Investing in Monte Santo

[ourhomealgarve]

We have also invested in Monte Santo, purchasing T2 apartment last october.
Its our first venture overseas and also have agreed to 3 year contract.
I thought everything was going along okay until finding this forum tonight.
We have received information about paying first instalment of furniture package by 15th May,
Is anyone else in the same position??
All help appreciated.

Dont know what your paying for your furniture pack,i work alongside a company that for a T2 quote you 3,500€ (interior designers)
you can pick N mix & add to it,let me know if your interested.
I am an real estate agent ,English lived here 18 years,just hate people being creamed alot more money than they should be paying,Just a service we provide for our clients.Even FREE fiscal representation,& proper aftersales service Free.good luck with your 1st oversea venture.Let me know anyother advise you need.
Dave

 

[day&jones]

Hi Faye / Matt

I've been told 1st July by the Portuguese estate agent today

Cheers

Simon

my partner and myself have bought a t2 at monte santo and are still waiting on a completion date.
does anyone have any information as they arent giving us any information

 

[Les B]

Hello All,

I have just found the forum which is very intresting reading. I have purchased a T1 in Monte Santo. If any one could update me on the current situation regarding completion date it would be much appreciated. Also if any one has any further information with regard to the rental contract that is on offer, again, this would be very much appreciated.

I am currently out in Afghanistan so this is my only source of information regarding the Resort at the moment.

Thanks

Les B

 

[day&jones]

Hi Les

Looking at the recently supplied information have IMOCOM posted out to us, it would seem to indicate 15th June time for completion of the building works, with deeds being signed sometime in July. From all accounts looking at different threads on this web site, the feeling is these dates will be missed. If the dates are hit,, then I believe between the 15th June and the deeds being signed sometime in July, there will be a time for the owners to go over to complete the snag list review before signing the contract / transfer of ownership from IMOCOM to the owners.

Still have not booked flights to get out there as concerned they wont hit the release dates......

On the renting side of things we puchased ours fairly early on and opted for the 3 year rental programme, although we were told of the time, they would not be able to offer this option to all of the owner. I recall the Portuguese estate agents we purchased it through said we were the last ones in on the 3 year deal. However I believe they are offering other schemes of duration and % split of the rental.
Looking at our reservation contract that will become the Promissory contract there are certain terms in there regarding the rental side, although I believe the finer details are still be to issued / sorted

Regards

Simon

Hello All,

I have just found the forum which is very intresting reading. I have purchased a T1 in Monte Santo. If any one could update me on the current situation regarding completion date it would be much appreciated. Also if any one has any further information with regard to the rental contract that is on offer, again, this would be very much appreciated.

I am currently out in Afghanistan so this is my only source of information regarding the Resort at the moment.

Thanks
Les B

 

[Les B]

Hello Simon,

Thank you very much for your timely reply. I will send some emails out tonight to confirm rental programme. i will be visiting Monte Santo between 10th - 17th July.

I dont have a choice with the dates, as this will be the only time i can get out to see the resort for a while.

If i can assist in any way during my visit, please dont hesitate to drop me a line.

Kind regards

Les B

 

[JES]

Hello All,

I have just found the forum which is very intresting reading. I have purchased a T1 in Monte Santo. If any one could update me on the current situation regarding completion date it would be much appreciated. Also if any one has any further information with regard to the rental contract that is on offer, again, this would be very much appreciated.

I am currently out in Afghanistan so this is my only source of information regarding the Resort at the moment.

Thanks

Les B

Hi Les

We have also bought a T1. The completion date is currently looking like mid Jun - 1st Jul. If you are in the rental agreement you won't be able to stay in the apartment in Jul and Aug.
The rental agreeement is for 3 years although we spoke to our soliticitor and agreed a 1 year agreement with a view to extending it in year 2.

Let us knowif you need any more information

Jenny and Richard

 

[Les B]

Hi Les

We have also bought a T1. The completion date is currently looking like mid Jun - 1st Jul. If you are in the rental agreement you won't be able to stay in the apartment in Jul and Aug.
The rental agreeement is for 3 years although we spoke to our soliticitor and agreed a 1 year agreement with a view to extending it in year 2.

Let us knowif you need any more information

Jenny and Richard

Hello Jenny, Richard,

Thank you for your reply. I have sent a couple of emails out to individuals who will be able to pass on the relevent information. If i hear anything between now and my visit i will keep you updated.

Thanks again

Regards

Les B

 

[jaycee]

Hi everybody, just joined and wanted to share some info re MSR. Went over in early April to review progress and take a look at our T2. A lot of work still to do but not impossible. I have been corresponding recently with Azy and something everybody involved needs to be aware of.It is Imocoms intention to deduct marketting and commission costs from rental income before the 60/40 split. These he advised are between 20-25 %. We told him that is not what we were led to believe and that this is not acceptable. I suggest you all get on the phone to tell him the same.
Watch this space.

