Talk Morocco Moroccan Property Forum: Tanjah Latest

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Fudge
Senior Member

Joined: 25Aug2007
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Posts: 152

Posted: 01Aug2008 at 11:03am

Mark,

Any idea what' CPS's time scale is in getting us the rental agreement. It seems more important to see it prior to exchange bearing in mind that the Developer has not promised any facilities by completion in writing.

Surely CPS would want some kind of guarentee with the Developer that they weren't going to be renting out units on a building site.

I would like to feel that they are pushing for a good deal on the rental side.

Cazbiz

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BlueFish
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Mark Hargreaves

Joined: 27Dec2006
Location: United Kingdom
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Posts: 680

Posted: 01Aug2008 at 11:23am

There is more information here. Look at the management information pack.

http://www.capital-ps.net

Mark Hargreaves
BlueFish Property Services

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Fonty
Newbie
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Joined: 19Nov2007
Location: United Kingdom
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Posts: 0

Posted: 01Aug2008 at 1:43pm

Hi Mark, the linked CPS mgmt info pack states:

"The property will be understood as ready to occupy for rental purposes once the Licence of First occupation has been obtained (where applicable), operating licences, the common areas and installations (pools, gardens, elevators etc) and all utilities are complete and in working order, and there are no obvious obstructions (building works etc) to prevent or impede the realization of rental services, and all furnishings and fittings have been installed and duly insured"

So basically only once all common areas are complete and in working order will they take them. Clearly we are going to have issues between when the developer deems the units complete and when CPS are willing to take them on for rental?

Is there any protection for the investors who are relying on the 10% income from the outset?

Hope you can help clarify how this process is going to work because I can see a big fight coming with everyone denying responsibility for this promised guaranteed rental income which will leave many investors in a pickle!

Thanks

Fonty

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Fudge
Senior Member

Joined: 25Aug2007
Online Status: Offline
Posts: 152

Posted: 01Aug2008 at 2:03pm

Hmm. I don't like this at all.

Cazbiz

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BlueFish
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Mark Hargreaves

Joined: 27Dec2006
Location: United Kingdom
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Posts: 680

Posted: 01Aug2008 at 2:06pm

I have just called CPS, they have informed me that as long as the first two phases are completed i.e blocks 1-69 along with the common areas associated with those blocks, there is no reason to stop the rentals getting underway.

Mark Hargreaves
BlueFish Property Services

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jptop7
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Joined: 02May2008
Location: United Kingdom
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Posts: 5

Posted: 01Aug2008 at 4:06pm

Hi Mark no i have my own solicitor so i am little behind the rest of you thanks for your advice to date im glad i booked through your company you seem to be the only one in the trenches.

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dinos
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Joined: 25Aug2007
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Posts: 83

Posted: 01Aug2008 at 4:32pm

Originally posted by BlueFish

I have just called CPS, they have informed me that as long as the first two phases are completed i.e blocks 1-69 along with the common areas associated with those blocks, there is no reason to stop the rentals getting underway.

Hi Mark,

Their quote is not a guarantee though is it. I believe that many investors need this guarantee for their mortgage payments.

I have to admit it doesn't feel good to me that this guarantee is not written into the contract, they can basically just walk away from their promise of a 10% rental guarantee if its not in a contract.

There is a global recession on the horizon so with them not commiting anything in a contract there is further doom and gloom.

Dinos

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Fudge
Senior Member

Joined: 25Aug2007
Online Status: Offline
Posts: 152

Posted: 01Aug2008 at 7:54pm

I totally agree. BCP are supposed to be working for us. Why don't we refuse to exchange until CPS have established that they will be ready to rent at Completion ? Sure the contract can be amended - why not ?

The only reason I can think of is that the Developers are not sure what communal areas & facilities will be complete at that stage.

I don't think that BCP have negotiated hard enough on this & I will tell them. If we all do the same maybe we will get a response.

How about it ?

Cazbiz

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manor park
Senior Member

Joined: 13Feb2007
Location: United Kingdom
Online Status: Offline
Posts: 156

Posted: 01Aug2008 at 8:33pm

Fudge

It will be interesting to hear what BCP have to say, I get the impression that they dont want to much to do with CPS as it is not part of the sales contract.

I think they would only look at what constitutes a "completed" unit and that communal areas and golf have to be completed and useable or it could not be used or rented.

Does anyone know if this is taken into consideration for the issue of the habitation licence ?

Also the site states,

"The Guaranteed Rental Yield option ensures you a 8% (eight per cent) gross annual income based on the gross purchase price of the property."

Not 10%

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dinos
HiFlyer
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Joined: 25Aug2007
Online Status: Offline
Posts: 83

Posted: 01Aug2008 at 10:12pm

This complex was punted at 10% rental guarantee and as far as I'm concerned this should be in the contract or a Bank Guarantee contract should be drawn up by CPS prior to us signing the BCP contract otherwise we could all be up the creek without a paddle.

