Reply To: GREEN HILLS

#68472
Inez
Participant

A lot of the difficulty is that the spanish in the main have been happy to buy property without an lfo. Banks also were happy to lend in this instance as always it woud come along at some stage.
However the situation is totally different now. Banks now ask for LFOs and valuers ensure these are in place as well now. We have had several sales falling through recently due to lack of licence and in fact its one of the questions we ask now alongside the nota simple before we even take a property on our site.

Numerous properties are actually unsalable axcept to cash buyers – usually spanish and usually at 30 to 50% of bank valuation.

Until the political situation is resolved, this will drag out and has damaged the property market immensely.

Luckily due to the media and these forums buyers are far more informed and we would not recommend people to buy these proeprties without knowing the full risks involved.