The angel of the incas buys a flat
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It has taken me almost 20 hours to reach Peru to help my daughter Suzy buy a home overlooking the bay in the capital, Lima. My learning curve is steep. I have 10 days in which to become a Peruvian property expert.
Why am I doing this? Apart from the fact that I love seeing the world - and Peru is rapidly becoming a must-see destination - Suzy is running a children's charity there. Her initiative is taking on an exciting life of its own and so I feel it right not only to visit her but also to help 'the angel of the Incas', as the Daily Express called her last year, find a home in the capital.
Suzy helps by identifying the right place to look: the beautiful elevated promenade overlooking Lima's Pacific bay. Where once there were colonial-style houses - the British were a strong presence in Lima - there are now attractive apartment blocks encircled by beautifully-kept exotic flower beds.
First on the scene was Cesar the estate agent, laid back and determined to show us apartment after apartment until we discovered the home of our dreams. The first dozen or so were OK but none ideal. They were spacious but lacked charm and quality for the price being asked.
Suzy had spotted a new development on the cliff edge close to the interesting bohemian district of Barranco which contains the landmark Puente de Suspiros, or Bridge of Sighs.
So we asked Cesar to show us. At first, disappointment: they were all sold. Then joy: news of a cancellation.
Wow. A fantastic apartment in a wonderful building with amazing views. Huge lounge and terrace facing the sea. Three bedrooms. Jacuzzi bath. Marble and granite in kitchen and bathrooms. Plus a maid's suite, an elevator that opens directly into the lounge and 24-hour security. And the price? Gigi (pictured above), the bundle-of-energy sales partner in the construction company, told me the price in dollars. A swift conversion into pounds confirmed that the price was less than the cost of a studio apartment in Brighton.
Gigi is one of the best property sales persons I have met: enthusiastic, attentive and informative. Thankfully she speaks good English. Just as well, since my Spanish doesn't stretch to property negotiation.
We agreed the deal so I had to instruct a lawyer to make sure everything flowed through smoothly. José, Suzy's partner, knew one with a good reputation and so we all whisked off to the cool office (a blessing as it's summer in Lima when it's winter back in Blighty) of Señor Francisco . Francisco - or Paco once we got to know each other - is also one of the best lawyers I've done business with: relaxed, confident and highly efficient.
The buying process in Peru is similar to that in Spain. I gave him a power of attorney, witnessed by a notary, to make the purchase on my behalf when the dollars were transferred out. He carried out all of the necessary checks and we had a meeting with Gigi to conclude terms.
There is no question of a mortgage in Peru. While the economy appears healthy (low inflation, a balance of payments surplus and lots of inward investment), mortgage rates are north of 10%. Anyway, you wouldn't want to take on the ongoing currency risk.
Meantime, Paco prepared a bespoke contract in both Spanish and English which even specified all of the materials and fittings used in the apartment. And the basis of ownership - the apartment and a proportion of the common freehold areas. When he was satisfied, contracts were exchanged, the deposit paid and the completion date set. Prior to completion, Gigi invited me to inspect the apartment. We prepared a snags list which was acted upon immediately and the balance of money was paid over. The whole process went like clockwork. Gigi also helped with the various suppliers drafted in to kit out the flat - and with the buildings insurance as you do all that stuff yourself in Peru.
We celebrated the deal with a Pisco Sour, the Peruvian national cocktail.
Suzy was happy. So was Gigi, even though she said her head hurt because she'd had to speak so much English. "I've even started to dream in English," she smiled. "And, yes, if you want help or advice with buy-to-let in the future, let me know. The market is good here for apartments like these."
Gigi's company's next project is for an architect-designed seafront apartment building with all three of the flats' bedrooms plus the lounges overlooking the ocean.
And, at current exchange rates, each to be sold for less than the price of Suzy's apartment.
