Mortgage blocked – ‘Los Lagos’, Elviria (Santa Maria Golf)

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This topic contains 25 replies, has 8 voices, and was last updated by Profile photo of Anonymous Anonymous 10 years, 2 months ago.

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  • #52088
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    Anonymous
    Participant

    A purchaser at Los Lagos in Elviria, on Santa Maria Golf course (outside Marbella) has just been refused a mortgage by a big Spanish bank on the grounds of… (see below).

    Going by the first line, it looks like there exists a ‘serious breach of the urbanistic law’.
    Does this mean that a) the development has not complied with the original building licence, or b) that the development itself is built on land not complying with the PGOU plan of 1986?

    Any help/advice appreciated, as I know of two purchasers who are being “asked” to complete without a LFO – correction: they “have” an LFO through Administrative Silence 🙄

    C.1.U.A: INFRACCIÓN URBANÍSTICA GRAVE
    SEGÚN EL PGOU DEL 86 ES SUELO URBANIZABLE PROGRAMADO DE USO RESIDENCIAL. EN EL PLANO DE LICENCIAS NO AJUSTADAS AL PLANEAMIENTO DEL AVANCE FIGURA COMO INFRACCIÓN 675: TIPO 3. SE AUTORIZA DE FORMA ANTICIPADA EN SUELO URBANO O URBANIZABLE SUJETO A PLANEAMIENTO DE DESARROLLO Y A PROCESOS RESDISTRIBUIDOS DE CARÁCTER INTEGRADO.

    DEBIDO AL INCUMPLIEMIENTO URBANÍSTICO DETECTADO, SE CONDICIONA EL VALOR DE TASACIÓN A QUE SE APORTE DOCUMENTACIÓN ACREDITATIVA DE LA LEGALIDAD DEL INMUEBLE, YA QUE , DE LO CONTRARIO, EL VALOR DE TASACIÓN SE VERÍA AFECTADO.

    Any good Spanish speakers out there (Dorothy??) who can elaborate?
    Or any lawyers out there (who are not on holiday… 8) ) who can help?

    Barbara

  • #64442
    Profile photo of Anonymous
    Anonymous
    Participant

    I have a very good friend who is buying there and has been told by the solicitor not to sign until they have a LFO (not a AS LFO by the way.) He also had a meeting with his estate agent and Eralia and was told there is no pressure to sign as they are confident they will have a LFO, which they expect soon.

    Clearly this is very interesting although it looks to me that the bank are saying there may be a deviation from the building licence they where given and until this is rectified (i.e. the licence is amended), there is no mortgage, as this could (of course it could) effect the value of the property.

    Can’t wait to see the full translation!

    Paul

  • #64443
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    Anonymous
    Participant

    Sorry Charlie, my linguistic skills are limited to web translation

  • #64445
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    Anonymous
    Participant

    I think what is needed is for the bank to translate this into plain spanish or english. My friend who is a very good spanish speaker can´t make head nor tail of it. She can translate the words, but what they mean is another thing. 🙄 Typical of these kind of documents.

  • #64448
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi everyone this is what it says
    Anyone with legal qualifications with who can help

