Pearl Vista

[Rivermead Global Property]

Originally Posted by simmo1

Morning All,

Quick question?! Has anyone had performed an early stage due dilligence check on the Pearl Vista development?? i.e. is full planning permission granted, is it granted for how the brochure describes, who currently owns the land etc, etc and if so did it raise any bells? About to exchange contracts in about 15 days and hopefully this will highlight any points but I wondered if anyone had experience or tips to share around this time of the purchase????

Cheers

Hi simmo1 WWD have all the legal paperwork ask your agent for copies of it. They have had to make sure everything is ok with it as they will be offering finance. They also have a new solicitor acting for clients and he has carried out his own due diligence, not only on the developments but also on WWD.

Ask for it, you should be able to get some legal information no problem.

[simmo1]

Thanks Neil much appreciated as you can probably see I am quite new to all this.
Certainly finding all this advice and pointers really useful so thanks again

Regards

[Rivermead Global Property]

Originally Posted by simmo1

Thanks Neil much appreciated as you can probably see I am quite new to all this.
Certainly finding all this advice and pointers really useful so thanks again

Regards

No problem mate, anymore just ask.

[bentley]

Considering buying an apartment off plan in Pearl Vista,anyone have any good,bad comments on this development and developer?ta..

[queenie40something]

Hi Bentley - I have merged yout thread with this existing one where you will find some buyers on Pearl Vista. There are some pics on page one of this thread.

Regards

Alison

[Rivermead Global Property]

Originally Posted by bentley

Considering buying an apartment off plan in Pearl Vista,anyone have any good,bad comments on this development and developer?ta..

Hi bentley, this development is in-between El Gouna and Hurghada, very quiet area at the moment but won't be long i don't think until the amenities catch up.

There is a vast space in front at the moment so good views to the sea, however there are no guarantees that it will always be this way. There is a public beach across the road and to the right so very close.

The developer is WWD, they have almost completed Desert Pearl 1, please ask if you want some photos to see the finish. They have several other developments on the go in Hurghada and Sahl. Like many others they have had teething problems with their first development but hopefully they have learnt from them and this one will be their sixth one by the time it is completed so they had better have learnt by then

Anything else just let me know.

[demon diver]

Originally Posted by Rivermead Global Property

Hi simmo1 WWD have all the legal paperwork ask your agent for copies of it. They have had to make sure everything is ok with it as they will be offering finance. They also have a new solicitor acting for clients and he has carried out his own due diligence, not only on the developments but also on WWD.

Ask for it, you should be able to get some legal information no problem.

hi neil,

who is this new lawyer acting for wwd,thanks.

[Rivermead Global Property]

Originally Posted by demon diver

hi neil,

who is this new lawyer acting for wwd,thanks.

Philip Morris, Legal Alliances Wordwide. Nothing to do with WWD or any other developer, totally independent, he is also working on other developments in Hurghada and the times i have spoken to him he seems very knowledgeable. In fact he actually seems more knowledgeable than his Egyptian counterparts and he is aware of all the not quite so legal practises going on in Hurghada (especially stamp duty which there is at .6% if your property is valued at the correct price!!!) Anyone that has worked in the Bulgarian market will know what i mean.

Anyway he is now working with clients from start to finish and is also covered by UK legislation and has indemnity insurance.

[vix]

Originally Posted by Rivermead Global Property

Philip Morris, Legal Alliances Wordwide. Nothing to do with WWD or any other developer, totally independent, he is also working on other developments in Hurghada and the times i have spoken to him he seems very knowledgeable. In fact he actually seems more knowledgeable than his Egyptian counterparts and he is aware of all the not quite so legal practises going on in Hurghada (especially stamp duty which there is at .6% if your property is valued at the correct price!!!) Anyone that has worked in the Bulgarian market will know what i mean.

Anyway he is now working with clients from start to finish and is also covered by UK legislation and has indemnity insurance.

Hi Neil, Your post is interesting, especially as you refer to stamp duty. Am I correct in thinking that stamp duty is payable, by the purchaser on properties over a certain amount? This is the case in the UK where it is payable on properties over 125k. If so. this would explain why some forum members have paid/been quoted for in their costings. As a purchaser of a studio, stamp duty was not mentioned to me. Thanx.

[Rivermead Global Property]

Originally Posted by vix

Hi Neil, Your post is interesting, especially as you refer to stamp duty. Am I correct in thinking that stamp duty is payable, by the purchaser on properties over a certain amount? This is the case in the UK where it is payable on properties over 125k. If so. this would explain why some forum members have paid/been quoted for in their costings. As a purchaser of a studio, stamp duty was not mentioned to me. Thanx.

Hi Vix, it is a complicated matter and one that i don't really want to kick off but please speak to your solicitors (this is aimed at everyone) and ask how much they are going to declare your property worth when it is registered. All i am saying is make sure they put down the price you paid for it.