Property Management

Last Updated on 20 August 2012

 

 

 

77 Great Estates administers residential and commercial properties in Malta which are available to let or already leased.

Tenants could be quite demanding when leasing a property and landlords may sometimes struggle in meeting tenants’ expectations in sorting out any maintenance issues or queries in a timely and efficient manner.  Through 77 Great Estates’ property management, a landlord would be appointed a property manager to become the first point of contact throughout a tenancy, sparing landlords from long, sometimes difficult phone calls and giving landlords peace of mind that any queries will be dealt with by their appointed property manager.

A property manager is not only required to deal with maintenance issues, but also provides a rent collection and credit control service, as well as the handling of all administration work.  By monitoring contractors and building a good relationship with them, we ensure the best quality of service is provided at the best possible prices, keeping landlords worry free.

A property manager builds a good relationship with both landlords and tenants and acts as the 'middle man' between the two, ensuring that the tenancy runs as smoothly as possible.  Moreover, 77 Great Estates may source a tenant for a vacant property or for a property which is about to be vacated.  In fact, we co-operate with any estate agent/middleman in order to organise viewings and ultimately lease the property as soon as possible and at favourable terms and conditions.  It is in our interest to lease the property because we are paid on a "no success, no fee" basis and that is at 10% (plus VAT) of any rent collected.

For further information, kindly contact 77 Great Estates on (00356) 2721 7777; (00356) 9944 7444; skype: info.77GreatEstates or info@77GreatEstates.com.

Posted in: Concierge Service

Condominium Administration

Last Updated on 03 July 2012

Malta’s legislation requires that every block of apartments is registered as a condominium and administered.  This ensures the smooth running of the maintenance and upkeep of the common areas within the block.  An administrator is appointed to act on behalf of all unit holders and decisions taken in a general meeting are binding to all condomini.

The Administrator is appointed or confirmed for a period of 2 years by a simple majority during a general meeting.  Once appointed the Administrator’s duties include the following:

• Register the Rules and regulations, together with the registration Forms listing and signed by each owner within 14 days of the appointment;
• Execute all the decisions taken by the owners in the general meeting;
• Enforce insurance coverage for the common areas, including Public Liability and Fire;
• Open a bank account in the association’s name where all contributions will be deposited, and any ordinary expenses withdrawn from;
• Collect the maintenance fee from the owners and deposit it into the bank account;
• Keep records of money transactions and present the accounts at the general meeting, or upon request;
• Ensure that an estimate of income and expenditure is drawn up for the year;
• Ensure the observance of the Rules and Regulations;
• Preserve the common parts by ensuring regular cleaning and execute any required maintenance, seeking the most advantageous conditions, reasonably obtained, for the benefit of all owners;
• Call for general and extraordinary meetings, chair all meetings and keep the minutes of the meetings;
• Fix a notice board in the common entrance displaying any notices; decisions, as well as the administrator’s contact numbers and information;
• Keep a register containing all details of condominii, minutes of meetings and any notices that were fixed on the notice board;
• Sue, or be sued, since the legal and judicial representation in relation to the common parts vests in the administrator;
• Perform all acts of administration and is bound to undertake obligations on behalf of the association.

 For further information, kindly contact Dr Carl Peralta on (00356) 9944 7444 or via email: carl@77GreatEstates.com; skype: info.77GreatEstates or visit www.77GreatEstates.com.

Posted in: Concierge Service

Thinking of a 2nd home in a EU country? MALTA is the ideal choice

Last Updated on 09 July 2010

Thinking of a 2^nd home in an EU country or a favourable Tax set-up elsewhere?  MALTA is the ideal choice.

 77 Great Estates offers a One Stop Shop including but not limited to:

-          meeting you &/or your client at Malta’s airport;

-          obtaining (discounted) bookings at a local hotel;

-          residential & commercial real estate expertise; 

-          well priced properties for sale/to let;

-          in-house legal expertise in obtaining the requisite residency permits (including for pets!) as well as the permit required to buy real estate in Malta;

-          introduction to local bank/s, medical insurance companies, doctors & dentists, motor dealerships, schools etc.

 We invite you to refer to us potential buyers/lessees for property in Malta:  we will grant a Referral Commission.

 For further information, kindly contact Dr Carl Peralta on (00356) 9944 7444 or via email: carl@77GreatEstates.com; skype: info.77GreatEstates or visit www.77GreatEstates.com.

Posted in: Concierge Service

Insurance Made Easy

Last Updated on 28 July 2010

As part of 77 Great Estates’ concierge service, our real estate firm may introduce you to insurance firms and insurance broker firms which enjoy a licence to operate as an Insurance firm/broker by the Malta Financial Services Authority.