    FILE :
    Page nº :
    It’s/REF. :
    AC/2006/07/00035
    2 of 4
    200603378
    VALUATION CERTIFICATE
    Valuation done according to the requirements of the ECO/805/2003 of March 27th
    OBSERVATIONS
    REQUIREMENTS:
    C.1.U.A: SERIOUS URBAN VIOLATION
    Due to the detected Urban violation, the Valuation Value remains
    conditioned to the contribution of the documentation certifying the
    legality of the property, otherwise the Valuation Value would be affected.
    According to the PGOU of the 86 is ground for building planned of
    residential use.
    In the plan of not adjusted licenses the planning of the advance
    figures as infraction 675: Type 3. It is authorized anticipated in
    urban floor or urbanizable subject to the planning of development and
    to processes redistributed of character integrated.
    It owed the urban development breach detected, the Value of
    Valuation is conditioned to that supporting documentation of the legality
    of the property be contributed; since, otherwise, the value of
    valuation would be seen affected.
    Complies with ECO/805/2003, March 27th of the M.E.
    SUMMARIZED DATA
    NEIGHBOURHOOD QUALITY : Medium-high
    LOCATION QUALITY : Medium
    BUILDING QUALITY : Medium
    COMPUTABLE SURFACE AREA : 119,84 m ²
    LAND REPERCUSSION : 1.100,00 Eur/m²
    UNITARY CONSTRUCTION VALUE : 770,00 Eur/m²
    IND.EXPENSES WITHOUT INVEST. : 9,47 %
    MARKET COEFFICIENT : 1,31
    UNITARY MARKET VALUE : 2.674,10 Eur/m²
    MARKET VALUE (LAND+BUILDING) : 320.463,89 Eur
    VISIT DATE : 27/07/2006
    MEASURED USABLE SURFACE AREAS
    HOUSE : 97,01 m²
    Registered in Alicante’s Mercantile Register, Volume 962, Book 420, 3rd Section, Sheet 88, Page 9.528- NIF: A-03319530
    Valoraciones Mediterr áneo, S.A. Homologized by the Bank of Spain, registered as a Valuation Society with the nº 4.350 on 10/31/1988
    Fiscal address Avda. L’Aiguera 10, Edif. Anfiteatro, Portal D Entreplanta, Oficina 1 – 03500 Benidorm (Alicante)
    FILE :
    Page nº :
    It’s/REF. :
    AC/2006/07/00035
    3 of 4
    200603378
    VALUATION CERTIFICATE
    Valuation done according to the requirements of the ECO/805/2003 of March 27th
    ADOPTED METHODS
    COST METHOD
    GROSS REPLACEMENT COST
    NET REPLACEMENT COST
    COMPARISON METHOD
    Without considering the burdens that may fall upon the good appraised and to
    all those circumstances noted in the basic documentation, signs present in
    BENIDORM, friday, twenty-eighth of july, two thousand and six .
    Registered in Alicante’s Mercantile Register, Volume 962, Book 420, 3rd Section, Sheet 88, Page 9.528- NIF: A-03319530
    Valoraciones Mediterr áneo, S.A. Homologized by the Bank of Spain, registered as a Valuation Society with the nº 4.350 on 10/31/1988
    Fiscal address Avda. L’Aiguera 10, Edif. Anfiteatro, Portal D Entreplanta, Oficina 1 – 03500 Benidorm (Alicante)
    FILE :
    Page nº :
    It’s/REF. :
    AC/2006/07/00035
    4 of 4
    200603378
    With the purpose of complying with the commitments derived of the 5th article of the Law 15/1999, of December 13, of Personal
    data protection (LOPD), VALORACIONES MEDITERRANEO, S.A., informs of the following aspects: VALORACIONES MEDITERRANEO,
    S.A.
    incorporates the personal data provided in this document to a file of its responsibility. You agree to let that information
    in order to perform a valuation work. VALORACIONES MEDITERRANEO, S.A. is responsible of the mentioned file, and its address
    is Avda. L’Aiguera, 10 Edif. Anfiteatro, address to which you can dispatch a letter with the reference ” Data Protection”
    for the exercise of your right of access, modification, cancellation and opposition.
    VALUATION CERTIFICATE
    Valuation done according to the requirements of the ECO/805/2003 of March 27th
    ________________________________________________________________
    THE APPRAISAL’S FINAL RECIPIENT WILL HAVE TO CHECK THE STATE OF
    THE DOMAIN AND BURDENS THAT MAY AFFECT THE PROPERTIES SUBJECT OF
    STUDY IN THE DAY THE PRESENT APPRAISAL REPORT IS BEING USED IN
    CASE IT’S STATUS HAD VARIED COMPARED TO WHAT APPEARS IN THE DOCU-
    MENTATION USED AS A BASE FOR THE ACCOMPLISHMENT OF THIS REPORT.
    THE VALUATION SOCIETY TAKES NO RESPONSIBILITY OF THE HIDDEN VICES
    THE CONSTRUCTION MAY HAVE.
    ________________________________________________________________

