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Decided to pull out of the purchase..
After much deliberation we have decided to pull the plug on the Villa at Hondon De Las Nieves before we pay the 20% deposit on 1st April. Our second visit (without the agent in tow) gave us a good chance to view the property and speak to plenty of potential neighbors. Second time around it was just not as nice in addition to other reasons below.
We have decided that the morgage offer was not good enough for us with the first two years interest only and then it would revert to capital mortgage at Euribor + 1% and we really wanted a longer interest only deal. In addition when we were ready to move in we would have had to re-submit updated documents such as the bank statements and pay slips and having give up work recently the pay slips could prove a problem. Should they decide before finalisation we no longer qualified for a mortgage we would be knackered. We will put this house up for sale tomorrow (agent coming) and when it sells we will look to buy a resale for cash. It just feels right to do it this way. Yes we are walking away from £2k deposit but better that than regret the decision at a later date. Also we realised that everything you needed there would have involved a car trip as there are no local amenities. People were having problems with Electricity and water supplies and were reporting the builders and agents were slack in aftersales once the money had exchanged hands. The villa we noticed had more than a few hairline cracks in the walls and this was a worry. We toured the urbanisation and looked at villas in various stages of development and those without the skins on looked like they had been thrown up and this made us question what was under the skin of our villa. Small things just added up to cause us to question enough our decision to place that 20% deposit and make this decision. So hey ho onwards and upwards as they say. Will keep an open mind and hope this sells fast :) Oh and I also asked the agent if we were required to pay any of the property value in cash (black money) and he was taken back by the question before telling me we had to pay 10% of the value in cash, effectively black money. I hated the fact that they never disclosed this to me nor the fact there was no LFO on the villa. We had to glean those facts ourselves and thus I have lost all confidence in them. |
Re: Decided to pull out of the purchase..
Originally Posted by SmartiesUK
(Post 4559920)
After much deliberation we have decided to pull the plug on the Villa at Hondon De Las Nieves before we pay the 20% deposit on 1st April. Our second visit (without the agent in tow) gave us a good chance to view the property and speak to plenty of potential neighbors. Second time around it was just not as nice in addition to other reasons below.
We have decided that the morgage offer was not good enough for us with the first two years interest only and then it would revert to capital mortgage at Euribor + 1% and we really wanted a longer interest only deal. In addition when we were ready to move in we would have had to re-submit updated documents such as the bank statements and pay slips and having give up work recently the pay slips could prove a problem. Should they decide before finalisation we no longer qualified for a mortgage we would be knackered. We will put this house up for sale tomorrow (agent coming) and when it sells we will look to buy a resale for cash. It just feels right to do it this way. Yes we are walking away from £2k deposit but better that than regret the decision at a later date. Also we realised that everything you needed there would have involved a car trip as there are no local amenities. People were having problems with Electricity and water supplies and were reporting the builders and agents were slack in aftersales once the money had exchanged hands. The villa we noticed had more than a few hairline cracks in the walls and this was a worry. We toured the urbanisation and looked at villas in various stages of development and those without the skins on looked like they had been thrown up and this made us question what was under the skin of our villa. Small things just added up to cause us to question enough our decision to place that 20% deposit and make this decision. So hey ho onwards and upwards as they say. Will keep an open mind and hope this sells fast :) Oh and I also asked the agent if we were required to pay any of the property value in cash (black money) and he was taken back by the question before telling me we had to pay 10% of the value in cash, effectively black money. I hated the fact that they never disclosed this to me nor the fact there was no LFO on the villa. We had to glean those facts ourselves and thus I have lost all confidence in them. We waited until we had sold our house and then we came to spain with 2 suitcases and the money in the bank. We then had the chance to look and look again, we brought with in 2 weeks we had seen lots of houses. We lived in the area for a about 6 weeks before we actually jumped with two feet. We love our life style and our enviroment we dont need a car for every day living as everything is on our door step. You need to look and keep looking dont leave your brains at the airport. Good luck In my opion you are doing the right thing |
Re: Decided to pull out of the purchase..
