sadly coming to an end and looking to be replaced by the Glum Cameroons and their sackcloth policies.
Now he admits to fouling up with his own expenses, somehow, despite his brother’s help, over-charging the taxpayer by £12,415 for having his place cleaned and double charging a decorating bill? Such “sloppy accounting” from another Labour MP got the bloke kicked out of the Party. No chance McBroon will ban himself or force fellow fiddler, Jacqui Smith to pay back the £116,000 for her double homes dodge.
McBroon never seems to finish up doing the right thing at the right time and this is what’s driving hard-working Over-50s from these shores. He proves every day he can turn gold to lead and that’s just about the only street cred he has with the majority of voters, who now realise it’s going to be a decade or more before the country recovers from his machinations.
In that time the Over-50s and hard-pressed pensioners can either sit it out and struggle in Blighty or choose to relax on their favourite Costa, spending their inadequate pension on sangria, sightseeing and Sky TV footie subs. If not fulltime, then with Ryanair offering flights for a fiver, pensioners can use their UK heating allowance to fund the winter months in Sunny Spain.
Meanwhile, McBroon’s new mate, Mandy stirs the political pot of sludge by encouraging MPs not to repay their ill gottons, even when found guilty and ordered to do so by the auditor they themselves appointed to resolve the MPs’ expenses scandal. That’s the same “Mortgage Mandy” who resigned after a dubious loan application came to light, but he coughed up his excess expenses charges 24 hours later.
Remember, how we howled with laughter at TV’s Yes Minister's more outrageous scripts. They look pretty tame compared with the ongoing revelations of the McBroon Years… sadly coming to an end and looking to be replaced by the Glum Cameroons and their sackcloth policies.
12 October 2009
McBroon's Britain "worst place in Europe"
As the bungling McBroon’s start their fire sale of taxpayer assets like tunnels, bridges and betting counters, a new report says Britain is the worse place to live in Europe and the country is where the focus is on standard of living rather than quality of life.
Researchers weighed up official data for ten European countries and concluded that high incomes in the UK are cancelled out by long working hours, lack of sunshine, poor annual leave and high bills
The report found that Britons enjoy the highest after-tax household income, which, at £35,730-a-year, is more than £10,000 above the European average. But most of it was spent keeping a “Roof over our heads, food on the table and our homes warm”, according to the uSwitch.com European Quality of Life Index.
After taking into account 17 quality of life measures, the study put Britain at the bottom of the list, with Ireland second from last. The best quality of life could be found in France and Spain.
Ann Robinson, director of consumer policy at uSwitch.com, said: “There is more to good living than money and this report shows why so many Brits are giving up on the UK and heading to France and Spain.
“We earn substantially more than our European neighbours, but this level of income is needed just to keep a roof over our heads, food on the table and our homes warm.
“It's giving us a decent standard of living, but it's not helping us achieve the quality of life that people in other countries enjoy. For too long the focus in the UK has been on standard of living rather than quality of life. As a result we have lost all sense of balance between wealth and well-being.
“The recession could prove to be a turning point, forcing us to re-evaluate our way of life, get back to basics and to the things that really count. Consumers are already beginning to do this - the Government and its policymakers would do well to follow suit.”
Planning to move to Spain - look at these bargain properties
Researchers weighed up official data for ten European countries and concluded that high incomes in the UK are cancelled out by long working hours, lack of sunshine, poor annual leave and high bills
The report found that Britons enjoy the highest after-tax household income, which, at £35,730-a-year, is more than £10,000 above the European average. But most of it was spent keeping a “Roof over our heads, food on the table and our homes warm”, according to the uSwitch.com European Quality of Life Index.
After taking into account 17 quality of life measures, the study put Britain at the bottom of the list, with Ireland second from last. The best quality of life could be found in France and Spain.
Ann Robinson, director of consumer policy at uSwitch.com, said: “There is more to good living than money and this report shows why so many Brits are giving up on the UK and heading to France and Spain.
“We earn substantially more than our European neighbours, but this level of income is needed just to keep a roof over our heads, food on the table and our homes warm.
“It's giving us a decent standard of living, but it's not helping us achieve the quality of life that people in other countries enjoy. For too long the focus in the UK has been on standard of living rather than quality of life. As a result we have lost all sense of balance between wealth and well-being.
“The recession could prove to be a turning point, forcing us to re-evaluate our way of life, get back to basics and to the things that really count. Consumers are already beginning to do this - the Government and its policymakers would do well to follow suit.”