We should all put pressure on both CPS, BCP and Dreamworld to ensure that we get what we were promised as I'm starting to smell a RAT

Dinos

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Tanjah Beach and Golf Resort
Talk Morocco Moroccan Property Forum : Dedicated Forums : Tanjah Beach and Golf Resort

Author	Message
Fudge Senior Member Joined: 25Aug2007 Online Status: Offline Posts: 152	Posted: 01Aug2008 at 11:03am
	Mark, Any idea what' CPS's time scale is in getting us the rental agreement. It seems more important to see it prior to exchange bearing in mind that the Developer has not promised any facilities by completion in writing. Surely CPS would want some kind of guarentee with the Developer that they weren't going to be renting out units on a building site. I would like to feel that they are pushing for a good deal on the rental side.
	Cazbiz
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BlueFish Admin Group Mark Hargreaves Joined: 27Dec2006 Location: United Kingdom Online Status: Offline Posts: 680	Posted: 01Aug2008 at 11:23am
	There is more information here. Look at the management information pack. http://www.capital-ps.net
	Mark Hargreaves BlueFish Property Services
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Fonty Newbie Joined: 19Nov2007 Location: United Kingdom Online Status: Offline Posts: 0	Posted: 01Aug2008 at 1:43pm
	Hi Mark, the linked CPS mgmt info pack states: "The property will be understood as ready to occupy for rental purposes once the Licence of First occupation has been obtained (where applicable), operating licences, the common areas and installations (pools, gardens, elevators etc) and all utilities are complete and in working order, and there are no obvious obstructions (building works etc) to prevent or impede the realization of rental services, and all furnishings and fittings have been installed and duly insured" So basically only once all common areas are complete and in working order will they take them. Clearly we are going to have issues between when the developer deems the units complete and when CPS are willing to take them on for rental? Is there any protection for the investors who are relying on the 10% income from the outset? Hope you can help clarify how this process is going to work because I can see a big fight coming with everyone denying responsibility for this promised guaranteed rental income which will leave many investors in a pickle! Thanks Fonty
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Fudge Senior Member Joined: 25Aug2007 Online Status: Offline Posts: 152	Posted: 01Aug2008 at 2:03pm
	Hmm. I don't like this at all.
	Cazbiz
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BlueFish Admin Group Mark Hargreaves Joined: 27Dec2006 Location: United Kingdom Online Status: Offline Posts: 680	Posted: 01Aug2008 at 2:06pm
	I have just called CPS, they have informed me that as long as the first two phases are completed i.e blocks 1-69 along with the common areas associated with those blocks, there is no reason to stop the rentals getting underway.
	Mark Hargreaves BlueFish Property Services
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jptop7 Newbie Joined: 02May2008 Location: United Kingdom Online Status: Offline Posts: 5	Posted: 01Aug2008 at 4:06pm
	Hi Mark no i have my own solicitor so i am little behind the rest of you thanks for your advice to date im glad i booked through your company you seem to be the only one in the trenches.
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dinos HiFlyer Joined: 25Aug2007 Online Status: Offline Posts: 83	Posted: 01Aug2008 at 4:32pm
	*Originally posted by BlueFish* I have just called CPS, they have informed me that as long as the first two phases are completed i.e blocks 1-69 along with the common areas associated with those blocks, there is no reason to stop the rentals getting underway. Hi Mark, Their quote is not a guarantee though is it. I believe that many investors need this guarantee for their mortgage payments. I have to admit it doesn't feel good to me that this guarantee is not written into the contract, they can basically just walk away from their promise of a 10% rental guarantee if its not in a contract. There is a global recession on the horizon so with them not commiting anything in a contract there is further doom and gloom. Dinos
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Fudge Senior Member Joined: 25Aug2007 Online Status: Offline Posts: 152	Posted: 01Aug2008 at 7:54pm
	I totally agree. BCP are supposed to be working for us. Why don't we refuse to exchange until CPS have established that they will be ready to rent at Completion ? Sure the contract can be amended - why not ? The only reason I can think of is that the Developers are not sure what communal areas & facilities will be complete at that stage. I don't think that BCP have negotiated hard enough on this & I will tell them. If we all do the same maybe we will get a response. How about it ?
	Cazbiz
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manor park Senior Member Joined: 13Feb2007 Location: United Kingdom Online Status: Offline Posts: 156	Posted: 01Aug2008 at 8:33pm
	Fudge It will be interesting to hear what BCP have to say, I get the impression that they dont want to much to do with CPS as it is not part of the sales contract. I think they would only look at what constitutes a "completed" unit and that communal areas and golf have to be completed and useable or it could not be used or rented. Does anyone know if this is taken into consideration for the issue of the habitation licence ? Also the site states, "The Guaranteed Rental Yield option ensures you a 8% (eight per cent) gross annual income based on the gross purchase price of the property." Not 10% MP
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dinos HiFlyer Joined: 25Aug2007 Online Status: Offline Posts: 83	Posted: 01Aug2008 at 10:12pm
	This complex was punted at 10% rental guarantee and as far as I'm concerned this should be in the contract or a Bank Guarantee contract should be drawn up by CPS prior to us signing the BCP contract otherwise we could all be up the creek without a paddle. We should all put pressure on both CPS, BCP and Dreamworld to ensure that we get what we were promised as I'm starting to smell a RAT Dinos
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