Originally Posted by SmartiesUK
(Post 4559920)
It just feels right to do it this way. Yes we are walking away from £2k deposit but better that than regret the decision at a later date.
I'm sure you'll find the resale property of your dreams when the time is right. Have fun househunting and good luck with selling yours. :thumbsup: |
Re: Decided to pull out of the purchase..
Sory to hear this Smarties - but if it doesn't feel right then you are doing the right thing by pulling out. Better to lose £2000 than a hell of a lot more further down the line. We pulled out of a purchase about 4 years ago in Costa Dorado and lost £4000 so we know where you are at.
Pour yourself a drink and settle in front of the telly - Peter Kay night on channel 4 from 9pm. He will make you laugh and take your mind off things. |
Re: Decided to pull out of the purchase..
Originally Posted by SmartiesUK
(Post 4559920)
After much deliberation we have decided to pull the plug on the Villa at Hondon De Las Nieves before we pay the 20% deposit on 1st April. Our second visit (without the agent in tow) gave us a good chance to view the property and speak to plenty of potential neighbors. Second time around it was just not as nice in addition to other reasons below.
We have decided that the morgage offer was not good enough for us with the first two years interest only and then it would revert to capital mortgage at Euribor + 1% and we really wanted a longer interest only deal. In addition when we were ready to move in we would have had to re-submit updated documents such as the bank statements and pay slips and having give up work recently the pay slips could prove a problem. Should they decide before finalisation we no longer qualified for a mortgage we would be knackered. We will put this house up for sale tomorrow (agent coming) and when it sells we will look to buy a resale for cash. It just feels right to do it this way. Yes we are walking away from £2k deposit but better that than regret the decision at a later date. Also we realised that everything you needed there would have involved a car trip as there are no local amenities. People were having problems with Electricity and water supplies and were reporting the builders and agents were slack in aftersales once the money had exchanged hands. The villa we noticed had more than a few hairline cracks in the walls and this was a worry. We toured the urbanisation and looked at villas in various stages of development and those without the skins on looked like they had been thrown up and this made us question what was under the skin of our villa. Small things just added up to cause us to question enough our decision to place that 20% deposit and make this decision. So hey ho onwards and upwards as they say. Will keep an open mind and hope this sells fast :) Oh and I also asked the agent if we were required to pay any of the property value in cash (black money) and he was taken back by the question before telling me we had to pay 10% of the value in cash, effectively black money. I hated the fact that they never disclosed this to me nor the fact there was no LFO on the villa. We had to glean those facts ourselves and thus I have lost all confidence in them. The 2k you have lost isnt as bad as being sucked in to a hassle of calling builders back ,buying candles, saving rain water etc, etc. :) Just make sure the next villa you buy you get for 2k less and your even :thumbup: Take your time in your chosen area it is a buyers market !! Trust me it is ;) Never have liked this Off Plan business anyways as you may of seen from my post on the subject ? So i 100% know you made the right decision :thumbsup: |
Re: Decided to pull out of the purchase..
Originally Posted by Big Pete
(Post 4559978)
Smarties you have done the right thing :thumbup:
The 2k you have lost isnt as bad as being sucked in to a hassle of calling builders back ,buying candles, saving rain water etc, etc. :) Just make sure the next villa you buy you get for 2k less and your even :thumbup: Take your time in your chosen area it is a buyers market !! Trust me it is ;) Never have liked this Off Plan business anyways as you may of seen from my post on the subject ? So i 100% know you made the right decision :thumbsup: |
Re: Decided to pull out of the purchase..
Originally Posted by Big Pete
(Post 4559978)
Never have liked this Off Plan business anyways as you may of seen from my post on the subject ?
|
Re: Decided to pull out of the purchase..
