PDA

View Full Version : Shared Property Purchase Query



Angusjim
29-11-2015, 08:25
We are still interested in buying a property but do not really want to commit to buying outright ourselves, but may be interested in going 50/50 or 33/33/33 with others on some where like El Mirador. Other than the obvious pitfall of getting someone / people you can trust/ agree with what are the other problems in doing this ? Is there anyone else on here or that you know that has done this? do you know of any companies out there that may have contracts already drawn up and offer this service. I am not interested in the fractional type offer on at places like Victoria Court. Just something that we are giving thought to and would appreciate any info :tiphat:

TOTO 99
29-11-2015, 08:50
We are still interested in buying a property but do not really want to commit to buying outright ourselves, but may be interested in going 50/50 or 33/33/33 with others on some where like El Mirador. Other than the obvious pitfall of getting someone / people you can trust/ agree with what are the other problems in doing this ? Is there anyone else on here or that you know that has done this? do you know of any companies out there that may have contracts already drawn up and offer this service. I am not interested in the fractional type offer on at places like Victoria Court. Just something that we are giving thought to and would appreciate any info :tiphat:

I just wrote a long winded post as to why you shouldn't do this but then deleted it as it seemed really negative. I hope you get some positives on this as it's a really interesting question...:tiphat:

Angusjim
29-11-2015, 08:56
I just wrote a long winded post as to why you shouldn't do this but then deleted it as it seemed really negative. I hope you get some positives on this as it's a really interesting question...:tiphat:

Yea I could write a list of negatives as well but I just thought maybe there are people out there that have done it and it worked out fine for them, but thats not to say that it would be good to here from people that have done this and it ended badly. As I say I am not interested in the fractional systems from companies such as Victoria Court more of a private coming together of like minded people who have an interest in something like this.

junglejim
29-11-2015, 09:22
Hi Jim, we had two couples above us in our complex that did this via their company - donīt know too much about detail but they couldnīt seem to agree on how much to spend to upgrade so never did , only let occasionally and place was left very basic -they ended up selling last year and new guy has totally refurbished .
Splitting taxes, expenses and issue of death taxes might be a nightmare -issue on how you vote at AGM etc .

Angusjim
29-11-2015, 09:31
Hi Jim, we had two couples above us in our complex that did this via their company - donīt know too much about detail but they couldnīt seem to agree on how much to spend to upgrade so never did , only let occasionally and place was left very basic -they ended up selling last year and new guy has totally refurbished .
Splitting taxes, expenses and issue of death taxes might be a nightmare -issue on how you vote at AGM etc .

Hi JJ good to hear from you and thanks for your post, yes these are some of the negative issues that I have had thoughts about,but I am hoping there is a contract that has already been put in place that covers all the ares that create legal issues, the other one about the people agreeing now that is a different ball game and that is where it comes down to like minded people that I realize is a BIG ask:tiphat:

junglejim
29-11-2015, 09:37
Hi AJ,Too many pitfalls and lifeīs too short at our age ! LOL!
You could maybe find someone who has a nice place looking to sell a share ?(Not me !LOL!)

Angusjim
29-11-2015, 09:46
Hi AJ,Too many pitfalls and lifeīs too short at our age ! LOL!
You could maybe find someone who has a nice place looking to sell a share ?(Not me !LOL!)

You could well be right but I am still a spring chicken LOL It will be interesting to see how this develops, I am sure there are many out there having similar thoughts, but you are correct there are many pitfalls, but wheres there's a will there's a way. We will have to catch up again for a beer some day

junglejim
29-11-2015, 09:55
You could well be right but I am still a spring chicken LOL It will be interesting to see how this develops, I am sure there are many out there having similar thoughts, but you are correct there are many pitfalls, but wheres there's a will there's a way. We will have to catch up again for a beer some day

Will be home for Xmas then back Jan 14th ,watching footy in Fiddlers now ,
Just a thought, Our other source JA might have some sensible advice ?
Iīm a spring chicken too but getting impatient waiting on my winter heating allowance getting paid into Bank !(Like I need it! LOL!)

Leam_Lin
29-11-2015, 10:13
AJ, would you go into business with anyone, NO, same pitfalls with buying an apartment with others, one does or thinks they do more work than the others.

Angusjim
29-11-2015, 10:31
AJ, would you go into business with anyone, NO, same pitfalls with buying an apartment with others, one does or thinks they do more work than the others.

I am in a couple of businesses with others and they are working fine but I do understand what you are saying

TOTO 99
29-11-2015, 10:47
I am in a couple of businesses with others and they are working fine but I do understand what you are saying

AJ, I think it would probably be best to clarify that you are well aware of the obvious possible problems before you get inundated with negatives...lol.

My main thought is why do it at all? By that I mean, you can stay at El Mirador for Ģ300 a week. I'm guessing an apartment would cost at least Ģ120k?................That's a lot of 300's.....well..400 to be precise..lol. That's before any rates and costs of upkeep. You still have to pay for flights whether you own it or not!

Keep it under the mattress mate....:laugh:

Angusjim
29-11-2015, 11:15
Do they allow UK registered Private Ltd Companies to own property in Tenerife ?

- - - - - - - - - - merged double post - - - - - - - - - -


AJ, I think it would probably be best to clarify that you are well aware of the obvious possible problems before you get inundated with negatives...lol.

My main thought is why do it at all? By that I mean, you can stay at El Mirador for Ģ300 a week. I'm guessing an apartment would cost at least Ģ120k?................That's a lot of 300's.....well..400 to be precise..lol. That's before any rates and costs of upkeep. You still have to pay for flights whether you own it or not!

Keep it under the mattress mate....:laugh:

The bed is becoming a little uncomfortable we ah that cash LOL I am thinking that property is probably at its cheapest now and will hopefully start going up in value soon . We are also finding it more and more difficult to get the right property that suits us and also would have it for our children to use, hence do not want to get involved with lots of part owners 1 max 2. For me it would only work with people that had the CASH available not someone who has to borrow money. But lots of info to gather hey it may all come to nothing but I will never know if I don't ask. ( Someone has contacted me by PM that is involved in such a setup and is providing valuable info if anyone else feels more comfortable speaking privately please feel free to PM me)

seanocelt
29-11-2015, 15:29
My tuppence worth , is also negative as i cant see any benefit at all, other than sharing costs and furniture with someone you may know instead of many. No financial gain i foresee, and problems aplenty. Hope you take all the negatives so far as a steer and enjoy holidays, plenty other investments in the world if all that cash is burning a hole in your pocket!

fixer
29-11-2015, 16:11
Did see on Cristiansur a share off a one bed for sale it was on the notice board for a while so no so easy to sell

Fivepence
29-11-2015, 19:16
Here ya go mate :whistle:
http://www.tenerifeforum.org/tenerife-forum/showthread.php?39084-Looking-for-shared-accomodation-in-Costa-Adeje

Angusjim
29-11-2015, 19:20
Here ya go mate :whistle:
http://www.tenerifeforum.org/tenerife-forum/showthread.php?39084-Looking-for-shared-accomodation-in-Costa-Adeje

Are you Lucky in disguise:laugh::laugh: