Buying property in Vera

sally66 this would depend on what you are buying it for.  The non payment of fees resulting in bank repossessions means that there could be lots of empty properties on the market with no money going into any upkeep of the communal areas.   It could also mean that you may not beable to rent out easily should that be what you want.  Vera town is a busy and mainly Spanish area which is quiet after the lockdown but should bounce back, the vera playa area is more holidaymakers and is busy in the summer and much quieter in the winter when lots of places close up.   Have you already paid a deposit? if so and you pull out now you would lose it.  you need to get a decent solicitor to help with the purchase and the way forward post Brexit.

Alicia 11: thank you for your reply. I am buying as a holiday home and not intending to rent it out.  I have been made aware of a few issues with the services because of the lack of community fees as the estate agent has been very honest and this is reflected in the purchase price that has been agreed. Yes a small deposit has been put down of which I am aware I will lose if I don't go ahead with the purchase. I have had extensive chats with the estate agents  and videos showing everything inside and out and surrounding areas as I, at the moment, am unable to travel over to see it in person. I have researched Vera and it sounds like a lovely place and have appointed a local solicitor to take me through the purchasing process. 

Thanks again for your reply

Hi Sally

We bought in an urbanisation in Vera Playa two years ago. We think it’s a great location and are happy to be there.

Our community is well funded and has a financial surplus. However, there are some repairs that need to be undertaken and a repaint of the whole area. We are still waiting for confirmation of costs but could potentially have to pay double the current community charge for several years to cover the costs. 

If you haven’t already done so I suggest that you ask your agent or solicitor to obtain last two years annual reports from the community. This should show the financial position and if there are any upcoming issues that may mean that you have to pay more in the future for repairs or to cover a defect. 

Lastly, if i am being cynical and I am, don’t forget the agent is employed and paid by the vendor not by you; it’s in their interests to facilitate the sale not to look after your interests.

Buying without viewing in person will always be a bigger risk, I would tread very carefully.

ian

wow Sally66 you are taking a risk must be a good price!  I would never consider buying somewhere without having seen it in person and never ever trust an estate agent as some will sell anything just for the commission. also hope you got a solicitor not through the agent as we were truly ripped of when we first came here in 2003 by doing just that a lesson learnt.  good advice from Ian123 ref accounts a good solicitor should do this for you.  As a holiday use purchase also remember the 90 days rule for usage.   good luck hope it works out well for you.

Hi Alicia, 

Yes I agree it is a risk but one I'm prepared to take. Only a small deposit has been put down. I am not buying without seeing it as I will fly over in about three weeks to see it in person and chat with the estate agents and solicitors further. I will then decide if I will go further and buy it. It was a good price and cheap compared to everything else that is on the market and for what it is and what is included in the sale. Thanks for your advice regarding solicitor. I chose the solicitor after doing some research on them and can only hope I have chosen well. How was you ripped off? costs I presume? I have had a breakdown of costs but would not know if these were competitive or not. They seem OK to me and match what the estate agents showed in their comprehensive summary sent to me regarding purchase of this particular property. Do you have any further advice on this? Thanks for all your comments and I am aware of the 90 day rule. I'm hoping it all works out and have confidence that it will. 

Sally 

Hi Ian123, thanks for your reply and advice. I will today ask for the last two years annual reports from the community as you said. I have recently asked about the community fees and if there is any problems with them and am waiting to hear back. I understand what you say about agents and will tread carefully. Just to confirm I have not bought without seeing the property but only put down a small deposit which I understand I will not get back if I were to pull out and not purchase. Vera playa looks lovely and eventually would like to be in the position financially to buy a property there. This purchase, if it goes ahead, is the first step. Does brexit worry you at all? Thanks again for your reply and advice. 

Sally 

Hi Sally out if interest what complex are you buying on ? I have just had an offer turned down on a bank repossession at Valle Del Este so feeling pretty fed up at having to start the search again x

Hi penny70. Sorry to hear that. It's not in the same place. Good luck with your search and hope you find something soon.🤞