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   Lizlacey, i would not have thought that would be the case infact there is no mention of anything like that in the contract.

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Stephen01 Senior Member Joined: 09Jun2007 Online Status: Offline Posts: 288	Posted: 03Aug2008 at 3:01pm
	Lizlacey, i would not have thought that would be the case infact there is no mention of anything like that in the contract.
	Stephen.
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lizlacey Newbie Joined: 20Apr2008 Online Status: Offline Posts: 4	Posted: 03Aug2008 at 3:13pm
	Please see the email below received from Margaret at CPS and having checked the details she sent to me it does seem that CPS are offering 8% of the purchase price as a rental guarantee of phase 2 of the development. Which i assume will be sold at the increased prices which by my figures means phase 2 investors will receive more per annum. I am assuming this based on the increased prices that i have been given through numourous correspondance i have received. I may just be cracking up though! Hello Liz Nice to hear from you. Please find attached an info. pack which gives a good amount if information. The pack refers to Phase 2, which carries an 8% Guarantee, whereas Phase 1 carries a 10% Guarantee. All the terms and conditions are the same in both cases, except for the Guarantee amount. Best regards Margaret
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Stephen01 Senior Member Joined: 09Jun2007 Online Status: Offline Posts: 288	Posted: 03Aug2008 at 3:28pm
	I would have thought that the drop of 2% would have brought both in to par with each other but maybe that is not the case and if so I'm sure that will be the next point of debate.
	Stephen.
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Fudge Senior Member Joined: 25Aug2007 Online Status: Offline Posts: 152	Posted: 03Aug2008 at 3:40pm
	[QUOTE=Fonty] 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" Fonty, I am concerned about an initial void period where CPS refuse to honour the %age rental guarentee because they don't agree that "common areas and installations" are complete. I contacted BCP to ask that they ask for a written undertaking from the developer that the facilities required to let the units are complete. I would like to know exactly what those facilities will be. Even for those who don't need rental income who wants to holiday on a construction site ? I don't think that it is acceptable that BCP argue that the rental side of things is not their business when many of us signed up because we felt that the guarentee would be worth something (i.e. kick in at or soon after completion). If the developer does not know what state the site will be in at completion of stage one then what is he asking his builders to achieve within the next 3 years. The answer is that we don't know and as the developer has refused to give BCP a copy of the contract what are we to think ?
	Cazbiz
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manor park Senior Member Joined: 13Feb2007 Location: United Kingdom Online Status: Offline Posts: 156	Posted: 03Aug2008 at 4:01pm
	Liz I think what you are saying may be correct but early investors paid if my memory is correct 171 - 175 k euros for a three bed penthouse. prices bandied about for phase two are around 230-235k (this is from memory so please correct me if wrong). Now if the above is correct, who has got the better deal ? would you swap ? My main concerns are are around the start up of the contract and the furniture costs, if these can be resolved then i think the deal is OK. Margaret has also said that we should get the opportunity to use our units for a couple of weeks before rental started, I had hoped to do this and a couple of others had also expressed an interest in doing this in other threads. MP
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Stephen01 Senior Member Joined: 09Jun2007 Online Status: Offline Posts: 288	Posted: 03Aug2008 at 4:17pm
	Manor , so are you thinking that the phase 2 investor will get a better annual return from the guaranteed rental.
	Stephen.
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manor park Senior Member Joined: 13Feb2007 Location: United Kingdom Online Status: Offline Posts: 156	Posted: 03Aug2008 at 4:26pm
	Stephen If my numbers were right and I will go with the lowest ones it works out, Phase one 10% 171k = 17.100 euros per annum Phase two 8% 230k = 18.400 euros per annum So an extra 1300 euros per annum, but they are having to pay 59k euros for the priviledge. I know what I would rather have !! MP
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Stephen01 Senior Member Joined: 09Jun2007 Online Status: Offline Posts: 288	Posted: 03Aug2008 at 4:31pm
	With out a doubt there is no competition
	Stephen.
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raju Newbie Joined: 28Oct2007 Online Status: Offline Posts: 23	Posted: 03Aug2008 at 4:32pm
	i assumed the rental gaurantee (10%) would kick in on completion, this defintion of completion has to be the same for bcp, cps and addoha if this rental package deal is to work
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dinos HiFlyer Joined: 25Aug2007 Online Status: Offline Posts: 83	Posted: 03Aug2008 at 4:36pm
	I reserved my penthouse at 175,000 euros the 2nd phase price (or new price on unreserved penthouses on phase1) is now 240,000 euros so that equates to rental returns of : 175,000 @ 10% = 17,500 240,000 @ 8% = 19,200 So 2nd phase investors are indeed getting a better return for their investment, on the flip side though the 1st phase investors would make more money if they were to sell. What I cant understand is if CPS are not part of the development company then why would they give a better return on one phase compared to another. Dinos
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