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!