  • #64449
    Profile photo of Anonymous
    Anonymous
    Participant

    Bank have been extremely helpful in providing me with as much info as possible and I will contact tomorrow to find out in plain English what tehy see the risks as
    This should really be down to my solicitor but he does answer calls and has still not told us this problemn exists

  • #64518
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    Anonymous
    Participant

    Bank have been extremely helpful in providing me with as much info as possible and I will contact tomorrow to find out in plain English what tehy see the risks as

    Any news Karen?

    Regards

    Paul

  • #64540
    Profile photo of Anonymous
    Anonymous
    Participant

    Bank are now saying ok to go ahead and the reason they are now giving is that they have lent to other purchasers of Los Lagos????
    I understand that other banks have also lent but Ihave not checked this
    Has anyone else had Spanish mortgage agreed

    I have asked for an explanation for the terms in the valuation from the bank and will comment on the forum once these are forthcoming. They have advised they will contact their own internal legal dept

    I keep checking the forum and hope that one of us will soon have an update from the town hall as to current status of both developments which should help

  • #64543
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    Anonymous
    Participant

    You don’t need me to tell you Karen as you work for a bank, (but I will!), If it all goes horribly wrong, you are still liable for the mortgage repayments and the bank can forclose on you. They take no chances. their a**** are covered.

  • #64546
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    Anonymous
    Participant

    Karen hi- Is your bank lending on the purchase price or have they valued it at a lower price, since they said in their report that the violation could affect the value of the property? Interesting that they suddenly did a U turn 😮

  • #64552
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    Anonymous
    Participant

    Thanks Karen

  • #64560
    Profile photo of Anonymous
    Anonymous
    Participant

    Karen
    Can I ask if you have an account in the UK with the same bank as this lending bank in Spain?
    Barbara

  • #64576
    Profile photo of Anonymous
    Anonymous
    Participant

    At the moment bank are lending against valuation which is higher than purchase price
    They are still getting their legal dept to look at as they say> there may be conditions
    U turn was done further to a conversation with my solicitor who pointed out other mortgages had been done on urbanisation
    Hope this answers all questions but I will up date furter as soon as I have further info

  • #64596
    Profile photo of Anonymous
    Anonymous
    Participant

    The finished site is not anything like what we bought of plan it varies greatly from the brochures and also the scale model shown in the sales centre.I feel this site has serious problems!!!

  • #64597
    Profile photo of Anonymous
    Anonymous
    Participant

    Peter

    Charlie is trying to find some more info on current status but to progress we need further info

    Do you know any of the following from your contracts parcelo no or the no of the building licence and date

    I will try to find out also

    I have what I am told is a copy of the original licences but I cannot read it very well – poor quqlity fax and I cannot see te co we bought of is Los Lagos de Santa Maria SL’s anme anywhere on the doc

    Did you say you have bank guarantees as the info may on them or on contract

  • #65309
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    Anonymous
    Participant

    Bank mtge is now agreed subject to conditions
    Bank not responsible for legality and any compnnesation paid from developer or town hall is repaid off mtge

    Freinds of mine are out on CDS at present and advise about 70 appts look like they are being used
    Generally site looks very nice with pool area exceptionaly good and life guard on duty
    They talked to residents – 2 people at pool who are generally pleased and they advise they now are connected to main supply for electricity and water next week _ that would appear to be a good sign

    My solicitor advises we are very close to having first occupancy licences BUT I TAKE NOTHING FOR GRANTED and will wait to see as i understand this info has come from the developer

  • #65360
    Profile photo of Anonymous
    Anonymous
    Participant

    Further to my post yesterday can a legal expert answer a quick question
    My understanding is that electricty and water are not connected until after first occupancy licences are in place.
    This are not in place yet for los lagos so why is electricity now provided by main supplier with water we are told to follow next week
    Does this bode well

    Thanks

  • #65371
    Profile photo of Anonymous
    Anonymous
    Participant

    That is my understanding as well. Perhaps the supply companies are accepting “solicitud provisional lic. de primera ocupación”. Who knows ?

