Purchase Options
Viewing Trip and Pre-contract
The first step once having decided upon a property within the resort is to reserve it in your name. A sum of £1,000 secures your property for 30 days, in which time you will be sent a personalised contract for you to peruse. If, within 30 days of reserving you decide not to proceed, we will fully refund your reservation fee. During this time we highly recommend one of our bespoke viewing trips.
Post-contract
Having read, signed and returned the contract to us, your first payment of 30% is due within 30 days of the contract issue date. The second payment is 20% of the purchase price and is due either on completion of the foundations, or in 12 months, whichever is later. Nothing else is then due until the resort is completed and you make the final 50% payment.
Cashback
The developer will pay 5% per year interest to you on the deposit payments until completion, meaning you are not losing out on bank interest when you make your stage payments.
Completion
Upon completion of your apartment or villa, the property will be thoroughly checked to make sure everything is finished to the highest standard. Together with a representative of the developer, an inspection will be carried out to check that you are entirely happy with your purchase.
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 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.
Finance Options
The payment structure at Halcyon Hills is very straightforward as described below.
Purchase Procedure
- £1,000 Reservation fee
- Fully Refundable
- 30% Deposit
- (due 30 days from contract date)
- 5% Interest paid PA on deposit!
- 20% Second Payment
- (due on completion of foundations or in 12 months - whichever is later)
- 5% Interest paid PA on deposit!
- 50% Final Payment
- (due on completion)
- 33% Non-status finance guaranteed!
- Furniture costs are 200 euros per square metre
- Closing costs capped at 4%
- Maintenance costs are 25 euros per square metre. Utilities are metered but only paid if the client uses the property themselves.
- 150% Guaranteed Buy Back five years after completion!!
- Full ownership
- 2 year rental guarantee from completion of 8% per annum
- 2 weeks high season and 2 weeks low season usage
- 50/50 split thereafter
- Shared Ownership
- 2 year rental guarantee from completion of 8% per annum if clients return all 4 weeks into rental pool
- 2 year rental guarantee from completion of 5% per annum if clients return just 2 weeks high season to rental pool
Before Completion
Many investors have funds tied up in property elsewhere. If you decide to release this equity with Option 2 and invest in Halcyon Hills, then the developer will pay your interest payments until completion. So with just a £1,000 reservation fee, you can secure a five star luxury property available at under the market value with minimal financial outlay and maximum capital gain. We will be delighted to put you in touch with an independent financial advisor who can talk you through the options available to you.
After Completion
The remaining 50% isn't due until completion; by which time your property has increased in value in-line with the market predictions and market valuations. Your property is now worth substantially more than when you first borrowed on its value. This means, there is now ample equity in your property from which you can mortgage and easily settle your finance.
When you come to mortgage your property after completion, the two year 8% guaranteed rental return and anticipated 14% rental return thereafter substantially assist your repayments.
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.
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.
SIPP's
- Property from £22,000
- Returns exempt from capital gains tax
- Separate & protected from company funds
- Substantial capital appreciation
- Guaranteed Rentals & Finance
- 150% Buy-back guarantee
Halcyon Hills is SIPP compliant. Make substantial capital appreciation while benefitting from guaranteed returns, flexibility and significant tax benefits.
By purchasing at Halcyon Hills, you can now guarantee your pension fund to grow by a minimum of 8% per annum for two years post- completion, plus substantial capital appreciation and anticipated rental returns thereafter. Contributions to a SIPP enjoy personal tax relief and/or corporation tax relief and returns generated by the fund are exempt from income tax and capital gains tax. Please note that owners do not benefit from personal usage when buying through a SIPP.
The new 150% Guaranteed Buy back offers SIPP buyers perfectly as many SIPP investors want to know a timescale on when profits can be released.
SIPP Purchase Procedure
- £1,000 Reservation fee
- Fully Refundable
- 33% Deposit
- (due 30 days from contract date)
- 5% Interest paid PA on deposit!
- 34% Second Payment
- (due on completion of foundations or in 12 months - whichever is later)
- 5% Interest paid PA on deposit!
- 33% Final Payment
- (due on completion)
- 33% Non-status finance guaranteed!
- Furniture costs are included in the price!
- Closing costs are included in the price!
- 2 year rental guarantee from completion of 8% per annum
- 50/50 rental split thereafter.
- Maintenance costs are 25 Euros per square metre
- 150% Guaranteed Buy Back five years after completion!!
Please note - For SIPP investors the 5% cash back is placed into the SIPP fund only. We have IFA pension specialists whom we can recommend to assist you in your SIPP purchase.
* Your property is at risk if you do not keep up repayments or loans secured on it.