Said firms offer various and innovative types of commercial or personal lines insurance policies and life insurance products while striving to satisfy all your insurance requirements. Their organisations are made up of qualified and trained personnel who are able to give each customer the individual attention one deserves. They are also ready and willing to provide a quote or advise you as to what type of insurance product you may need.

Corporate

The main objective of the insurance brokers is the business of providing insurance coverage for clients who are situated throughout the Maltese Islands and the EU mainland. As brokers they obtain various quotes from the local market and from foreign markets in order to provide the best possible cover for the risk which is being covered. The insurance products sold are various, ranging from personal insurances such as home and motor policies to commercial policies for corporate clients. They are always pleased to meet up with clients and prospective customers to discuss and advise as to their insurance needs.

They also perform claims handling for its clients and have all the necessary experience from its staff to be able to handle all claims procedures. This ensures that there is a continuous high level of customer service from quote stage up until claims settlement.

The insurance broker firms operate under a very strict regulatory regime of the Malta Financial Services Authority which requires insurance broking companies to:

• have a minimum share capital of €100,000

• have a Professional Indemnity Insurance with a Limit of Indemnity of at least €1,000,000

• operate a “Business of Insurance Broking” bank account and

• hold a Fidelity bond of at least €12,000.

Some firms form part of international networks in order to tap into markets which are not always available in the local market. Said networks are made up of strong established companies each of which is able to offer the insight and expertise you need to ensure you get the best results from your global programme. This is peace of mind for you and your business not just in any language but in every language.

Products

1) Personal Insurance:

Health Insurance

A Health insurance is necessary to have because we all know how often we visit doctors and sometimes require surgery as well as to avoid unnecessary delays due to waiting lists for the public health service. The insurance firms may offer a wide range of plans starting from the basic individual health plan to the corporate health plan which may be tailor made to your company’s and your needs.

Motor Insurance

Anyone who owns a motor vehicle must have a valid motor insurance policy. The minimum cover required by law is Third Party Only which covers liability to third parties i.e. claims made by third parties against you for damage to their property.

Since this cover is very limited and covers no protection for the insured vehicle, one may purchase Third Party Fire & Theft insurance as well as Comprehensive cover. The former offers fire and theft cover to the insured vehicle whereas the latter pays for damage to the insured vehicle irrespective of liability for the accident.

Insurance firms are able to issue certificates and licences instantly and in this way ensure that the renewal of your motor insurance is absolutely hassle free.

Home Insurance

We all know how hard we strive to have a comfortable home. What could be worse than opening your front door to discover a fire has damaged your home.

Insuring your home can ease the difficulties faced in these and other circumstances that we all very well know could happen to us too not just to the neighbour down the road!

The market offers various home plans mainly covering the Buildings, Contents, Personal possessions (All Risks) and Liability. Many extensions such as freezer contents, sports equipment and the like are also available.

Marine Hull

Whatever boat you own, the insurance firms are able to offer insurance covering the hull as well as third party liability. This ensures you are fully protected when the boat is ashore as well as afloat.

Travel Insurance

There are different forms of travel insurance offered by the market varying from the basic travel policy to the executive type covering various types of holidays, be it a cruise or a skiing holiday, motoring holiday or a business trip. Contact us and with all the online systems available to the insurance firms, they are able to issue travel policies immediately and you will have your travel policy in the shortest time possible.

Life Insurance

Wherever you are in your life - setting up a business, buying a new home, starting a family or planning for your retirement, the insurance firms have the life insurance and investment products that are flexible to suit your ever changing needs throughout life. Whether it is individual, joint or corporate life, they have the solution for you.

2) Business Policies

The insurance firms offer a wide range of policies for the small to medium business as well as the large corporation. The following are some of the policies available and they would be only too pleased to meet you and discuss your insurance needs in order to have your business covered:

• Fire & Theft

• Employers Liability

• Public Liability

• Group Personal Accident

• Loss of Profits

• Freight Forwarders Legal Liability

Marine Cargo Insurance

Insurance firms offer cover on a wide range of goods from foodstuffs and electrical goods to personal effects and valuable paintings. They offer a complete service of issuing the certificate of insurance as well as claims settlement.

For the importer or exporter who deals with many consignments in a month, certain insurance firms offer them an open cover contract whereby consignments may be declared to the insurance firm on a monthly basis at the end of each month thus avoiding the hassle of informing the insurance firm of each and every consignment as and when they arise.

For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77GreatEstates or info@77GreatEstates.com.

