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07 Dec 2006 12:00 AM by james 123 Star rating. 26 forum posts Send private message

Thank you to all who are asking for assistance in completing on LRdM - there are many, as my Inbox will testify!

Some of the questions I am being asked have been answered before on previous postings, but appear to be being overlooked or swallowed up in other threads so I am putting the most basic points on a thread of its own.  The points I will now make are from my own and other happily completed owners research and experiences and most likely will apply to all who are about to complete.

Firstly, the License of Occupation.  The advice from some is not to complete without this.  However, because of the current farce at the Marbella Town Hall and council, no licenses are currently being issued for any dwelling or development in the whole of Marbella (not just La Reserva de Marbella as some would prefer us to believe).  However, Penarroya can and will provide all paperwork to prove that the license has been applied for completely within the terms of the Law and most likely will be officially granted a License around the time of the next election in Aprill 2007. 

Secondly, the Banks and Mortgages.  Again, contrary to some reports, there are several Banks in Marbella Centro who will gladly grant mortgages against properties on LRdM subject to status.  Should the applicant not be in a position to prove that they can fulfill the banks criteria to be granted a mortgage, it is not uncommon for the bank to ´politely´ refuse the application and blame another factor (for example the valuation report / lack of license etc).  This is not to say the development is illegal and that a mortgage cannot be granted on it.  I can recommend banks offering the best deals to anyone by private message as required.

Thirdly, Lawyers.  All lawyers in all countries make their living from debating the Law.  In our particular case it has been possible to sue (at great cost) the developer for the potential return of our deposit as the development is yet to be officially granted a License (see above).  This opens a whole new legally expensive case for the Lawyers who may gladly spend many thousands of hours working to present to the court a case which will be instantly thrown-out the minute a License is officially granted (also see above).  Alternatively, the same lawyers will take approximately just 1% commision from every owner able and choosing to complete using the correctly legal documentation that Penarroya will happily provide (see above).  I can recommend a very efficient lawyer who dealt with my completion by private message as required.

Finally, Interest Charges.  Penarroya as with almost any other developer, financially supported the building of the LRdM development with loans.  These loans are likely to be paid back partially by our initial 30% deposits and the rest by our 70% completion amounts (generated by mortgage or otherwise).  As agreed within the contracts that we signed at the lawyers offices when we paid our 30% deposits, Penarroya would not charge any interest whatsoever whilst building was in progress.  However, as also agreed within the same contract, each owner will be obliged to pay interest chargeable on a daily rate, each and every day, between the date of the building being officially ready for completion (date given by the developer) and the date that the building is officially given in the name of the purchaser (given by the Notary office).  This means that anyone who has a deposit on a property in LRdM who has not yet completed is legally, within the terms of the signed agreement, being charged interest daily, to be paid in full on completion at the notary.  This also means that the longer it takes for an owner to complete, the more expensive it will be to complete.  Also, for those who have chosen not to complete but to sue the developer, if their case is thrown out (see above) and they are obliged to complete anyway, the Interest Charges that will have accrued by that point will be massive and legally binding (see paulobrowns posting on a different thread). 

Please, I urge all owners who can complete, to save time and money by completing now.  The above information is fact found through personal experience and the research of diligent and enthusiatic owners who are currently giving all of their spare time to do this and to help others do the same - I represent a number of these people.  

We want La Reserva de Marbella to be the sought-after development and preferred location of the entire Marbella district that we all know that it can be.  Whilst there may be a few who are against this happening without a fight, they are of a tiny minority and some of them have their own hidden agendas in tow.  We, on the other hand are a totally determined and growing force and are willing to help others complete, save money, enjoy the development and move the development on to another level of excellence.

Anyone needing further assistance with completion, please feel free to contact me by private message and I will do my best to help or I will put you in touch with an expert in the field that you need assistance within.  I have received many messages already and the future looks bright, but doing this takes all of my spare time and so please read the above information carefully before contacting me - thank you!

 



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11 Dec 2006 8:10 PM by owengoonan Star rating. 12 forum posts Send private message

I certainly feel  this is the position and I can only agree with every point made.  When I completed this is exactly the ways things were. I was a little late completing on my first apartment and was charged high interest by the builder. I had little option but to pay interest.  I completed my second apartment on time.

I think it would be in our best interest to have La Reserva looking its best, especially with the gardens maturing over the years, i think it will look a fine complex. I sometime feels the areas outside of the grounds would need a bg clean up and maybe we should use our energy having positive things done.

Again, I think the advise given is as ACCURATE as we are going to get. WELL WRITTEN.



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03 Jan 2007 7:14 PM by very happy owners Star rating. 12 forum posts Send private message

We have just returned from Marbella and have completed using the bank and lawyer recommended by james123....they have all been very very helpful.  We are very happy with our apartment and the develpment looks amazing with all the pools all clean and the gardens growing.  Thank you James we have sent you a message. Anyone trying to complete should use the bank and lawyer we did.  We were quite stuck at one point and getting to spain to sort things out was not always esy for us.  The bank and lawyer and the staff in penaroya worked on our behalf when we were in England and have been such a help to us.

 



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09 Feb 2007 3:42 PM by james 123 Star rating. 26 forum posts Send private message

Further to a private message that we received recently and having done some research, we are writing to clarify that Penarroya have long ago officially notified all owners that their apartment is ready for completion.  This was done in writing to the owners registered lawyer.  It is clear that in a number of cases, this information has not been received by the owner and as a result of not completing, owners are unknowingly accruing interest penalties and community charges on a daily basis. 

I urge all readers of this forum who have yet to complete to please contact their respective lawyer or the Penarroya office (0034 952837000) urgently so as to clarify the status of their investment.

We did not receive notification from our lawyer either.  Today we have had a copy of the letter raised from our file by the very helpful staff at the Penarroya office. The letter has proof of posting attached.  Although we have already completed and are enjoying our apartment enormously, we were liable for charges at the time of completion; charges which obviously by now would have grown to be much larger.  We are concerned that there may be a number of investors who are waiting and are therefore unwittingly having their investment eroded by charges as a result of not yet having completed.



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