Fuseta Ria

[phil jones]

valuations

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 Hor did you have to pay these upfront??

Regards


Si

Hi, We made an application for mortgage thro Banif.
Valuation came in at 20% below purchase price. Valuation and application fee totalled around 500 euros. Once you submit your application you have to pay those fees and they are non-refundable.
We have now gone with BBVA.
Arrangement and valuation fees more expensive. They do not require life insurance, but you have to have their buildings insurance. Valuation was much nearer to purchase price though.
PM me for further details.
Re kitchen alterations, does anyone know if this has been applied to all the units ?
RE the pool are they saying that the pool will not be usable, i.e not providing a pool man ?
Look forward to seeing any up to date photos anyone may have.
We are flying out early May so if things not crystalised by then will chase tthings up.
Phil

 

[Lysos]

symon, the local authority couldn't give a monkey's about the kitchen layout.

 

[symon]

symon, the local authority couldn't give a monkey's about the kitchen layout.

Hi,

Well thats what LL told me? im not too fussed at change as it gives us more space was just annoyed we were not consulted!!

Si

 

[symon]

Hi all,

Has anybody who has applied for a mortgage with M/BCP had any progress? We spoke to them twice last week and we were AGAIN promised an official offer would be with us by the end of the week. Surprise surprise still nothing getting a little concerned now as proposed completion date gets ever closer!!

Si

 

[bj_bazza]

Hi all,

Has anybody who has applied for a mortgage with M/BCP had any progress? We spoke to them twice last week and we were AGAIN promised an official offer would be with us by the end of the week. Surprise surprise still nothing getting a little concerned now as proposed completion date gets ever closer!!

Si

Hi,

I have met with millenium bcp and our mortgage approval is going through. They are lending up to 80% of contract value. Valuations are not being released until after mortgage is approved. Service is now very good and from all the feedback I think completion is likely in May rather than April. Communication from platforma legal is also improving.
We are going down at end of April to sort out furnishings and do final measuring on the basis of hopefully taking keys, moving in and taking deliveries in mid May.
We have had the completion checklist from LL and working through it.

How is everybody else progressing? The forum seems very quiet given things are so close to completing, and there is a lot the owners need to be sharing.

Cheers.

 

[symon]

Hi,

I have met with millenium bcp and our mortgage approval is going through. They are lending up to 80% of contract value. Valuations are not being released until after mortgage is approved. Service is now very good and from all the feedback I think completion is likely in May rather than April. Communication from platforma legal is also improving.
We are going down at end of April to sort out furnishings and do final measuring on the basis of hopefully taking keys, moving in and taking deliveries in mid May.
We have had the completion checklist from LL and working through it.

How is everybody else progressing? The forum seems very quiet given things are so close to completing, and there is a lot the owners need to be sharing.

Cheers.

Hi,

We have received our mortgage offer finally from M/BCP; however yet to sign any documents. The good news is our property valuation came in above our purchase price so we got the mortgage we needed without having to find anymore capital. The disappointing news is that M/BCP are still trying to charge us application fees and arrangement fees which we were told by R2I and LL we do not have to pay as the bank has special arrangement with LL to omit these, which is the main reason we chose not to approach any other bank? Anyway I did get some check rates from brokers and the rate we have been offered is competitive! I Await feedback from bank but will keep you all posted!!

So it finally looks like we will be handing over very soon early May we are aiming for. We are heading out end of April to order furniture so fingers crossed we will be ready in time for summer!! We will post pics on our return.

Only concern is the pool area after the last visit this looked like way off completion? Does anybody have any further news on this?

Please speak up everyone its interesting to hear everyone else’s experiences and how we can help each other!!

Regards

Si

 

[andy cap]

fuseta ria update

just returned from fuseta which is looking great..villas almost complete with exception of aircon units, stairs to roof, gardens, final clean etc
paulo showed us around an apt which was complete and cleaned...the quality of the finish is excellent
the roads/car park have now been laid and paths were being finished off during our visit
pool/clubhouse currently being used as store for site materials and whilst pool is lined the internals of clubhouse is work in progress and will progress once the villas/apts have been completed and required materials moved out of storage (habitation licence will proceed without need for clubhouse to be completed)...pool should be complete for start of high season
i would expect to have the keys mid may
there seems to be more communication from millennium and plataforma legal and just waiting to confirm mortgage offer...all seems more positive than a couple of weeks ago
LL are planning to put together some info relating to snagging and connection of utilities..i am told this info will be circulated in the very near future
some pics attached
ac

 

[pollitico]

Hi Symon
When we enquired about the Pool and Restaurant area we were advised that the area would be completed prior to final handover, by Silvercoast Hospitality who will apparently be running that area.

Thanks to AC for new photos, looking good

Regards
P

Hi,

We have received our mortgage offer finally from M/BCP; however yet to sign any documents. The good news is our property valuation came in above our purchase price so we got the mortgage we needed without having to find anymore capital. The disappointing news is that M/BCP are still trying to charge us application fees and arrangement fees which we were told by R2I and LL we do not have to pay as the bank has special arrangement with LL to omit these, which is the main reason we chose not to approach any other bank? Anyway I did get some check rates from brokers and the rate we have been offered is competitive! I Await feedback from bank but will keep you all posted!!

