Query on Final Payment Chelsey Village

Glengoyne


Joined: 29/02/2008
Posts: 30

Message Posted:
29/02/2008 22:53

Hi just joined the forum but have been reading many of the posts which I've found very helpful.



We are purchasing at Chelsey Village and have received notification that our apartment is complete and final payment is required. A few minor things like fridge, washing machine and A/C units are not in yet but this is does not worry us as I'm sure they will be done. However, in the e-mail from the developers they also state the following:-



"Subject to section 9 (c) of your contract payment is now required to enable the connection of your mains electricity and water. Once the payment has been received the connection will take a maximum 6 weeks."



We have no problem in paying the connection fees, however, after reading Our Contract of Sale it states "final payment is payable upon full completion of all the construction work to the apartment and with a supply of electricity and water, to a standard satisfactory to the Purchaser".



The developers have been more than helpful since the beginning and have kept us updated with pictures and progress. Just wondered if anyone had completed their purchase at Chelsey Village and when they were expected to make their final payment.

jmg171


Joined: 19/05/2007
Posts: 183

Message Posted:
01/03/2008 00:12

Hello Ann,

We have paid for electric/water connection with our third payment, that was for connection to the property and meter. Because of the new laws in the trnc Kibtek will not connect your meter until you show them a copy of your contract with stamp duty paid. There is a shortage of meters at the moment .. so as far as I know

you will have a tempoary supply until meters become available.

I Know on site some residents have been using the builders supply until they get meter connection. It not yigor fault... its Kibtek !! and New Laws that change from day to day.

We are going over in 3 weeks ..hopefully we can get some snagging done before final payment.

Have you had your snagging done on the apartment?? I would advise get that done before you hand over your final payment.

We have bought a property on another site and of the 2... YPD are the best when it comes to quality and customer service.

jackie

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
01/03/2008 00:49

Hi Ann

Welcome to the Site.

Unless things have changed drastically you normally get 28 days from finished product to payment of final installment. The 28 days lapse is to enable you to visit your property and create a list of snagging to present to the developer.

I hope the situation with the electricity meters sorts itself out soon.

Karen

glencoe


Joined: 01/02/2008
Posts: 256

Message Posted:
01/03/2008 08:27

Bet we have all the Glens soon

Welcome to the forum Ann

G

Glengoyne


Joined: 29/02/2008
Posts: 30

Message Posted:
01/03/2008 11:35

Thanks Karen,

That's reassuring. Maybe I can persuade hubby to have a few days holiday before May - any excuse eh!

Anne

Glengoyne


Joined: 29/02/2008
Posts: 30

Message Posted:
01/03/2008 11:35

Hello Jackie

Thanks for replying.

I thought their might be a temporary supply but wasn't sure. We have already paid our Stamp Duty so hopefully there won't be to many hold-ups. Yigor have sent us a snagging report, however, we won't be over to check ourselves until 6th May. Our apartment is finished a month earlier than scheduled. How would you suggest we do our snagging? They have sent plenty photos and everything looks fine on screen. I agree about the service, we are more than happy but you can never be sure. I think we'll just drop an e-mail to our solicitor on Monday, just to check before making the final payment.

Anne

smoggyjim


Joined: 21/07/2007
Posts: 214

Message Posted:
01/03/2008 12:33

You can get someone to do your snaging for you Sudbury Property Services do it i.e. Graham Hooley

simbas



Joined: 16/07/2007
Posts: 5943

Message Posted:
01/03/2008 13:42

Hi glengoyne , welcome to the forum , if you have a good relationship with your builders , im sure they would not mind you bringing the clause in your contract to their attention , its worth a try . i bought off plan and paid all up front for a good price , and although i have my snagging list which grows each time i visit . i have opted to have them done when the whole site has been completed , at my own request . { there is method in my madness , honest }

good luck , simbas

jmg171


Joined: 19/05/2007
Posts: 183

Message Posted:
01/03/2008 15:17

Hi Ann,

I hope this helps

jackie Procedure for completion



Dear Client



We believe that your property will soon be completed. This letter has been prepared to give you some general advice on the legal procedure on completion of your property.



Under the terms of your Contract of Sale, ‘complete’ should mean that all major works should be completed (except for minor snags), the property should be habitable, there should be a supply of electricity and water or the infrastructure in place to enable you to apply to the relevant authorities for meters to be fitted (see below) and all communal facilities and roads if applicable under the terms of your Contract of Sale should be completed. Check the terms of your contract of sale carefully to see what should be completed on the completion date.



As we are unable to visit the site to verify on your behalf that the property is ‘complete’, we would recommend that when you are notified by the vendor that your property is complete, you either make immediate arrangements to visit Cyprus to inspect the property and prepare a list of any outstanding works/‘snagging’ in person or, if you are unable to visit Cyprus straight away, that you arrange for an independent inspector to do this on your behalf. If you wish to take the latter option, we can recommend Sarah Vardy of Homemakers. She offers and excellent and professional inspection and ‘snagging’ service. Her telephone number is 0090 533 861 3681 and her email address is homemakersnorthcyprus@yahoo.co.uk . Please contact her directly for a quotation. Please note that it is essential that you act quickly in this matter to avoid being in breach of contract and to avoid missing any deadlines in your contract for notifying snagging work to the vendor.



We would advise that you transfer the completion and any snagging payments (if applicable under your Contract of Sale) to our client trust account prior to the inspection so that the funds are available for immediate release to the vendor once you are satisfied that the property is complete. Please ensure that when making the transfer you send us an email to instruct us not to release the payment until you have inspected the property and confirmed that you are satisfied.