Planning to move to Spain - look at these bargain properties
9 October 2009
Scary for Brit pensioners
There’s been some scary pensions data this week for Over-50s thinking about retiring to sunny Spain and stern warnings of a Big Bang if something radical isn’t done…
Pensions are an accident waiting to happen, according to experts in the Channel 4 Dispatches programme,"Who Took Your Pension”
While the McBroon Government financial crisis, poor investment returns and inadequate savings have curbed our ability to finance an ever longer retirement, our expectations remain high. "If the pension system carries on as it is with no real change, it will explode," Ros Altman, governor of the London School of Economics, told the Dispatches programme.
Basic UK state provision is low by European standards, yet occupational schemes which should top that up are in crisis because of increased costs, poor investment returns and our extended longevity. Those who most need to make an early commitment for old age, the low paid, are those least likely to do so.
TUC figures show the proportion of "unpensioned" private sector workers has risen from 54.6% to 62.6% between 2000 and 2008, a period that included the pension raids of McBroon, the spend-thrift chancellor that got it all wrong.
"Low-paid employees are simply not earning enough in their working life to pay for a sensible retirement given that people are living so much longer," independent pensions consultant John Ralfe told Dispatches.
With McBroon borrowed billions to repay, taxes and cost of living increases on the way, Over-50s should be looking at ways of leaving these shores for a relaxed lifestyle on a favourite Brit-friendly Costa.
Ex-pat pensioners along the Costa del Sol were relaxed the other day as they watched the latest McBroon machinations on their Sky News widescreens. They seemed to be enjoying life to the full with Spanish mates and ex-pats from other northern European countries in favourite bars and golf clubs.
The wrecked Pound means they have less pension cash, but living in Spain can cost 30% less than the UK and with a sunnier, relaxed lifestyle to boot. Petrol now costs about the same, but fares on efficient trains are much lower, helping retirees to enjoy the seaside resorts and historic cities.
Housing costs are a fraction of those in Blighty, food and drink costs typically 25% less and heating bills are lower because of the Spanish climate. The health service is highly rated and there are few delays in seeing consultants and getting treatment. Private health payments are lower and dentists plentiful.
The McBroons are likely to be replaced by the Cameroons, but the borrowed billions and train-wreck economy can only be fixed by higher taxes, working longer and lowered standards of living. BBC News shows pension options.
Pensions are an accident waiting to happen, according to experts in the Channel 4 Dispatches programme,"Who Took Your Pension”
While the McBroon Government financial crisis, poor investment returns and inadequate savings have curbed our ability to finance an ever longer retirement, our expectations remain high. "If the pension system carries on as it is with no real change, it will explode," Ros Altman, governor of the London School of Economics, told the Dispatches programme.
Basic UK state provision is low by European standards, yet occupational schemes which should top that up are in crisis because of increased costs, poor investment returns and our extended longevity. Those who most need to make an early commitment for old age, the low paid, are those least likely to do so.
TUC figures show the proportion of "unpensioned" private sector workers has risen from 54.6% to 62.6% between 2000 and 2008, a period that included the pension raids of McBroon, the spend-thrift chancellor that got it all wrong.
"Low-paid employees are simply not earning enough in their working life to pay for a sensible retirement given that people are living so much longer," independent pensions consultant John Ralfe told Dispatches.
With McBroon borrowed billions to repay, taxes and cost of living increases on the way, Over-50s should be looking at ways of leaving these shores for a relaxed lifestyle on a favourite Brit-friendly Costa.
Ex-pat pensioners along the Costa del Sol were relaxed the other day as they watched the latest McBroon machinations on their Sky News widescreens. They seemed to be enjoying life to the full with Spanish mates and ex-pats from other northern European countries in favourite bars and golf clubs.
The wrecked Pound means they have less pension cash, but living in Spain can cost 30% less than the UK and with a sunnier, relaxed lifestyle to boot. Petrol now costs about the same, but fares on efficient trains are much lower, helping retirees to enjoy the seaside resorts and historic cities.
Housing costs are a fraction of those in Blighty, food and drink costs typically 25% less and heating bills are lower because of the Spanish climate. The health service is highly rated and there are few delays in seeing consultants and getting treatment. Private health payments are lower and dentists plentiful.
The McBroons are likely to be replaced by the Cameroons, but the borrowed billions and train-wreck economy can only be fixed by higher taxes, working longer and lowered standards of living. BBC News shows pension options.
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