So it finally looks like we will be handing over very soon early May we are aiming for. We are heading out end of April to order furniture so fingers crossed we will be ready in time for summer!! We will post pics on our return.

Only concern is the pool area after the last visit this looked like way off completion? Does anybody have any further news on this?

Please speak up everyone its interesting to hear everyone else’s experiences and how we can help each other!!

Regards

Si

 

[phil jones]

Hi Everyone, looks like everything is coming together. Thanks to AC for photos.
Anyone further on with furniture, note algarvefurniture have posted their details!
Have been looking at furniture express who are based in Spain and have had some good communication and they are very flexible about the adding and excluding items.
My solicitor still not been able to tie developer down to a date for deeds yet, in fact, not certain about progress of habitation licence, they told me they were not aware as to whether it had been applied for.
Note the reference to Silver Coast Hospitality in relation to the pool and restaurant, any more information re this anyone ?
We are hoping to go over on 8th May (Icelandic Volcano permitting) would be nice to think we could have keys and have completed by then !
If anyone has completion list from LL would they forward it to me ? PM me for e-mail address.
P

 

[Vie 10]

Hi All

I don't understand but the email alert threads seem to have failed me for the past month - hence my silence.

A big THANKS for all the updates. I agree that it is frustrating - what do you expect in Property! Guess it's just that extra bit slower in Portugal. Thanks to AC for latest photos and to everyone for their posts. It now seems such a daft thing to have done over 2 years ago but the view is tremendous!

I had a moan to LL and they have actually chased M Bcp for my mortgage! I'm still waiting Plataforma to obtain my fiscal no's! So they were told to go away; Everything is so slow.

From a buying aspect and stating the obvious - if M Bcp are willing to lend on the purchase price then they must be happy with the valuation - this is a big relief as did not relish a fight with an overseas developer on my own. Once dates are firmed up - will look to venture over to Fuseta as I also need to sort out furniture, etc - where do you all stay? I usually go to Tavira at the Villa Galle - not cheap but good standard - happy to try other hotels in area - be good if we are there at same time to get together.

Look forward to meeting everyone very soon ....hopefully

P

 

[phil jones]

update

Hi All

I don't understand but the email alert threads seem to have failed me for the past month - hence my silence.

A big THANKS for all the updates. I agree that it is frustrating - what do you expect in Property! Guess it's just that extra bit slower in Portugal. Thanks to AC for latest photos and to everyone for their posts. It now seems such a daft thing to have done over 2 years ago but the view is tremendous!

I had a moan to LL and they have actually chased M Bcp for my mortgage! I'm still waiting Plataforma to obtain my fiscal no's! So they were told to go away; Everything is so slow.

From a buying aspect and stating the obvious - if M Bcp are willing to lend on the purchase price then they must be happy with the valuation - this is a big relief as did not relish a fight with an overseas developer on my own. Once dates are firmed up - will look to venture over to Fuseta as I also need to sort out furniture, etc - where do you all stay? I usually go to Tavira at the Villa Galle - not cheap but good standard - happy to try other hotels in area - be good if we are there at same time to get together.

Look forward to meeting everyone very soon ....hopefully

P

Hi Vie 10
We are going over early May and on the basis we will not have completed by then have arranged to stay in The Cabanas Park Hotel, good reviews on Tripadvisor, a little out in the sticks but will have a hire car and is very reasonably priced. It will basically just be somewhere to lay our heads, no doubt we will be chasing about looking for furniture and additional bits and pieces, particularly outdoor furniture items.
We have our mortgage in place and ready to go when called to. Our financial consultant e-mailed me yesterday to say, still no confirmation on habitation licence but hopefully end April beginning of May. She also confirmed that the pool and restaurant do not need to be complete before the LA issue the licences.
Hopefully there will be take up for that if previous posts are correct.
Has anyone sourced a snagging company or do you intend to do it yourself. On the Olhao Marina thread someone has made recommendations, I have no idea what sort of prices these people charge. If get any info will post on the forum.

Keep the info flowing, hopefully not be too long now !

P

 

[Lysos]

Phil,

Check out Pedro's restaurant on the sea front in Cabanas; plenty of locals eat there, good food, reasonable prices & the house red is quaffable !.

 

[Vie 10]

Update

Hi Vie 10
We are going over early May and on the basis we will not have completed by then have arranged to stay in The Cabanas Park Hotel, good reviews on Tripadvisor, a little out in the sticks but will have a hire car and is very reasonably priced. It will basically just be somewhere to lay our heads, no doubt we will be chasing about looking for furniture and additional bits and pieces, particularly outdoor furniture items.
We have our mortgage in place and ready to go when called to. Our financial consultant e-mailed me yesterday to say, still no confirmation on habitation licence but hopefully end April beginning of May. She also confirmed that the pool and restaurant do not need to be complete before the LA issue the licences.
Hopefully there will be take up for that if previous posts are correct.
Has anyone sourced a snagging company or do you intend to do it yourself. On the Olhao Marina thread someone has made recommendations, I have no idea what sort of prices these people charge. If get any info will post on the forum.

