I, like many other purchasers read the Forum regularly and find information useful. However, one would think that the numbers looking for their money back are far greater than stated on another thread (Money Back,24/4/9). While those seeking their money back have some support from each other here on the Forum, there is a distinct lack of communication between those trying to complete on their purchase. Therefore, i would encourage anyone intending to complete to communicate on the Forums. Your view point, information and story may well help others.

Our financial situation has altered from 3 years ago, in order to complete on our property, we are now considering looking for an investor for 25% - 30% value of property.

Has anyone else considered this? Are there pitfalls with this?

thats a great idea fin,
i'm sure there must be some people who would be interested. it's certainly possible to part own in england and other countrys. i'm on cactus which is phase 2 and will definitely complete.there seem to be more & more positives coming out recently. can't wait

Hi Andrew I too have bought on Cactus, the complex is looking great.

The most up to date pictures of VV look fantastic. Our block looks like it has a bit to go yet,(Calistemon) but thats ok, its to our advantage!

We have bought on Canna and have just sent our final payment to our solicitors on Sal. Once our final inspection has been done (very soon) we will go to deeds and will be the proud owners of a great apartment!

We have bought on Canna and have just sent our final payment to our solicitors on Sal. Once our final inspection has been done (very soon) we will go to deeds and will be the proud owners of a great apartment!

Peter C, i feel excited for you. The dream is almost a reality!

Any ideas or thoughts out there, on how people may see this through to the end, should they be experiencing difficulties finding the remaining funds?

Hi everyone,

We have bought on Coprosma and the snagging has been put back till May from the original date of 18th March. I still intend to complete whenever that is. I have the money available in sterling but because of the weakness of the pound I now cannot afford the furniture and am thinking of offsetting the rental against this as I intend to enter the rental pool, has anybody any views on this and exactly how does it work financially. I believe the first shipment of furniture will be leaving at the end of this month.

we have joined the rental agreement and are paying for ourfurniture through that. Can't see any disadvantages to that other than u get no money for 2 years. As long as u can stand that it is a good deal as Tecnicil take the risk not u!

Can you explain how paying for the furniture through the rental scheme works please. I guess it is one way of reducing the amount of money up front?

As Peter says the rental pool appears to be the better option, the only down side I can see at the moment is, and I'm not out just to alarm anyone, but if Tecnicil are saying they are not abiding by the contract now, before completion, what state will your apartment be handed back to you in.

Do you think that anyone has put money down on vila verde two with all thats going on?
I think difficult times ahead.

Peter,is it true your rental deal does not start till the whole thing is finished?

And be carefull what date,s on your contract,my lawyer changed the date on mine,im sure thats not lawfull.

Why would your laywer change the date on your contract?

Fin, Blueyonder.

I like Peter have joined the rental sheme the furniture is offset by the rental this is worked out as 10% of the purchase price of the apartment and the cost of the furniture combined and there is an admin charge so for example

purchase price 100,000e
furniture price 15,990e
10% rental 11,599e

furniture price 15,990
plus arrangement fee 1,000e
= 16,990
rental 11,599
you pay 5,391

I'm not sure how they calculate the arangement fee, I've only used this as a guide.

Hope it helps

It's worth looking into a bit more. Thank you Carol.

Lots of things and just back from pub.
1) Will Tecnicil hand back apartment in good condition.

Who knows. Cross that bridge 2 years from now with the knowledge that they have said they will.
What condition will it be in if you let privately?
certainley no worse.

2)When does rental pool agreement start?

I have been informed by tecnicil that as sonn as aptartment is furnished and fire insurence is in place, rental agreement begins.
I will update forum if this is not adhered to.

3) have people put money down on VV2?
Don't have a clue. Probably yes because Cape Verde is a great place to invest in regardless of current economic climate. They may have to wait some time to realise that investment though.

4) Do I think the rental agreement is the best way to go?
This is place your bets time! My bet is yes. Other bets say no! Time will tell, and to be honest I don't mind being wrong or right on this one. I just want VV to be VERY succesful for rental so that all our investments rise in value.
Ours is a medium/long term investment and good rental income is what will increace sale value in the future.

Hi, I have recieved the ammended draft version of the rental agreement from Tecnicil which is slightly different from the original I had, which could be printed off from the tecnicil web site. It does still state that at the end of the rental contract they shall paint the interior, repair furniture and any faulty equipment,wear & tear is excluded.

Clause 8 (Ruling Period of Time)
1. The assignment of the residential units to the rental pool operation is agreed for an initial period of 2 years counting from the date in which the rental pool operation commences on the resort.

2. The date of commencement of the rental pool operation is the date following which all the conditions are satisfied for the residential unit to enter the rental pool operation.

Looking at some of the replies to my questions it seems that the rental offset offer differs from person to person for example I was told by the furniture people that I would recieve more than 5% of the purchase price which would be offset for the two years but with money back in the second year although I would have paid 11,790 including 900 euro admin fee,so the furniture would be paid for in 18 months. which is different to the contract.

How can they change the contract now,they could in a year,change it again,to,giving it back like a pigsty.
2 years of wear and tear,is not going to be kind to anything in a appartment/villa,plus you will still own tecnical 5-6 k.

Peter,

This is the info I received regarding the rental:

Before joining the rental scheme the unit must be completed, title deeds signed, utility contracts signed and the furniture package installed and checked. It is then handed over to the management company through signing of the Tourist Management Assignment Contract

I'm just wondering how long it will take to get the furniture installed. Tecnicil admit on their blog that ther delays at the port.