Hi All,

New to the forum, so be easy on me ... lol. I was in CV about 2 weeks ago, saw a fanstatic ground floor fully furnished 2-bed apartment in vila verde which is going for cheap (less than 70K euros). This would be a cash buy. I have read all comments about it being a ghost town, the management group (technicil) going burst. My goal is a long time investment, so not worried about making any money in the short term. My only concerns are listed below and I will like some useful feedback.

1. Its a ground floor apartment, are there any issues with purchasing ground floor apartment? i.e. flooding issues when it rains, i need to be aware of in CV.

2. Technicil - If they do go burst, and the bank takes over, what happens to my property? Do I still own it? what happens to my property if the resort closes down?

Will be looking forward to hear your constructive feedback.

Kind Regards

The Prof

Hi Prof, If it were me I would make my first enquiry with a reliable snagging company who will have surveyed several of these properties. There has been an issue of rising damp on the ground floors which I believe has been addressed by cladding the external walls with a stone or tile dressing. As regards all the legal issues you hint at, it would be a bold man who could ignore all the possibilities there. Otherwise good luck.

If it's a re-sale I'd check there is no outstanding issues on the property as Tecnicil have STOLE some apartments from owners who refused to complete for various reasons. I'd hate you to buy it then you get a letter from a Solicitor stating you are not the Legal Owner of it ...

Thanks Guys,

I am assuming a snagging service is like a advance suvey done in the UK properties. Also would I be wrong in assuming that the solicitors would check is there is still an outstanding debt on the property? or would i need to go to some service company to find out whether there is any debt outstanding on the property.

Much appreciated for the feedback.

Thanks

Prof

Hi NuttyProf

Firstly, don't be too alarmed by Buckie's comments, re Tecnicil having STOLEN units from people.

His son and his daughter both claimed to have bought properties on Vila Verde, neither have completed, so there could be a bit of conflict in his advice as he may well still have units in Tecnicil's hands that 2 of his family members paid deposits on and he may still be holding out some hope of resolution. Quite clearly if his families units are sold then that takes away a bit of security from them. That is behind a lot of his postings, even trying to get others to spend money on arbitration rather than his own, to give his family a 'test case'.

I point this out as you need to know what is behind people's posts. Buckie has not bought anything in Cape Verde but he and his family have trolled all forums relating to it, even started their own.

Rumple also has not bought on Vila Verde he claims to have bought using a SIPP on Dunas. Maybe he has, but he has had in my opinion made some unfair criticism towards Vila Verde, some that I feel has been rather over the top.

Anyway, if you've visited VV, you will be aware that in the main, it is a very nice looking resort, so you will have seen what you are buying into. You will also know that Rumpl'e take on things on another thread is as I say over the top.

I am an owner on Vila Verde and I actually own a ground floor apartment. There was some problem with damp at Vila Verde, but conveniently Rumple fails to mention that the problems and subsequent rectifications were I believe to the townhouses and villas and not the apartments. The reason that the problems were rectified was in part due to the owners group getting involved as we tackle Tecnicil on many issues on behalf of owners.

Anyway, for what it is worth, here is my advice. I think that the price that you have been offered the unit at is ok, but there are other bargains around too. I don't think based on previous experiences that you will have an issue with the construction of the apartment or damp, but I would advise anyone to have a good survey done and not just snagging, or using a snagging company as Rumple has suggested. I have not heard of any flooding from rain on VV and certainly not encountered that problem myself.

As for what happens if Tecnicil go bust, the bank take over, or the resort closes down, I think I can cover that in one go for you. You should ensure via your lawyer that you have full title on the property and that it is sold to you free of any existing charges if applicable (that also covers Buckie's ridiculous 'stolen' comment). If Tecnicil go bust or the bank take over then you own your property so there are no issues there, nobody can take that from you. As for if Tecnicil go bust what happens to the rest of the resort and management, well as owners we would need to find new management, which could be a blessing in disguise. Somebody will own each and every unit, be it us individual owners, Tecnicil or the bank, so it is in many people's interests to see the resort continuing to run and be looked after.

Now the big question, is should you buy at all? If you're happy with the unit and you are looking for a nice place to holiday, based on my experiences you will not be disappointed. That said, you need to be aware of the fragility of the situation regarding Tecnicil, but know that there are several hundred like minded owners. I would say that it would be a brave decision to buy as quite clearly there are potential challenges head. Personally already being an owner, there's nothing that I don't think that we can't get over, but I'm already in, so committed to any future trying times.

Hope that helps.

Thanks Andy66, for the constructive feedback. Trying as much as possible to gather as much information as possible, before I put my foot in. I did see the apartment, it was such a lovely apartment.

Andy, do you live out there, or is it just a holiday home? I noticed that there are currently only one direct route from the UK via thomson, have you heard of any other operator scheduling flights to the uk? I know of portugal airline, but they are currently stopping at portugal before heading to the uk. Surely with Hilton being built, there has to be other operators thinking of scheduling flight direct to the UK.

Once again much appreciated on your feedback.

Prof

Hi

There are of course the few direct flights with Thomson. BHX, LGW, MAN. Then as you say there is the TAP option via Lisbon. Some fellow owners have used European hubs, Amsterdam, Brussels, and Frankfurt, bit of hassle but has worked out cheap. We have an owners site where we all exchange such information.

My apartment is holiday personal usage only and no complaints so far. Love the resort and my apartment, fees are low, but we have had to keep an eye on Tecnicil to achieve that. What the future holds who knows, but no complaints at present.

Regards