Just bought our first DVC contract via resale - need my hand holding

[Lee Matthews]

Hello family, i hope you are all well?

We have just made an offer and had acceptance on our first ever DVC contract via resale.

We used DVC Resale Market and put in an offer for 210 points at AKL. Use year is December with our first points coming in Dec 2022 and we plan our first trip to be during 2023.

The Deed was listed at $108 a point but our offer of $106 was accepted and we are thrilled. Slightly worried about Disney and their ROFR but i guess we just need to hope for the best.

We are financing with Monera Financial which i know is highly recommended by Pete and others.

We put our quote in with Monera yesterday on a different deed which then subsequently sold and we missed. The finance came back approved but re-submitting it again at their request based on the Deed we've won.

I'm so worried about getting this all completed, money transfers and apparent embassy visits, can someone reassure me and advise if they have had similar experiences?

 

[Rockenroller]

I completed last year on a resale and no embassy visits were required. Just had to pop down to a local notary in the U.K. and get them to sign it. Think it cost me around £40 for them to sign it for me. furthest I travelled was to get the docs signed a couple of miles away then back to the post office to send the docs back.

 

[Ruttangel]

Congratulations, you picked a great home resort!

Pardon my intrusion here, but why didn't you just finance with a UK loan? They are around 2.5% and you wouldn't need a notary.

 

[macman123]

I would agree, in that you could get a UK loan for around 3% or so which is far far cheaper than Monera at around 10%.

But the process is this:

1) you make an offer
2) its accepted
3) you sign a contract
4) it goes off for ROFA - (3-4 weeks)
5) if it passes then you wait for an estoppel document (3 weeks)
6) once estoppel received then closing docs prepared
7) seller sends back (this is where the delay is usually, a seller can take a few days or weeks)
8) buyer sends back (I usually only send funds once seller has returned)
9) closing
10) deed recorded - around 1 day later
11) DVC upload to your membership or create a new one (2-3 weeks)
12) points loaded (1-2 weeks)

That's it. I had 0 points and made my first offer on 20th April 2020. I now have 2000 points

 

[Lee Matthews]

Congratulations, you picked a great home resort!

Pardon my intrusion here, but why didn't you just finance with a UK loan? They are around 2.5% and you wouldn't need a notary.

Without going into too much detail. I have a default loan from years ago which would affect me getting credit approval here in the UK despite being far from having financial issues. The company which approved don't require a credit check. Yes the rate is higher over the duration but we intend to have it paid off within a couple of years with some guaranteed money coming.

 

[Lee Matthews]

I would agree, in that you could get a UK loan for around 3% or so which is far far cheaper than Monera at around 10%.

But the process is this:

1) you make an offer
2) its accepted
3) you sign a contract
4) it goes off for ROFA - (3-4 weeks)
5) if it passes then you wait for an estoppel document (3 weeks)
6) once estoppel received then closing docs prepared
7) seller sends back (this is where the delay is usually, a seller can take a few days or weeks)
8) buyer sends back (I usually only send funds once seller has returned)
9) closing
10) deed recorded - around 1 day later
11) DVC upload to your membership or create a new one (2-3 weeks)
12) points loaded (1-2 weeks)

That's it. I had 0 points and made my first offer on 20th April 2020. I now have 2000 points

Blimey, you make it sound so easy.. hopefully that does end up to be the case.

We've been told be mindful that we may need a notary as that can sometimes eat up some time but I have literally just emailed one locally to check that they will be able to help complete this part.
They've also recommended to use Transferwise for the money. Is that a safe bet?

 

[Lee Matthews]

I completed last year on a resale and no embassy visits were required. Just had to pop down to a local notary in the U.K. and get them to sign it. Think it cost me around £40 for them to sign it for me. furthest I travelled was to get the docs signed a couple of miles away then back to the post office to send the docs back.

Exactly what I like to hear. I guess its the shipping times back and forth which draws it out

 

[Rockenroller]

Blimey, you make it sound so easy.. hopefully that does end up to be the case.

