IMI

biffa · Post by **biffa** » Thu Jul 03, 2003 7:49 pm

I don't think I need to reply to the Abbey mortgage query as you have got them well sussed!

They have been made aware that if they don't become more flexible they may well penalise their clients dramatically

kteee · Post by **kteee** » Thu Jul 03, 2003 8:34 pm

I have spoken to Mark Barlow and am distinctly underwhelmed by his response - don't hold your breath for any help from them

Offshore Owner · Post by **Offshore Owner** » Thu Jul 03, 2003 10:15 pm

I have also spoken to him and his knowledge of the changing environement in and his attitude left a lot to be desired to say the very least.

Has anyone else spoken to Abbey about his issue?

Perhaps we need to escalate this at Abbey.Anyone know a name nearer the top of the tree?

biffa · Post by **biffa** » Sun Jul 06, 2003 12:25 am

Mark Barlow is the guy I think. All Abbey clients should push him for answers I believe. There ARE answers but they need to get sorted quite quickly.

biffa · Post by **biffa** » Sun Jul 06, 2003 12:29 am

All carveiro.com property owners please be advised that we are nearly ready to give a full rundown on proposals, problems and options. Hope to post this later next week. This will I believe be the definitive and accurate view as much research has been done on this and much midnight oil burnt.

For some owners who have low declared purchase values a move before end of November may be vital.

Keep watching!

Guest 2 · Post by **Guest 2** » Mon Jul 07, 2003 12:57 pm

As Biffa says call Abbey and push them for an answer. Abbey number to call for Mark Barlow is I believe 01624 644903.

biffa · Post by **biffa** » Tue Jul 08, 2003 12:28 am

I know that Banco Totta in London will take Abbey and other mortgages over. They will also increase lending (subject to the old status job) if clients need some extra dosh to restructure their affairs. Totta will lend to company or individually held property.

If you need a contact PM me.

Offshore Owner · Post by **Offshore Owner** » Tue Jul 08, 2003 9:05 am

Watch out for Abbey if you remortgage as they will try to penalise you by imposing early redemption charges!!! To my mind this is grossly unfair as it is they who are dragging their feet and at the moment not making any policy decisions. Time is running out for them.......

Has anyone actually already made the move away from Abbey ????

The Monk from the Abbey · Wed Jul 09, 2003 10:14 pm

Has anyone heard anything positive or otherwise from the Abbey. All has gone extremely quiet!

Perhaps they are busy in prayer for better times and better staff!!

Seriously, has anyone made contact with them??

biffa · Post by **biffa** » Sun Jul 13, 2003 11:50 pm

I understand that Abbey are closing their foreign property mortgage opeartion. I also hear that their office here will close along with some other satellite operations. 21 staff to be laid off.

What is still unclear is what they will do with existing loans? You must press them for an answer as to whether you can move the company to Malta or move the loan to, say, Totta.

Anyone with a loan with Jyske Bank Gibraltar should be asked the same questions

Mark · Post by **Mark** » Mon Jul 14, 2003 1:23 am

biffa,

I have been informed by Bachmanns that it is not possible to migrate an offshore co. to Malta. Your opinion?

biffa · Post by **biffa** » Mon Jul 14, 2003 7:44 pm

I respect Bachmanns as a responsible provider of offshore services however on this point they are either wrong, out of date or you misheard.

Migration legislation was passed in Malta towards the end of last year. Be warned that to migrate a company the relevant legislation has to be in place in both the present jurisdiction and the one you wish to move to.

It is true that not all companies are welcome in Malta but of the oft used offshore jurisdicrions they will accept British Virgin Islands, Jersey, Guernsey, Isle of Man, Gibraltar, Bermuda, Bahamas and the Cayman Islands.

Unfortunately at present time Isle of Man companies cannot "leave" but that should change later this year or early next when the relevant legislation will be introduced.

My company has already moved a Gibraltar company to Malta.

Gazza · Post by **Gazza** » Tue Jul 15, 2003 10:56 am

It would appear from various conversations I have had that Abbey are not only closing Portugal for new lending, they are in effect encouraging existing mortgagees to transfer to other lenders. They have yet to make a firm decision, by it seems that they will not permit the transfer of the property to either individual ownership or alterantive friendly jurisdictions, which only leaves the re mortgage option or of course pay up 5% IMI from 04 onwards.

This is not official - and it is unclear as to when an official announcement will be made, but the message I received was crystal clear.

You may wish to take Biffa's advice and push them yourselves for an answer.

kteee · Post by **kteee** » Tue Jul 15, 2003 12:41 pm

That's really helpful of them isn't it?

I suppose it's only what we've come to expect from Abbey... no surprise there then

biffa · Post by **biffa** » Tue Jul 15, 2003 6:59 pm

I do believe that Banco Totta in London probably offer the only sensible alternative for Abbey mortgage holders (and maybe Jyske Bank, Gibraltar too?)

Contact them on mortgage@btax.co.uk

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