 

[blackersmanda]

Hi everyone,

Has anyone in the rental scheme been asked for or paid the first instalment of the furniture package, which I recall was due sometime about now?

Regards

Mike and Angela

 

[ramanam]

furniture package

Hi Mike/Angela,

We have investested in T2 apartment and have signed on for rental agreement. On 14th May sent over the first installment for the furniture package, still waiting for confirmation that funds have arrived.
Will keep you posted!!

Regards
Raymond/Diane

 

[Lysos]

Hi everybody, just joined and wanted to share some info re MSR. Went over in early April to review progress and take a look at our T2. A lot of work still to do but not impossible. I have been corresponding recently with Azy and something everybody involved needs to be aware of.It is Imocoms intention to deduct marketting and commission costs from rental income before the 60/40 split. These he advised are between 20-25 %. We told him that is not what we were led to believe and that this is not acceptable. I suggest you all get on the phone to tell him the same.
Watch this space.

So, you are going to get (if you are lucky) 60% of 75%, i.e. 45% of any rental. Doesn't look so attractive now, does it ?. As for when the guarantee runs out........

 

[Davyjo]

Hi, just came accross this forum last night, I have also invested in a T2 apartment after a visit. I was led to believe like other investors that although Imocon were going to rent this complex it would be through the Hilton group, as they have built other Hilton hotels. I was also assured that we could use the property for 3 months at any time of the year, now it appears that if I want to use it in July and August I will have to pay with 20% discount. I had no intention of using it, as it is clear that this is the peak rental opportunity, but annoyed with the false promises. The most disturbing issue that I signed this agreement without knowing, as the solicitor only sent me two pages via email(unknown to me) which didn't include the finer details. It was only when I received the pack from Imocom that I became aware. I have since been in contact with the solicitor, with little success. I'm very nervious about the whole affair. When we signed in july last year, there was supposed to be only 16 T2 left, and no T1. If I could pull out I would, but have paid 30%.

 

[Vanessa King]

Hi everyone,

Has anyone in the rental scheme been asked for or paid the first instalment of the furniture package, which I recall was due sometime about now?

Regards

Mike and Angela

Hi Mike & Angela

When you refer to the rental scheme are you talking about the straight forward 60/40 split scheme or are you talking 5% guaranteed return scheme?
We are on the 60/40 split and our deadline for the furniture package money in 2 installments was January and March. We seem to have parted with our money a lot earlier than others?

That aside can I just raise the issue of snaging. Do you have an independant looking at the snag list for you. The agents with the three letters are expecting to do this for us (for a fee) but we are nervous at letting them anywhere near it. Would be grateful for any suggestions as to who could look at this for us as we will not be around in Portugal at that time.

Many thanks
Vanessa

 

[Vanessa King]

Dont know what your paying for your furniture pack,i work alongside a company that for a T2 quote you 3,500€ (interior designers)
you can pick N mix & add to it,let me know if your interested.
I am an real estate agent ,English lived here 18 years,just hate people being creamed alot more money than they should be paying,Just a service we provide for our clients.Even FREE fiscal representation,& proper aftersales service Free.good luck with your 1st oversea venture.Let me know anyother advise you need.
Dave

Hello Dave

I am too embarrased to tell you what we have paid for the furniture pack but lets just say it more than 7 times the figure you have quoted. Obviously must be very different!

Anyway, thanks for the post. This is not our first overseas venture but we feel as if we are in the middle of a minefield. I am looking to find someone who can help me with the translation of a mortgage agreement into English. Can you make any suggestions?

Thanks
Vanessa

 

[Lysos]

Vanessa,

Are you saying you paid more than 24,000 Euros for furniture for a 2 bed apartment ?.

 

[l.a.a.s]

Vanessa,

Are you saying you paid more than 24,000 Euros for furniture for a 2 bed apartment ?.

Hi!

It seems very expensive, even if the quality is very good.

best regards

luis

 

[Davyjo]

I believe if you are renting through Imocom, then the furniture package is around 24,000 euros.

 

[Vanessa King]

Vanessa,

Are you saying you paid more than 24,000 Euros for furniture for a 2 bed apartment ?.

You got it. However, I believe (well hope) that we are all paying the same for the furniture packages at the resort?

regards
Vanessa

 

[Lysos]

Vanessa,

That seems like an awful lot of money to shell out, and a long payback time. did you see the package before you paid ?.

 

[Vanessa King]

Vanessa,

That seems like an awful lot of money to shell out, and a long payback time. did you see the package before you paid ?.

We saw the show house but no details at all before we paid as there was no option. If you wanted to purchase and take part in the rental scheme this was the only furniture package available. We are pleased with what we believe will be installed but were curious to know if everyone was paying the same at this particular resort.

Vanessa