Originally Posted by Mitzyboy
(Post 4559996)
Do you not? Thats a real suprise :D
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Re: Decided to pull out of the purchase..
Originally Posted by SmartiesUK
(Post 4559920)
After much deliberation we have decided to pull the plug on the Villa at Hondon De Las Nieves before we pay the 20% deposit on 1st April. Our second visit (without the agent in tow) gave us a good chance to view the property and speak to plenty of potential neighbors. Second time around it was just not as nice in addition to other reasons below.
We have decided that the morgage offer was not good enough for us with the first two years interest only and then it would revert to capital mortgage at Euribor + 1% and we really wanted a longer interest only deal. In addition when we were ready to move in we would have had to re-submit updated documents such as the bank statements and pay slips and having give up work recently the pay slips could prove a problem. Should they decide before finalisation we no longer qualified for a mortgage we would be knackered. We will put this house up for sale tomorrow (agent coming) and when it sells we will look to buy a resale for cash. It just feels right to do it this way. Yes we are walking away from £2k deposit but better that than regret the decision at a later date. Also we realised that everything you needed there would have involved a car trip as there are no local amenities. People were having problems with Electricity and water supplies and were reporting the builders and agents were slack in aftersales once the money had exchanged hands. The villa we noticed had more than a few hairline cracks in the walls and this was a worry. We toured the urbanisation and looked at villas in various stages of development and those without the skins on looked like they had been thrown up and this made us question what was under the skin of our villa. Small things just added up to cause us to question enough our decision to place that 20% deposit and make this decision. So hey ho onwards and upwards as they say. Will keep an open mind and hope this sells fast :) Oh and I also asked the agent if we were required to pay any of the property value in cash (black money) and he was taken back by the question before telling me we had to pay 10% of the value in cash, effectively black money. I hated the fact that they never disclosed this to me nor the fact there was no LFO on the villa. We had to glean those facts ourselves and thus I have lost all confidence in them. Chris |
Re: Decided to pull out of the purchase..
Hi Smartiesuk, only you and OH know in your hearts what right for you, I am sure you have made the right choice and even the fact of losing the 2k now is so much better then a greater sum later down the line. Also if your faith in whoever was selling to you has faltered then it is certainly the best thing to do. Hope you sell your place soon and can get the ball rolling, Easter is upon us and the property market in the UK hopefully will pick up, people always like to house hunt in the spring.:thumbsup:
Good luck Crispy |
Re: Decided to pull out of the purchase..
Originally Posted by Mitzyboy
(Post 4559996)
Do you not? Thats a real suprise :D
While i am on the subject and this has some relevance to Smarties recent happenings . I will tell you a little story . A few years back Turkey came up as a possible place to retire to , yes i know it was a mad moment honest :lol: Anyways was on holiday there and thought will see a few agents while over there , popped in saw this agent i explainned what i wanted and he showed some new developments just completed and offered to drive us all around on a show tour of the properties he had that fit the citeria . The day arrived and off we trundled with not the original guy but accompanied by 2 !! Management Sales types instead. they took us to a apartment block ? which wasnt on the criteria anyways , apts are for holidays and single people etc.. So after a while they got the message no apts !! Next stop was a small group of nice villas in a cul de sac , own pool i said now we are getting near the mark ! How much i ask £190,000 he calmly says ? Your having a laugh i tell him its not worth that hasnt even got a sea view ! On we go look at another couple of detached places , nice inside but outside the neighbours run a Goat farm with goat crap all over the place next to the pool area , so not impressed ! next batch lovely Villa ,lovely Pool not finished though but could be in 2 months i looked around at the quality of the walls and stuff single thin blocks and then rely on plastering ! So very cheap to build . On to a few more settlements as i call them and a couple are ok but none really inspired me .. We arrive back to the office and they offer a drink as by then we are all pretty dry and need it .. In comes the top man in charge and pulls out like a folder with loads of paperwork in it ! Calmly sits down and says so which one you going for ? I said well i quite liked 1 of them , Right he says pulling out papers at the same time , give us 10% deposit now and we will start the ball rolling !! I said let me think about it as i have only seen 4 places and i most certainly will not decide on a spur of the moment .. Then came the hard sell 1 hour of being told how the propertys in Turkey will return 20% per year from now on how lucky i would be if i let them sell it to me etc.. At this stage i was now getting the hump putting it mildly as you can imagine :mad: As the hotel was some 2 miles away and there supposed to drop us back as they said ! I then said right well we must go and they got quite nasty in manner and turned from these charming Turks to angry nasty people :lol: In the end i said i am going so forget the lift i will get a taxi ! Which i did .. That evening in the usual town i was staying i was telling the owner of the restaurant there about them he said oh them ? oh yes they do that all the time they sell lots of deposits and then mess you around so as you dont continue !! keep the deposits and make a fortune ! Saw the Turkish people in a new light that day for sure :( . |
Re: Decided to pull out of the purchase..
