I think this picture was during the squash tournment as its not there all the time

Dear all.

The Hania beach thread is available for use again. Please could you adhere to the following when posting:

1. Adhere to the forum rules that can be found in the "sticky" threads at the top of the Egypt forum;

2. Stick to the topic ie. Hania and nothing else;

3. No abuse aloud

4. No postings of a commercial nature aloud;

*****THIS FORUM IS HERE FOR HANIA PURCHASERS TO SHARE INFORMATION ON THE DEVELOPMENT AND NOT RAMP THE DEVELOPMENT********


Kindest Regards
RED

Just spoke to Stuart at Experience International and he has confirmed that Hania is definately shared freehold.

Hi Skip.

I am aware that some people had reservations whether Hania was freehold or leasehold and if there was a restriction on re-sale of property. I also have been informed of the following:

1. Hania is freehold;

2. You can sell when you want;

3. You can sell to whom you want.

Regards
RED

According to Zeiad in another thread, resale of freehold property is not legally allowed for 5 years. The only way around it is to revoke the contract with the developer, meaning that you can only sell to them. Unless the fact that it is shared freehold alters things. I will ask in the apropriate thread.

The Due Dilligence also states that you have to offer the developer the option to buy first in the first 5 years. But then the Due Dilligence also says it's leasehold

__________________
Roger
There are only three types of people in the world - those who can count and those who cannot.
Pandora's Box

Hi Roger.

Again these are all points you are going to have to clarify with the developer or agent that you are dealing with. Hopefully all these points will be cleared up on launch night.

I'm sure it's not a major issue as there are many freehold developments in Hurghada and if this was a real issue or problem I'm sure it would have been raised on all the other developments that are being offered in this area.

Again I am led to believe it is the norm with due dilligence reports in Egypt and just conforms with the local administration rules.

Regards
Red

I don't know if this has been mentioned already. The developer has agreed to provide a Mortgage via HSBC bank on the Hania Beach development. I believe it's a fixed rate 15 year term at 6.9%.

I believe the mortgage will be written into the contract. Is anyone considering the HSBC finance option??

Regards
RED

Hi Red I thought this was a Shariah mortgage? Is the HSBC option a fixed percentage throughout the term on the total capital amount? If so the true interest rate is much, much higher.

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Hi Peter.

I'm really not sure on both points. So far very little information has been provided on the Mortgage terms. It's something I will have to look into. I'm not sure if I am going to take up the Finance Option and may just pay up by cash. But then again, as an investor it's always wise to use as little of your own capital as possible.

Once I'm sure of the terms of the mortgage I'll deceide on whether to take the finance option or not.


p.s
With regards to your point regarding the rate, I'm presuming it's going to follow the standard format of Mortgages available in the UK eg. if you purchase a property for 100k and put down a deposit of 40K then 6.9% will be applied on the remaining 60k on an annualised basis for the term of 15 years.

If it's a Shariah mortgage then the terms may differ. Again all of this is yet to be confirmed and I'm only speculating

Kindest Regards

RED

Hi Red,

I would far rather raise the money here at a better interest rate, and where I have a better idea of the financial going ons. If that fails then I would need to know a lot more about the HSBC offer before I decide whether or not to take it up.

__________________
Roger
There are only three types of people in the world - those who can count and those who cannot.
Pandora's Box