Once you have inspected the property or you have received the report from your independent inspector and are satisfied that the property is complete, you will need to inform us and instruct us to release the completion payment to the vendor. On making the completion payment, we will ask the vendor to sign a full receipt and declaration that possession of the property has been transferred to you and we will collect the keys on your behalf. If the completion of your property exceeded the contractual completion date, any penalties due to you under the Contract of Sale should be deducted from the completion payment. If this is not done at this time, you may lose your right to claim them. If you have any queries on this, please contact our Dispute Resolution Assistant for advice.



If there is any snagging work to be carried out, you will need to provide the vendor and us with a list of the snags which need to be rectified. This list must be provided within any time limits specified in your contract. If there are any disputes, our Dispute Resolution Assistant will be pleased to assist. Please contact us to make an appointment.



If you have retained any money under your Contract of Sale for snagging work, this will become due as soon as the snagging items have been rectified by the vendor. Again, if you are not in Cyprus yourself to check on this, you will need to arrange for an independent inspector to check on this for you. Once you are satisfied, please instruct us to release the snagging payment.



At this stage, you will also need to consider electricity and water connections. You

Glengoyne


Joined: 29/02/2008
Posts: 30

Message Posted:
01/03/2008 16:35

Thanks Jackie for the useful information. We will be contacting our lawyers on Monday. Just another question if you don't mind - do you know how we go about paying our VAT and Transfer Fees. Nothing has been mentioned to us about these yet! Also, do you have any idea how much a snagging inspection will cost us?



Thanks a lot.



Anne

jmg171


Joined: 19/05/2007
Posts: 183

Message Posted:
01/03/2008 16:56

you pay vat and transfer fees when you receive your permission to purchase.

It will take about 2 years for that to come through.

We used our management company on our other apartment to do our snagging, it cost £150. I would check out other companys as they may be cheaper. Try the one on the info above !!!

We intend to do our own snagging at chelsey village when were out in 3 weeks.

Where about are you at chelsy??

We are block9 apartment 6

jackie

Glengoyne


Joined: 29/02/2008
Posts: 30

Message Posted:
01/03/2008 17:55

Hi Jackie,

That's a relief I thought we'd have to pay that now!! We tried to phone Homemakers earlier today but no answer so they must be closed - will wait until Monday. We're in Block 6 Apartment 1 so we must be close. It'll be good to get to meet everyone - looking at the previous posts there seems to be a few from Scotland. Do you know if the Kings Road is finished yet and if the swimming pool has been filled?

Anne

jmg171


Joined: 19/05/2007
Posts: 183

Message Posted:
01/03/2008 18:48

Hi anne,

I'm not sure about the road or pool, waiting on the site update.

When did you last visit the site?

We were out last oct and things were comming on well. Our apartment should have been finished end jan !! but delay as we decided we wanted dry wall and it takes a bit longer with the plastering.We hope to get the keys in April..as they will be in to penalties if not.!!!

Yes anne we are quiet close and dont we have amazeing views!!

jackie

Glengoyne


Joined: 29/02/2008
Posts: 30

Message Posted:
01/03/2008 20:12

Hi Jackie,

We were out in August last year - it was really hot. We were originally looking to buy the 2 bed roof terrace but ended up buying the 3 bed garden. The views from the roof terrace were great but we felt a lot of the space was taken by the tanks on the roof. We have quite a big garden but don't have as good views - still nice though. Our apartment is finished early which is quite a surprise. It was scheduled to be complete by end March but we booked our flights for first week May just to be sure. I feel I want to come out now but all my holidays are already booked for this year.

Anne

Arty65


Joined: 10/01/2008
Posts: 45

Message Posted:
11/03/2008 01:43

Hi Anne, welcome to the site.



My wife and I have purchased block 20 apart no.6 which is the roof terrace apart to the left of the block. We are right at the end of Fulham Road as you come up the hill from the entrance to the village. Signed off the apartment in early December and heading out on 11th April for 10 days. Are you planning to visit much or more interested in a holiday let?



The pool at the top should be opened this spring as will the restaurant. It looks

fab and the views from the seating area are amazing. Such a beautiful setting. Christ, I'm getting carried away. Keep picturing myself sitting there with a large G&T....



I have stacks of pictures I can send you. Drop me an email and I will forward you some. Kings Road had the pavements and street lighting in place when I was out in Dec, just ready for the tarmac. YPD said this would be done before the spring.



Look forward to hearing from you.

Arty

Arty65


Joined: 10/01/2008
Posts: 45

Message Posted:
12/03/2008 22:50

Ken, I will send pics at the weekend when I return home.



Cheers

Arty

ive@karsiyaka



Joined: 24/02/2008
Posts: 169

Message Posted:
13/03/2008 18:15

Dear Anne,



I have just had one of my villas snagged buy a lady called Sarah from northcyprus homemakers she was reccomended by Graham hooley of sudbury properties as Graham is no longer in North cyprus Sarah charged me £275.00 for a 3 bed villa found her to be very good.If you wish I can send you her e-mail address.





Regards Ivan

Glengoyne


Joined: 29/02/2008
Posts: 30

Message Posted:
13/03/2008 20:08

Thanks Ivan. We have asked our solicitor to advise what payment to hold back until we can do our snagging ourselves. If this is not possible we may opt to use North Cyprus Homemakers.



Hi Arty, thanks for filling us in on the progress at Chelsey Village. I will drop you an e-mail - it would be great to see some updated pictures of the development since it was August when we were last there.



Anne