Originally Posted by Big Pete
(Post 4560154)
:lol: yep comes as a bit of a shock i know ...
While i am on the subject and this has some relevance to Smarties recent happenings . I will tell you a little story . A few years back Turkey came up as a possible place to retire to , yes i know it was a mad moment honest :lol: Anyways was on holiday there and thought will see a few agents while over there , popped in saw this agent i explainned what i wanted and he showed some new developments just completed and offered to drive us all around on a show tour of the properties he had that fit the citeria . The day arrived and off we trundled with not the original guy but accompanied by 2 !! Management Sales types instead. they took us to a apartment block ? which wasnt on the criteria anyways , apts are for holidays and single people etc.. So after a while they got the message no apts !! Next stop was a small group of nice villas in a cul de sac , own pool i said now we are getting near the mark ! How much i ask £190,000 he calmly says ? Your having a laugh i tell him its not worth that hasnt even got a sea view ! On we go look at another couple of detached places , nice inside but outside the neighbours run a Goat farm with goat crap all over the place next to the pool area , so not impressed ! next batch lovely Villa ,lovely Pool not finished though but could be in 2 months i looked around at the quality of the walls and stuff single thin blocks and then rely on plastering ! So very cheap to build . On to a few more settlements as i call them and a couple are ok but none really inspired me .. We arrive back to the office and they offer a drink as by then we are all pretty dry and need it .. In comes the top man in charge and pulls out like a folder with loads of paperwork in it ! Calmly sits down and says so which one you going for ? I said well i quite liked 1 of them , Right he says pulling out papers at the same time , give us 10% deposit now and we will start the ball rolling !! I said let me think about it as i have only seen 4 places and i most certainly will not decide on a spur of the moment .. Then came the hard sell 1 hour of being told how the propertys in Turkey will return 20% per year from now on how lucky i would be if i let them sell it to me etc.. At this stage i was now getting the hump putting it mildly as you can imagine :mad: As the hotel was some 2 miles away and there supposed to drop us back as they said ! I then said right well we must go and they got quite nasty in manner and turned from these charming Turks to angry nasty people :lol: In the end i said i am going so forget the lift i will get a taxi ! Which i did .. That evening in the usual town i was staying i was telling the owner of the restaurant there about them he said oh them ? oh yes they do that all the time they sell lots of deposits and then mess you around so as you dont continue !! keep the deposits and make a fortune ! Saw the Turkish people in a new light that day for sure :( . |
Re: Decided to pull out of the purchase..
Hey Smarties..... we lost a thousand while looking, aside from all the money spent. Looking at all the pics tonight of the year spent property hunting. We were glad we eventually bought when and where we did. If your gut instinct was to pull out you were doing the right thing. Keep looking.. it is definitely a buyers market and you will find something better.
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Re: Decided to pull out of the purchase..