Keep the info flowing, hopefully not be too long now !

P

Hi Phil

Thanks for info on alternative hotel.
My target date is likely to be early May depending on mortgage status - I'm planning to visit M Bcp if necessary to expedite if things don't speed up soon.
Is your mortgage with Millennium?

As regards snagging - it's something I will want to do as don't want to entrust anyone else to do this important detail. It will be interesting to see how the other's will approach this?

Looking forward to seeing that lovely view again very soon!

P

 

[Quelfes Girl]

Hi, I'm new to the forum.

I saw some posts about furniture. Have any of you seen the new furniture showroom on the EN125 near fuseta (after the traffic lights). The company has a showroom full of furniture and is English owned. They do furniture packs.

The company are called Furniture Frontera. Definately worth checking out

 

[phil jones]

Hi Phil

Thanks for info on alternative hotel.
My target date is likely to be early May depending on mortgage status - I'm planning to visit M Bcp if necessary to expedite if things don't speed up soon.
Is your mortgage with Millennium?

As regards snagging - it's something I will want to do as don't want to entrust anyone else to do this important detail. It will be interesting to see how the other's will approach this?

Looking forward to seeing that lovely view again very soon!

P

Hi Vie 10
My mortgage with BBVA
P

 

[algarvefurniture]

Hi Vie 10
My mortgage with BBVA
P

Hi Phil,

Did your received our furniture packs quotes / description, etc ?

Best Regards
Algarvefurniture

 

[Teflon]

just returned from fuseta which is looking great..villas almost complete with exception of aircon units, stairs to roof, gardens, final clean etc
paulo showed us around an apt which was complete and cleaned...the quality of the finish is excellent
the roads/car park have now been laid and paths were being finished off during our visit
pool/clubhouse currently being used as store for site materials and whilst pool is lined the internals of clubhouse is work in progress and will progress once the villas/apts have been completed and required materials moved out of storage (habitation licence will proceed without need for clubhouse to be completed)...pool should be complete for start of high season
i would expect to have the keys mid may
there seems to be more communication from millennium and plataforma legal and just waiting to confirm mortgage offer...all seems more positive than a couple of weeks ago
LL are planning to put together some info relating to snagging and connection of utilities..i am told this info will be circulated in the very near future
some pics attached
ac

Thanks AC for the pictures and update.

I have spoken with LL and am waiting on dates for snagging. Apparently there will be a couple of dates for us to visit and snag. I was recommended to have a company come in and snag first and then do it myself afterwards. Anyone else thinking about doing the same?
Realistically I think we will be in towards end of May at the earliest. Everything takes an age, which I was expecting, around the legals. Bit frustrated with Platforma Legal who seem to only start working if you ask them to!!

My furniture is being sorted apart from the outdoor items, would be interested to hear what people are buying. We are looking at the synthetic rattan furniture so it can be left outdoors, especially with the salt in the air down there.

Does anyone know what the score is with getting Sky TV in?

Thanks to everyone for their updates,
C

 

[lbro]

hi i have just received the very glossy presentation from the company who are going to manage the site. nothing about costs for owners nor timescales for sorting out utilities snd it looks like they will be in the room next to the pool so not sure about the bar/ cafe initially 'planned'
still not had our valuation nor completion date so after tomorrow there will be a 2 month penalty to deduct from( hopefully) the price we agreed less our deposit.
has anyone got their valuation done and if so has it come in o.k.?

 

[phil jones]

Hi everyone,
I have just received the presentation document re Management and Snagging.
Suggests that snagging will take place on Monday 10th May.
They want 450 euros + vat to do this together with a spring clean.
Furtniture packs obviously do that for you any way !
They also suggest they will sort out utilities connecrtion, but this does not include the connection fees !!!
I am over there from 8th to 12th so may join the snagging party personally !!!
Not ruling out using the on-site management co for rentals, but are we not already paying the developer 500 euros per year service charge for the maintenance of pool restaurant and common areas, seems there could be a double whammy if we are not careful.
One of the terms of joining the management scheme seems also to be pushing towards standardising the furniture and equipment, is this then going to mean we have to be forced to choose a particular furniture pack provider !!
Anyone else any thoughts on this ?
We have already instructed our solicitor to deal with the utilities connection in any event.

Phil

 

[phil jones]

Snagging

Hi
Further to my previous post, Leisure Launch have now told me I can't do my snagging along with the Algarve Ria Hospitality crew, apparently this is because they are allowed because the construction company have made a special dispensation for those people who pay go with ARH and the rest of us who do it ourselves or use a different company will have to wait until the construction company finish the build and hand back the development to the developer. This is apparently 'Portuguese Law'.
It never ceases to amaze me that when it suits, the 'law', need not be applied !