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Tom

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About Tom

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  1. help! auction buying novice....... I am thinking of buying at auction. I will need a mortgage to do this. Ideally I would like to buy at auction at around 30% under current market values paid for with a bridging loan and then get a b2l mortgage or 2nd res mortgage and release 10% of value so can repeat the process. e.g House value in current market - £130k pay at auction - £100k mortgage 80%ltv - £104k (80% of 130) release 4k to cover legals and other costs etc. Has anyone ever done this? I assume you would need a bridging loan as if morgage com
  2. I find it very strange why certain people on these forums find it necessary to be unnecessarily insulting. The reasons for asking for as much advice as i can get is to get a balanced view. The person who offered me the advcie i quoted was in fact an agent selling Tanjah and obviously wants to stay on the favourable side of the developer. The developer has a huge interest in everyone using the solicitor. 1. It saves them a huge amount of time dealing with lots of different enquiries from lots of different solicitors so they save a huge amount of money. 2. At an average cost of £100k for each
  3. Dogbox, to be clear, I take it you have signed your contract and paid your 40% 1st and second payment and you will only engage with a solicitor once your villa is finished and you pay the final 60%? what are your reasons for leaving legal advice this late or will you just use a notaire for title deeds, property tax payments etc? Thanks.
  4. Also this:- "Getting your money out of Morocco will be straight forward as long as you register the investment at the Moroccan exchange control office beforehand, if monies are not recorded properly going into the country there will be issues taking it out and could leave you being able to take just 20% per annum. A solicitor will ensure that the procedure is done correctly without you having to be there. If you don't use a solicitor and something goes wrong with the purchase, you are relying on having done everything correctly in the purchase process and the supporting paper work being in
  5. This is the response i had from posing my thoughts about not using a solicitor on another forum. Does anyone know if this is true? Thanks. "First of all you will have to go over to Morocco to the notaire and request your contract and start the procedure and again on completion. You will have to do your own due diligence as required for the contract i.e. land searches, title deeds outstanding claims etc. Also make sure the title transfer is free and clear. Contracts will have to be validated at the Common Wealth office and the Moroccan Embassy here in the UK The above is done in French o
  6. I am in the process of buying in Tanjah beach. I have decided not to bother using a solicitor at all for this purchase. You may think i am mad, but from everything i have read, I honestly don't see the point. 1. 3500 people are all buying properties on the same plot of land. The due diligence process that lawyers carry out is essential for existing properties that have been pre owned and occupied where there could be several family members who jointly own the property. If there are any issues over title in tanjah then it can only be on the land and no title exists on property as there is non
  7. Well, hate to be a bragging know it all, bit i think i predicted that Tanjah would double in 3-5 years. They have just increased the prices of a 3 bed penthouse by 75,000 euros, almost 50% increase on my 157,000 euro purchase price and with 12% down and further 13% over 3 years, i think this investment is streets ahead of any other investment i have seen in Morocco to date, especially as I am still to hand over my initial 12% investment! My initial forecast of doubling in 3-5 years and trebling in 5-7 years could look a little on the conservative side! Can anyone top this? Yours, smug
  8. Lewis

    Tom, Try www.saxony-properties.com. If they currently have no flats in DD or LZ they can help you find one - DD is my favourite - beautiful.

  9. I am now confused. I assume that to develop a resort on an island you first have to buy it?
  10. I think the video has high-lighted the enormity of Saidia. It is going to be a holiday city rather than a pleasant relaxing resort. No strolls down to the beach, down to the marina or to the shops. Instead you will end up taking car journeys to many of the attractions/facilities. I know it is difficult to see the finished product, and when the golf courses are in and established it will have a different feel to it. However i can't help but think, only the masses will want to take their holiday in a place like this because of the facilities and climate, but sadly not the well heeled. I think t
  11. The Sunday Times ran an article today about the over supply in Bulgaria. my concerns with Morocco, saida & the villas are:- 1) Eventual over supply - Will morocco turn into the next costa del sol / bulgaria with massive over supply of property and no hope of renting out property for more than a handful of weeks a year delivering a very poor return? 2) What planning regulations are being used to ensure the coast line isn't ruined from the massive developments that have been planned? 3) Size of resort - With 3000 accomodation units and 11 hotels, there could be 10,000 people in this reso
  12. Hi Sold in time, I am also thinking about buying a block of flats in Leipzig or Dresden and am very interested to get some advice from you. I hope you don't mind asking a few questions? Can I ask you ho much you paid for the block and what sort of yield you will get? Did you consider buying at auction? Did you consider buying a block that needed refurbishing? Will you be renting the block out through an agent? Did you get a mortgage for the block? If so, who was the lender, and what rate did they give you, what are the repayment terms? If you could pass on any tips, advice or anything you
  13. You can use the attached website to translate German into English. This is extremely useful when trying to understand German websites. http://babelfish.altavista.com/tr
  14. Dogbox, couple of other questions. Not sure if I have overlooked something obvious, but I am not sure why you will get sun even in winter on the roof terace, when buying the single storey 'hibiscus' villa? I also note that most of the villas fronting the golf course are more expensive and have been reserved for phase 1 only leaving phase 2. Which kind of view have you gone for? Thanks.
  15. Dogbox, I am new to this forum. The Saidia resort sounds very interesting. I am looking for an overseas year round holiday home that i can use for myself and also rent out and potentially make a return from over the years. The resort ticks this box. Even if this doesn't bring the returns you are hoping, it will still be a very nice place to escape to. However, can you advise the best way to get to the resort? From my limited research, easyjet fly to Marakesh which is miles away, and atlas blue fly to Oujda, which looks like the nearest airport, however, these flights only operate from Bruss
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