Originally Posted by SmartiesUK
(Post 4559920)
After much deliberation we have decided to pull the plug on the Villa at Hondon De Las Nieves before we pay the 20% deposit on 1st April. Our second visit (without the agent in tow) gave us a good chance to view the property and speak to plenty of potential neighbors. Second time around it was just not as nice in addition to other reasons below.
We have decided that the morgage offer was not good enough for us with the first two years interest only and then it would revert to capital mortgage at Euribor + 1% and we really wanted a longer interest only deal. In addition when we were ready to move in we would have had to re-submit updated documents such as the bank statements and pay slips and having give up work recently the pay slips could prove a problem. Should they decide before finalisation we no longer qualified for a mortgage we would be knackered. We will put this house up for sale tomorrow (agent coming) and when it sells we will look to buy a resale for cash. It just feels right to do it this way. Yes we are walking away from £2k deposit but better that than regret the decision at a later date. Also we realised that everything you needed there would have involved a car trip as there are no local amenities. People were having problems with Electricity and water supplies and were reporting the builders and agents were slack in aftersales once the money had exchanged hands. The villa we noticed had more than a few hairline cracks in the walls and this was a worry. We toured the urbanisation and looked at villas in various stages of development and those without the skins on looked like they had been thrown up and this made us question what was under the skin of our villa. Small things just added up to cause us to question enough our decision to place that 20% deposit and make this decision. So hey ho onwards and upwards as they say. Will keep an open mind and hope this sells fast :) Oh and I also asked the agent if we were required to pay any of the property value in cash (black money) and he was taken back by the question before telling me we had to pay 10% of the value in cash, effectively black money. I hated the fact that they never disclosed this to me nor the fact there was no LFO on the villa. We had to glean those facts ourselves and thus I have lost all confidence in them. Well Im sure we will be in touch a lot more,good luck with the sale of your house,I hope it will sell fast for you. |
Re: Decided to pull out of the purchase..
You have done the right thing.
Good luck with the resale purchase! |
Re: Decided to pull out of the purchase..
Hi Smarties,
There's not a lot I feel I can add to all the replies you've already received, but I just wanted to wish you good luck in your future search :) It seems that you've thought everything through very carefully and wisely, and I'm sure you're doing the right thing. One's instincts and "gut feelings" are often the best guide - and when several other things mount up and add to the general sense of "this isn't quite right", then it's far better to cut your losses before ending up in a situation you just know isn't right for you. The very best of luck in selling your house. Hopefully it won't be too lengthy a process, and then you'll have the money in the bank and will be in a good position to move onto the next stage of finding a resale that feels right. I'm sure you'll take your time, continue researching and that you will find the area that suits what you want from your new life. You'll no doubt be stunned by the "quality" :eek: of some of the Spanish building standards!! My Dad's a carpenter who's also built his own house, and he couldn't believe some of the way things were "thrown together" here!! We've had numerous people in our village suggesting a part built house to us - and when we say "yes, but it's got a great big crack running through the bottom of it, and the bricks aren't tied in - so there will be big problems in the future!!" they just say "oh?" It is scary to think what could be underneath the rendering (or whatever)!! ;) Anyway, please keep us posted as to how things are going for you. It's always a pleasure to read your posts, and I wish you and Mrs Smarties well. Very best wishes, Sam. |
Re: Decided to pull out of the purchase..