    In other parts of Spain they hook you up without a LFO. It is illegal, but they do it.

    In any case If the development is illegal they could remove the supply at a later date.

  • #65376
    Profile photo of Anonymous
    Anonymous
    Participant

    Have read elsewhere that La Reserva have received connections due to licence application being made.

  • #65379
    Profile photo of Anonymous
    Anonymous
    Participant

    Does anybody know how many apartments are built on Los Lagos Santa Maria

  • #65382
    Profile photo of Anonymous
    Anonymous
    Participant

    According to one website 334

  • #65390
    Profile photo of Anonymous
    Anonymous
    Participant

    Yes about 330 across 2 phases.
    I have been told that quite a few investors bought and there are about 12 left off the developer and if you look at property web sites particularly OE
    there are many resales
    Prices are higher than original prices in fact bank valued ours more than original price paid in 03. However when you take into account agents fees interest etc any profit is very wiped out

  • #65930
    Profile photo of Anonymous
    Anonymous
    Participant

    purchaser at Los Lagos in Elviria, on Santa Maria Golf course (outside Marbella) has just been refused a mortgage by a big Spanish bank on the grounds of… (see below).

    Going by the first line, it looks like there exists a ‘serious breach of the urbanistic law’.
    Does this mean that a) the development has not complied with the original building licence, or b) that the development itself is built on land not complying with the PGOU plan of 1986?

    Any help/advice appreciated, as I know of two purchasers who are being “asked” to complete without a LFO – correction: they “have” an LFO through Administrative Silence

    C.1.U.A: INFRACCIÓN URBANÍSTICA GRAVE
    SEGÚN EL PGOU DEL 86 ES SUELO URBANIZABLE PROGRAMADO DE USO RESIDENCIAL. EN EL PLANO DE LICENCIAS NO AJUSTADAS AL PLANEAMIENTO DEL AVANCE FIGURA COMO INFRACCIÓN 675: TIPO 3. SE AUTORIZA DE FORMA ANTICIPADA EN SUELO URBANO O URBANIZABLE SUJETO A PLANEAMIENTO DE DESARROLLO Y A PROCESOS RESDISTRIBUIDOS DE CARÁCTER INTEGRADO.

    DEBIDO AL INCUMPLIEMIENTO URBANÍSTICO DETECTADO, SE CONDICIONA EL VALOR DE TASACIÓN A QUE SE APORTE DOCUMENTACIÓN ACREDITATIVA DE LA LEGALIDAD DEL INMUEBLE, YA QUE , DE LO CONTRARIO, EL VALOR DE TASACIÓN SE VERÍA AFECTADO.

    Any good Spanish speakers out there (Dorothy??) who can elaborate?
    Or any lawyers out there (who are not on holiday… ) who can help?

    Barbara
    _________________
    Beware – no legal qualifications! Just speaking from experiences suffered on the Costa del Sol…


  • #65931
    Profile photo of Anonymous
    Anonymous
    Participant

    For the legal eagles

    I have re posted the query on my valuation at the time of posting most of the solicitors where on holiday
    I have been told by my solicitor who is completley unreliable the main problem is one of over building however he has not answered my queries what was planning permission for compared to what has been built

    Anyone else know ?

  • #65934
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    Anonymous
    Participant

    How has Barbaras post got Karen McWilliams name on it???? 😕

  • #65940
    Profile photo of Anonymous
    Anonymous
    Participant

    Karen was just re-posting my original post of August 5th –

    As most lawyers were on holiday at the time, she’s hoping by re-posting that Drakan, Maria, any good Spanish-speaker can shed some light?

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