We've been told be mindful that we may need a notary as that can sometimes eat up some time but I have literally just emailed one locally to check that they will be able to help complete this part.
They've also recommended to use Transferwise for the money. Is that a safe bet?

If I remember correctly I had issues using transfer wise to pay the initial deposit to the title company as had to be a swift transfer which I couldn’t do with transfer wise. This may of changed. You can however easily make payments to Monera with transferwise.

I used starling bank to pay the initial deposit as charges were comparable to transferwise and use transferwise for everything else.

I think you may now also be able to use transferwise to pay dues monthly as I believe they have fixed the monthly ACH issue.

 

[Lee Matthews]

I am so impatient

DVC resale said my contract will arrive within 24/48 hours but I’m now on day 3 lol

I’m so exited

Im sure they are busy but I am so eager to just crack on. I’ve found a few local notarial solicitors including one who knows DVC that I have ready if need. They’re costs were high though I thought.

also looks like you can pay a premium and send documents back to the US from UK using DHL within 3 days

 

[Lee Matthews]

Contracts have come through,

Mason Title are apparently who I pay online for my deposit and doing the escrow.

Do I use that same online payment method if I’m in the UK? They sent a credit card form to complete too. I wonder if I could use that form although it will be a debit card.

 

[Ruttangel]

I’ve used Mason before, I’m sure I put about $2,500 in Escrow via my Halifax Clarity Card (get bank exchange rate- lots of similar cards available)
I then paid balance of contract by XE, no issues at all.
Dues are next payable for you on 15/1/22, you can just pay these in full by same credit card method as above.
I’ve just realised you can overpay on dues eg when exchange rates are high as an alternative to waiting til then.
I’m not sure I would use a debit card without knowing the exchange rate and bank charges I would be incurring. Again something like XE might be best.

 

[Lee Matthews]

Deposit paid for Escrow no problem. Mason just have an online portal to make a payment. Used my Monzo Debit card which has no Fees.

$2000 straight converted to £1,419 and sent me a receipt. Happy days

Just a wait now on Disney for ROFR and figure out the best way I can pay my monthly finance to Monera. Ideally Monzo but don't see that being possible

 

[Ruttangel]

Deposit paid for Escrow no problem. Mason just have an online portal to make a payment. Used my Monzo Debit card which has no Fees.

$2000 straight converted to £1,419 and sent me a receipt. Happy days

Just a wait now on Disney for ROFR and figure out the best way I can pay my monthly finance to Monera. Ideally Monzo but don't see that being possible

Excellent exchange rate- I'm pleased you got sorted with your deposit - I can't help you with how to set up the finance but any general UK DVC questions I'm happy to help

 

[Lee Matthews]

No thank you so much for your help. Everyone’s been amazing helping me so much and I wouldn’t be clueless without.

 

[Lee Matthews]

Probably a silly question, but when your a DVC owner and not booking package holidays anymore, do you book the room your want first or your flights and base your stay around those,

I’m looking to travel with British Airways

 

[finchy3]

We always book the room at exactly 11 months out then start looking for flights.

 

[Ronaldo17]

We book our rooms at 11 months or as far ahead as possible and then look for flights.
Just be aware that the price of flights can change a lot so check them for a while before you book, generally the earlier you book the flight the better the price and availability.
Having said all that, none of it applies just now of course!

 

[Ruttangel]

The only thing to watch out for BA is that sometimes it’s cheaper to book a flight with car than just a flight and you can usually book that over a year before travel.
DME is going in 2022 so we’ll need some transport option, also with DVC parking while staying on DVC points is free.

Great thing about DVC is that you can add and remove days right up to 30 days before travel without penalty

 

[Lee Matthews]

Thanks for replies

My 3rd attempt of a contract passed finally so hopefully that will all finalised by September.

 

[Lee Matthews]

Ive always booked package holidays before.

This will be my at time buying flights only but does anyone else worry about loosing the ATOL protection?Can you get round it by having a 1 nights stay at the airport before departure?