Son Gual Mallorca -The Buying & Build Process
Your investment for the plot and build project is planned to be in the region of €245.000 - with the remainder being funded by a bank, subject to status.
The purchase process is as follows:
1. €14,000 non-refundable reservation fee to be paid by return.
2. La Caixa bank needs to confirm your status, so you will need to contact them to register your interest and send statements of income and assets, 3 months bank statements and a clear copy of passport for each purchaser (contact details to follow).
3. The bank also needs to know that you are paying €375,000 for the plot so they need to see the original of the Option Contract, duly signed by both parties. This will be forwarded to the bank once signed by all parties and once the option payments have been made. From this they will base their decision on the mortgage on the land and are currently planning between 55% and 75% mortgages against recent values, subject to status.
4. The concept is that, subject to status, the bank agrees a €200,000 mortgage on the land (approx. 53% to cost).
5. Next, you should contact Bellapart (the solicitors acting for the purchasers) to instruct them to act for you.
6. Because you are purchasing an Option to buy the land, the current vendors have agreed that you can buy the plot at their original purchase price of €242,741 plus IVA of 16% on that sum (€38.838). When you deduct the €200,000 mortgage from the sales price that means you need to pay €42.741 plus €38.838 to the bank, together with the first stage valuation fee of €600. A total to the bank of €81,579.
7. The first stage payments need to be paid at the same time, but this time to Bellapart, the solicitor acting for you. You should transfer €30,400 to Bellapart as the first stage payments for the project manager, the architect, the solicitor and the balance of the survey costs.
8. Finally, at this stage you also need to pay via a recomended FX company to the current vendors for the balance of the Option Price which is €132,259.
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All these details can be explained directly to you by our personal representative should you be interested in this project.