Originally Posted by brisca
(Post 4560731)
Hi Smarties,
There's not a lot I feel I can add to all the replies you've already received, but I just wanted to wish you good luck in your future search :) It seems that you've thought everything through very carefully and wisely, and I'm sure you're doing the right thing. One's instincts and "gut feelings" are often the best guide - and when several other things mount up and add to the general sense of "this isn't quite right", then it's far better to cut your losses before ending up in a situation you just know isn't right for you. The very best of luck in selling your house. Hopefully it won't be too lengthy a process, and then you'll have the money in the bank and will be in a good position to move onto the next stage of finding a resale that feels right. I'm sure you'll take your time, continue researching and that you will find the area that suits what you want from your new life. You'll no doubt be stunned by the "quality" :eek: of some of the Spanish building standards!! My Dad's a carpenter who's also built his own house, and he couldn't believe some of the way things were "thrown together" here!! We've had numerous people in our village suggesting a part built house to us - and when we say "yes, but it's got a great big crack running through the bottom of it, and the bricks aren't tied in - so there will be big problems in the future!!" they just say "oh?" It is scary to think what could be underneath the rendering (or whatever)!! ;) Anyway, please keep us posted as to how things are going for you. It's always a pleasure to read your posts, and I wish you and Mrs Smarties well. Very best wishes, Sam. |
Re: Decided to pull out of the purchase..
Originally Posted by Douglas jack
(Post 4560751)
Whats wrong with a crack down a building.
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Re: Decided to pull out of the purchase..
Wow thanks for the messages of support everyone they mean alot and have made me feel better about the decision thats for sure. Once we had got our heads around it we both feel pleased we have pulled out. The villa was not as big as we first thought for one thing and then looking beyond the scenery and the sunshine we noticed the build quality of not only the villa we were buying but others we were invited into were not all that either.
It is/was a difficult decision but one we feel is right and that is the most important thing. That 20% deposit once paid left no room for manouver on my part. The balance 80% was due in May 2007 and if not paid I would be in breach of contract. The builder however had a clause where he could be six months late and that would be okay :sneaky: Whilst being on an urbanisation of detached villas only was potentially very nice, lots of people to call on in the event of emergency or just to ask general questions of, we realised that with a quick car trip to the local pub/finca we could touch base with them anytime we wanted and tap into their experiences equally as well. We actually want something quiet and away from the masses and the urbanisation would not have given us that. The Spanish people seemed so nice and we really do want to integrate as much as. I think I like the idea of renting something initially now given the area we choose will be home for the next however many years as well. The reasons for pulling out are greater than the reasons to commit to the villa so it was a no brainer eventually. It was not all money wasted that said as we now know the area we want to go to for sure. The area around Hondon is superb and thats hopefully where we will settle all being well. I have always gone with my gut instict and if I am honest right from the off it felt wrong if that makes sense. There is no doubt I was sucked in by the fact I was basking in sunshine in February and even after swearing I was not going to put a deposit on anything, we would use it as a fact finding mission only etc etc we went and placed a deposit :D I tell you I got home and felt like Paul Daniels had rifled my pockets :lol: Yup, Spain sells itself I reckon, no need for agents is there really! Thanks Sam :thumbsup:
Originally Posted by brisca
(Post 4560731)
Hi Smarties,
There's not a lot I feel I can add to all the replies you've already received, but I just wanted to wish you good luck in your future search :) It seems that you've thought everything through very carefully and wisely, and I'm sure you're doing the right thing. One's instincts and "gut feelings" are often the best guide - and when several other things mount up and add to the general sense of "this isn't quite right", then it's far better to cut your losses before ending up in a situation you just know isn't right for you. The very best of luck in selling your house. Hopefully it won't be too lengthy a process, and then you'll have the money in the bank and will be in a good position to move onto the next stage of finding a resale that feels right. I'm sure you'll take your time, continue researching and that you will find the area that suits what you want from your new life. You'll no doubt be stunned by the "quality" of some of the Spanish building standards!! My Dad's a carpenter who's also built his own house, and he couldn't believe some of the way things were "thrown together" here!! We've had numerous people in our village suggesting a part built house to us - and when we say "yes, but it's got a great big crack running through the bottom of it, and the bricks aren't tied in - so there will be big problems in the future!!" they just say "oh?" It is scary to think what could be underneath the rendering (or whatever)!! ;) Anyway, please keep us posted as to how things are going for you. It's always a pleasure to read your posts, and I wish you and Mrs Smarties well. Very best wishes, Sam. |
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