Posted in: Concierge Service

Vehicle transportation

Last Updated on 04 August 2010

 

 

As part of 77 Great Estates’ concierge service, upon your request, we may recommend a safe, efficient and cost effective manner of transporting your vehicle from the UK to MALTA.  The transportation firm offers:

• Weekly Car and Motorcycle transport service: UK - MALTA – UK

• Fleet of 60 Latest-Technology Euro-Spec Car Transporters

• Fully trained professional driver

• 3 Day Transit Time

• Warehousing in secure London Compounds, strategically located just 4 miles away from Heathrow Airport

• Insurance of your vehicle/s from the moment they enter the warehouse – or once they are picked up from your home in the UK - until they are handed over to you.

For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77GreatEstates or info@77GreatEstates.com.

Posted in: Concierge Service

Finance Broker

Last Updated on 03 September 2010

 

 

 

 

 

Photo: renjith krishnan / FreeDigitalPhotos.net

As part of 77 Great Estates’ concierge service, our firm may introduce you to a finance broker who specialises in brokering project funding.

Generally speaking, the majority of funders’ criteria sits within the following brackets:

- Worldwide locations considered (inc. resent deals in Africa, Iran, UAE, Europe, USA, etc)

- Minimum Investment US $5,000,000

- No Maximum

- 50% - 70% of GDV (certainly above this level and up to 100% of GDV has been considered in certain cases, with firm exit strategies or additional security)

- Senior debt, preference.

- Equity considered, but more difficult to achieve, exceptional projects needed.

- Due diligence fees (independent site visits, legals, etc) in most cases are applicable and would need to be paid directly from sponsor to funder.

- Prefer site owned (where applicable)

- Identification of a clear exit (i.e. pre-sales/ pre-lets, etc)

- Sponsors with a relevant background & experience (appointed alliance partners where appropriate)

- Sectors; Property, (leisure, resorts, hotels, residential, office, etc), Mining, Renewable Energy/ Waste to Energy, Technology (Telecomms, Aviation, etc)

The process would usually involve:

Review of the outline project, data capture filled in

Queries raised and presentation prepared for potential funders

Confirmation of appetite and agreement of NDA, attached and brokerage fees (only payable upon successful delivery of funding)

Further documentation requested to progress to formal lending terms with relevant funder (typically this can take 1- 3 weeks depending on the funder/ type of project etc)

Progress to DD and completion of funding, processes differ depending upon funder

The following is an overview of the individual funders:

Fund 1 – Worldwide, with the exception of US

- Minimum $25m, no maximum at this time.

- 100% of development costs.

- Project must be “shovel ready”, new construction/development, viable, and in need of at least $25m.

- No casinos, though these can be planned in later phases – the casino cannot be mentioned in the Executive Summary or Pro Forma to be submitted or the file will be rejected. No nuclear projects.

- Multiple projects CAN be combined into one funding request.

Fund 2 - Emerging Markets (Africa, China, Latin America, South Asia and South East Asia.)

- Typically invest between US$10m and US$50m of equity capital.

- Preferred sectors office, residential, industrial, hotel and retail space, either at the project or corporate level.

- While the main opportunity in the emerging markets is of a development nature, the fund will also acquire single assets or a portfolio of assets.

- The fund places considerable emphasis on sustainable development - not only with respect to energy efficiency and other aspects of building design and construction, but also quality developments that last and improve the quality of life in the communities they touch.

- Response usually within 1 month.

Fund 3 - Five Star Leisure Resorts - Worldwide

- The Fund owns and manages a chain of 5 star properties, based in the Middle East and Asia, they look for developments in the leisure sector that can be revamped and re branded to an ultra high level. They would have particular interest in the Caribbean and South America.

- Response usually within 1 month.

Fund 4 - Affordable Housing - Worldwide

- They are actively investing in local government approved affordable housing schemes.

- Worldwide.

- Response usually within 1 month.

Fund 5 – Developments – Worldwide.

- Fund based in BVI with a UK parent company.

- 100% of development costs. Up to 100% of acquisition has been considered with additional security or firm exit strategy – prefer land owned.

- Minimum c£10m, No maximum.

- All project sectors considered, preference to property based projects.

Fund 6 – 95%.

- Worldwide.

- $20m to $1bn.

- 95% LTV for most new projects.

- Interest of 5% or less.

- No JV component, unless you ask them to invest with you then up to 20% can be converted into equity.

- Debt repayment only required when project generates income.

Fund 7 - 100% Equity Fund.

- Minimum Loan Amount: $25m.

- Rate: No interest payments, true equity.

- Term: Based on the size of the deal.

- LTV: 100% of costs (project must be unencumbered, or debt being repaid by the Equity request).

- Equity Participation: 45%

- Response usually within 2 weeks.

For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77GreatEstates or info@77GreatEstates.com.

Posted in: Concierge Service