Selling Private Purchase contracts for unfinished build

LoadingFavourite

This topic contains 4 replies, has 3 voices, and was last updated by Profile photo of Inez Inez 8 years, 5 months ago.

  • Author
    Posts
  • #54076
    Profile photo of Anonymous
    Anonymous
    Participant

    I own the option to purchase a flat on a new development which is essentially finished but the issue of the first habitation licence has been delayed until September (for now). We are not in the strongest position to complete and furnish so would consider selling the PPC. My questions are: (a) does this ever happen because I cannot find reference to it anywhere? (b) where would i find a buyer – presumably someone might be interested because it is a chance to pick up a virtually finished good spec flat in (what will eventually be) a decent complex with indoor pool, gym, shops, creche, tennis etc at an off-plan price?
    (c) if this is even possible, how long does the legal transfer take?
    Many thanks for any advice or comments.

  • #84251
    Profile photo of Anonymous
    Anonymous
    Participant

    tgj,
    Without an LFO you would be highly unlikely to” flip”,ie. sell on your ppc. There are 2,000,000 unsold properties in Spain! That doesn’t help either! The Spanish property market is at an all time low.

  • #84065
    Profile photo of Anonymous
    Anonymous
    Participant

    tgj,
    Without an LFO you would be highly unlikely to” flip”,ie. sell on your ppc. There are 2,000,000 unsold properties in Spain! That doesn’t help either! The Spanish property market is at an all time low.

  • #84293
    Profile photo of Inez
    Inez
    Participant

    It depends on why the LFO has been delayed. If its a minor type 1 issue, then banks will lend (forget the developers, I mean other banks) and then you have a chance of selling

    However – check your purcahse contract that the developer allows you to and be prepared to pay transfer tax ot 7% – buyer also pays purchase tax of same amount

    Main trouble is no one wants to buy off plan due to all the problems associated and its a nightmare on the paperwork agents have to have in order to legally sell it too! So many wont touch it.

    You may have to sell way under what you bought it for as well so you need to take all of this into account

    Good luck

  • #84093
    Profile photo of Inez
    Inez
    Participant

    It depends on why the LFO has been delayed. If its a minor type 1 issue, then banks will lend (forget the developers, I mean other banks) and then you have a chance of selling

    However – check your purcahse contract that the developer allows you to and be prepared to pay transfer tax ot 7% – buyer also pays purchase tax of same amount

    Main trouble is no one wants to buy off plan due to all the problems associated and its a nightmare on the paperwork agents have to have in order to legally sell it too! So many wont touch it.

    You may have to sell way under what you bought it for as well so you need to take all of this into account

    Good luck

You must be logged in to reply to this topic.