Posts Tagged ‘malaga’
Costa Blanca has long been a popular hotspot for many people wanting to buy their dream holiday home. Over the years many have followed their dream purchasing either investment properties or holiday homes for retirement futures.
During the Spanish property boom pre-2008, many people purchased properties in this region. Our focus this week has turned to the notorious Polaris World Golf Resorts.
They were once Europe’s most ambitious holiday home developers and consisted of numerous large-scale projects. These resorts were widely advertised on TV in the UK by legendary golfer Jack Nicklaus (the designer). This was to entice investors looking for a better life in the sun.
During this period, properties sold at highly inflated prices. Some apartments going for €200,000 (£160,000). Thousands of foreign investors flocked to purchase at these resorts. However, when the financial crisis hit in 2008, the prices of these apartments declined rapidly.
Despite the slump in the property market, Polaris World continued to build and ignored the warning signs.
By 2010, they were forced to relinquish most of their assets. This included the golf courses and unsold properties, to the lender. These once-popular resorts are now best described as ghost villages.
In 2018 some apartments are struggling to sell for €60,000. This is leaving many in Negative Equity with unaffordable mortgage payments to meet.
- Do you own a property in Costa Blanca?
- Do you know someone going through a similar situation?
- Are you struggling to pay your mortgage?
- Are you having trouble selling your property due to Negative Equity?
There are solutions, do not delay and contact us today.
EU Property Solutions specialist team can offer tailored advice and solutions to end your nightmare forever.
Our legal team in Spain works effectively with borrowers to offload the negative asset and secure a significant debt write-down.
This often saves hundreds of thousands of euros for our clients. We have a dedicated team that will keep you informed every step of the way.
Other well-known golf resorts in Costa Blanca such as:
- Roda Golf
- United Golf
- Peraleja Golf
- Corvera Golf & Country Club
Have now found themselves in the same predicament and therefore are essentially mortgage prisoners with nowhere to turn.
Our success is proven, EU Property Solutions recently worked with a client who had purchased a holiday home in Peraleja Golf, Murcia, Spain. Due to the property crash, our client’s property value plummeted from €300,000 to a forced sale price of €140,000. When the clients approached us, the outstanding mortgage was €257,000.
As the clients were pensioners, they were unable to maintain the high mortgage repayments.
The property had been placed on the market for 5 months at €200,000. It had generated zero interest due to the development itself falling into a state of disrepair and the linked golf course closing indefinitely.
To make matters worse, the couple owned a mortgage-free property in the UK with significant equity. Furthermore, they also owned other assets including ISAs and bonds. Understandably, they were worried about the repercussions of this problem property on their assets in the UK.
After providing specialist assistance, we negotiated the voluntary surrender of the property along with a complete debt write-off (Only fees payable in this instance were the consultancy fees of EU Property Solutions.)
So, this was an excellent result and as such has allowed the couple to move forward with their lives and enjoy their retirements.
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Following the UK confirming that those returning from overseas travel will have to Self-isolate for 14 days, the Spanish Government has followed suit imposing the same restrictions. With this in mind, the question is – will you be receiving no rental income in 2020?
This year’s Summer Holiday season may well and truly be cancelled.
If you are reliant on rental income to support:
- Your mortgage payments,
- IBI taxes, and
- Community Fees on your Spanish Second Home –
The above will see you face increasing pressure to top-up payments from your home income.
Speaking with a local Costa Del Sol Agent:
- It was confirmed that many Second Home Owners will take on long term rentals but given supply, these rental agreements will be very low in income.
Furthermore, many will be left without employment & may fall behind on their rent.
Second Home headaches are stressful enough in more positive times, but in these trying circumstances, they can be a real burden.
EU Property Solutions can end this burden in an effective manner without the need to travel to Spain.
We can help so your not asking yourself if you will be receiving no rental income in 2020?
Especially if the mortgage is greater than the true market price and the associated selling costs…which can be as much as 12%.
EU Property Solutions have options and plans for every eventuality, ensuring we protect you, your income, your home, pensions, and other assets – from any potential or ensuing legal threat.
WE HAVE THE SOLUTIONS TO DEAL WITH SPANISH PROPERTY DEBT ISSUES.
CORONAVIRUS – NO TRAVEL, NO PROBLEM – WE HAVE THE SOLUTION FOR YOU.
The world continues to be an uncertain place. In the UK the Government has announced its stepped plan to restore normality in the midst of Coronavirus – travel restrictions. We can help you get rid of your overseas property – without visiting Spain.
One thing that has hit the headlines is a 2-week self-isolation for those returning from abroad, bar France.
This is clearly detrimental for those looking to get rid of property overseas, especially during this period. No one wants to self-isolate for 2 weeks having been on lockdown for some time.
EU Property Solutions legal process allows you to get rid of your overseas property without visiting Spain. Here is how:
- You swear a Power of Attorney allowing our Legal Team in Spain to represent you and sign documentation in the country on your behalf. This is arguably the most you will travel – to a local notary to have this document sworn.
- We will arrange access for a Lender Valuation. Just give us the keys or tell us your keyholder’s details.
- We will communicate with the Lender on your behalf. Including any face to face requirements.
- We will sign the Legal Paperwork and conclude the case on your behalf.
Trust is key in this process. Trust us to do right by you and we need to trust you will cooperate to get the desired conclusion.
If your Spanish property is detrimental, especially now during this pandemic ~ respond. Allow EU Property Solutions to resolve the matter on your behalf from the safety of your home.
EU Property Solutions have options and plans for every eventuality. We ensure we will protect you, your income, your home, pensions, and other assets – from any potential or ensuing legal threat.
WE HAVE THE SOLUTIONS TO HELP YOU DEAL WITH GETTING RID OF YOUR PROPERTY – WITHOUT VISITING SPAIN.
Spanish Holiday Home Values to Decline
Uncertainty and the markets do not go well together, the Spanish Property market & Spanish holiday homes are no different.
NOBODY, BUT NO ONE KNOWS what is going to happen in the coming months because of Coronavirus.
For sure Spanish Property prices will decline – the extent of this drop is unknown. Spanish Property Expert, Mark Stucklin, completed a survey recently for his website which you can find on www.spanishpropertyinsight.com to get feedback as to how Covid-19 would affect Spanish Property Prices. because and or so how together and are there
Key points relating to Spanish holiday homes:
- 57% of respondents think house prices will reduce a lot (greater than 10%),
- 37% of respondents think house prices will reduce a little (up to 10%), and
- 6% of respondents think there will be no impact on house prices.
Yet another potential house price collapse, this will be alarming to borrowers as many are already self-declared “Mortgage Prisoners” in other words, with mortgage balances greater than their property value.
There are ways through this, and EU Property Solutions’ legal process can help avoid a protracted sale and the associated sales costs. It is key to respond.
So, if you have:
1. Negative equity,
2. Falling rentals,
3. Lender issues,
4. Interest-only problems, or
5. Anything that relates to your property in terms of its problematic disposal….
EU Property Solutions have options and plans for every individual case as we ensure to protect you, your income, your home, pensions, and other assets – from any potential legal threat.
SEE BELOW A TESTIMONIAL FROM A VERY HAPPY & RELIEVED CLIENT.
WE HAVE THE SOLUTIONS TO DEAL WITH SPANISH PROPERTY DEBT ISSUES AND ALLEVIATE YOUR FOREIGN PROPERTY DEBT.