Pre-contract
The first step once having decided upon a property within the resort is to place a reservation deposit. This sum is a nonrefundable deposit of €1,500 which takes the property off the market for 30 days. This
deposit is returned when you complete on your property. You will be expected to fill in a reservation form and the personalised contract will then be sent to you using these details. Once you have received this contract (which will be issued approximately 3 weeks after reservation), you will be expected to make your first payment within 14 days.

Post-contract
Upon signing the contract, you will be expected to make six payments on the property as detailed in the table to the right. When a payment is dependant upon a build stage, proof will be provided by the developer supplying digital photographs of the completed build stage 14 days before payment is due. Of course, owners can visit the construction site at any time to check progress for themselves.

Completion
Upon completion, the owner will be given a snagging list which usually encompasses around 300 points. Both the owner and a representative of the developer will check the property and agree on any areas which may need to be rectified. Taxes on completion are expected to be 4% of the purchase price.

Ownership
Due to Greek legislation, the properties are offered on a full sixty year lease with unrestricted use. Current Greek contract legislation states that after five years the properties can be offered on a full freehold basis and the contract with the developer states that at this time, the properties will be transferred at no extra cost to the owner. The contracts also state that should for any reason a property not be transferred to full freehold ownership, then the leasehold agreement will be extended in perpetuity, with no cost to the owner.

The maintenance charge is likely to be €19 per sq meter of the property size. The sum is payable per annum and includes all costs associated with the operation of the resort, such as utility bills etc.

Finance
There are various finance options available to owners within the Halcyon Hills Resort. The cheapest and quickest method is usually by raising finance in the UK but owners can also obtain finance from Greek banks or take advantage of the developer loan.

Developer Finance
Just 30% down and nothing to pay until completion. How does it work?

The developer of Halcyon Hills is offering new purchasers a fantastic opportunity to purchase a property in the resort with just 30% to pay before completion. This makes purchasing a property at Halcyon Hills as easy and as accessible as possible.

For example, an Apartment Suite costs £160,000. You can secure this property in your name for just £48,000. You then have a choice of the following options:

Option One
You make your stage payments as and when required during the build. Finance comes from your own funds or alternative mortgage arrangements.
Option Two
You take out a developer secured 70% offplan mortgage and make your interest payments as and when they are due.
Option Three
You pay nothing until completion, rolling up the stage payments and interest payments until completion whereby a remortgage pays the outstanding amounts.

As your property increases in value during the build time, the amount you can borrow on that property also increases. On completion, your property is worth substantially more than when you first borrowed on its value. This means, when the outstanding amounts are due, there is ample equity in your property from which you can re-mortgage and easily settle your finance.

Greek Bank Finance
There are numerous banks who offer mortgages on Greek properties. Below we have selected one of the most reputable who have UK offices. However, customers are free to make enquiries with any Greek lender if they so desire. The Piraeus Bank www.piraeusbank.co.uk was founded in 1916. The bank now has 574 branches worldwide, 304 in Greece and 270 internationally including London. The banks total assets are currently approximately 37 billion Euros. The Piraeus bank already offers finance
to UK citizens for the purchase of Greek properties. Listed to the right is a summary of their usual lending terms.

UK Finance
In almost all circumstances, it is quicker, easier and more cost-effective to raise finance within the UK than obtain overseas mortgages. UK finance can be achieved through a variety of means from unsecured loans to raising finance by releasing equity from a UK property. We are not qualified to give advice on this subject and recommend that anyone considering raising finance obtains advice from a registered independent financial advisor. Should you not have an advisor, please contact us and we
will be delighted to recommend a selection of possible advisors. * Your property is at risk if you do not keep up repayments or loans secured on it.