Monday, June 29, 2009

Busy days on Sal Island

We have been terribly busy with title deeds on Sal Island and so have to say that we've been a bit slow on the blog. Huge apologies.

News from us at the moment centres, as it would, on the title deed process. We did have the expected teething problems with the electronic system but now everything seems to be working.

As you may remember we have habitaiton licences for 196 units and so far more than 160 clients have tranferred funds to complete. So all is good there! If you have not transferred the funds yet then you urgently need to write to Nuno and let him know your plans.

The infrastucture questions keep coming up. Please rest assured that we are finishing the resort off around your units. Clearly this can not be done until the blocks themselves are finished. However, visitors to CANNA, SEDUM and ALOE should be able to appreciate the work going on on the outside now.

Friday, June 5, 2009

Raphis or Melaleuca: Melaleuca

Some of you have spotted that we got the Raphis (C12) confused with Melaleuca (C13) in some of our responses regarding which will be the last community to be finished. That was my mistake, with so many names and codes I did get confused (Plus the revised dates I was looking at had only unit codes and no names - a poor excuse but the only one I can grab hold of).

My apologies for any confusion. For the record, the current planning we have puts Melaleuca as the last community to be finished off. The dates we have from the construction company point to November for this community.

Raphis is, as I had already stated, for the end of the summer. Now many may argue that the summer never ends in Cape Verde! We're not going to comment on that one, are we!

Thanks to everyone who has gone to title deeds in the last few days. We wish you well and hope to see you again soon on Sal.

Wednesday, June 3, 2009

More photos

From May 2009
We have posted some photos to Picasa now and to try and overcome the caption problems I have, hopefully, made a link to the album and you should be able to view them all there.

Please let us know if there is a problem and we will fix it immediately.

From May 2009
Remember that the communities that are now finished off with regards to all building works on the blocks are CANNA, SEDUM, ALOE and COPROSMA.

The next communities to be finished are ATRIPLEX and PEPPER. We will keep you all updated as much as we can.

Please be aware that we are working hard to deliver a great product. We are the first to recognise that we have overrun but we are happy to dialogue with anyone who wishes to speak to us. Please bear in mind that there are is a small team in customer service in Tecnicil and we are doing our best to get round to you all.

Hopefully you can see that the surrounding areas are advancing very well and can be assured that we will be finishing these facilities for you to enjoy as soon as possible.

Tuesday, June 2, 2009

An overview of the Mortgage Process with Cape Verdean Banks

On application to a Cape Verde Bank all clients must submit a comprehensive list of supporting documents to accompany the mortgage application, it is important to fill in as much information on the applications, the applications can be confusing but any questions that are not understood can be left blank and the supporting documents will provide the banks with the information for these sections. It is important that clients provide all the information required and the information is current and up to date, any missing information will delay your process.

At present the banks are taking between 6 – 12 weeks to approve mortgages (in some cases mortgages have been approved in 4 weeks but this is not the norm), up until the New Year there was a delay as the banks themselves were waiting on internal decisions as to what they would approve and the volumes, this has now been rectified but the knock on effect is creating a delay.

In the past the banks were promising higher levels of LTV percentages which meant clients could add furniture costs etc to the mortgage this information was given to us by the banks themselves. Since the global credit crunch of last year the banks have themselves changed their criteria and are now only loaning a MAXIMUM amount of 50% LTV. We at Tecnicil have only followed the instructions given to us and have not miss-informed any clients previously, as many of you realise even UK financial institutions have withdrawn previous services that were once common place due to the crisis that has occurred from loaning without prior insight into personal financial circumstances.

Banco Espirito Santo (BES)

BES has given flat valuations to ALL properties on Cape Verde these valuations are as follow;

Studio apartment (T0) valued at 64,900€ clients will be allow a maximum loan of 32,450€ (subject to clients ability to pay this amount back)

One bedroom apartment (T1) valued at 97,800€ clients will be allow a maximum loan of 48,900€ (subject to clients ability to pay this amount back)

Two bedroom apartment (T2) valued at 129,900€ clients will be allow a maximum loan of 64,950€ (subject to clients ability to pay this amount back)

Three bedroom apartment (T3) valued at 172,900€ clients will be allow a maximum loan of 86,450€ (subject to clients ability to pay this amount back)

Two bed Townhouses valued at 192,500€ clients will be allow a maximum loan of 96,250€ (subject to clients ability to pay this amount back)

Three bed Villas valued at 311,600€ clients will be allow a maximum loan of 155,800€ (subject to clients ability to pay this amount back)

Four bed Villas valued at 368,000€ clients will be allow a maximum loan of 184,000€ (subject to clients ability to pay this amount back)

Please realise that banks now are very reluctant to over estimate properties in this current climate and please be aware that most loans are not connected to your UK property.

BES interest rates are 6 month Euribor plus 3% spread, the spread is less if the loan amount requested is lower than 50%.

The maximum term that BES will allow is 25 years this is dependant upon your age and not exceeding the age of 65 (in very extreme cases BES will assess clients close to this age limit and reassess on an individual basis).

Once your loans have been approved BES may ask for some up-dated information to add to their file, which will include certified passports and latest certified P60’s, they will also require your Cape Verdean FISCAL number(s) which will be applied for by your solicitor. You will also be instructed to open a bank account with BES for your mortgage to be debited from, this is one of the last stages to the process, the bank account can be opened at any of their BES branches either in the UK or in Cape Verde whichever is convenient for the client to go to.

Banco Comerical Do Atlântico (BCA)

The valuations that have been given by BCA are coming in almost the same as BES, there main differences is the maximum term with BCA is 10 years with a possibility of raising to 15 years when there are other collaterals besides the property, term is dependant upon your age and not exceeding the age of 65 (in very extreme cases BCA will assess clients close to this age limit and reassess on an individual basis).

BCA’s interest rates are 6 month Euribor plus spread of between 4.5% to 6.5% dependant upon clients credit risk.

Banco Caboverdiano de Neg├│cios (BCN)

This has been the most disappointing of all the banks, when initial negotiations started BCN promised us maximum LTV of 85%, maximum terms of up to 75 years old and most importantly that the processing would run smoothly, but unfortunately this has not been the case, in fairness to BCN they HAVE approved some mortgages for Tecnicil but the stumbling point has been that they have stopped communicating with us, which has left a large majority of clients in limbo, these clients are awaiting for the terms and conditions of the approval. Until we have further information from BCN we can only assume that they will be with drawing any previous pre-approval given.

Power Of Attorney

If applying for a Power of Attorney it is important to make sure that the power include the signing of the mortgage, otherwise your solicitor will ask you to get a second P.O.A. just for this and which will cost you more money, this instruction should come from your solicitors as it is important for them to know if you are purchasing your property with a mortgage.