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My most recent buyer worked at the bank and was about to complete but were advised not to buy in LRDM Im not one for scaremongery but you can say what you want about this development its not happening yet. Open cor maybe open for what ever reason, but my own personel experience is factual and there is no licence to date. You well informed bloggers maybe able to shed some light on if and when. Genuine replies only please.

As posted several times before, most notably under the thread ´My 2nd loss of sale´ (started by your good self), whilst the development does not currently have a licence, all paperwork is in place to complete on a purchase on LRdM with a mortgage (subject to status). 

The issuing of licences to all properties in the whole of Marbella is currently on hold and is planned to be resumed later this year, after the imminent elections.  Paperwork has been correctly submitted by Grupo Penarroya to all relevant authorities quite some time ago and it is surely only a matter of time before a licence is granted from which I would anticipate an almost immediate rise in property values on such a development. 

I would suggest that if circumstances allow, postponment of sales until after such time that a licence is granted willl prove to be a highly astute and profitable decision over time.

Very many kind regards.

Hello Everyone,

We must remember a few thing in regards to LRdeM. For its location it is in my oponion very good value for money and prices have not gone down despite all the bad news we hear.  In fact prices have gone up and I feel will continue to go up. maybe not at the rates they did go up but nonetheless they have gone up.

Now when licences are in place i feel they could rise sharply.   I only get worried when I see property falling sharply in price, below what I paid and when I have to pay a mortgage higher than the property price.

This HAS not happened and property prices have risen during a tough period in the property market in spain. I  remain very hopefull that all will sort itself out this year. 

I also had my problems with my apartment, I had expected a pool outside my garden apartment as the brochure and model showed but i did not get.  I had hoped I might have sea views but i didnt.  I had hoped everything would go well as at home but no there were problems........problems I have now put behnd me.  Maybe we should all look to the future for LRdeM and make the best of what we have.

I come from Ireland and people  here still love spain for its climate and easy going lifestyle, a lifestlye we would all wish to have but has been lost over the years.  People will still continue to buy property in spain.

 

Lets go forward.

 

 

Also, from a buyers perspective, we were advised on the actual day of completion at the Notary that LRdM does not currently have a licence in place and that even at that moment we could have dropped out of completion and elected to sue the developer!!  When we asked whether the development was likely to get a licence in time, we were told that it most probably would and that it was only a ´legal obligation that we had to be told about the non-licence situation´.  It is a decision that the bank is happy with, the lawyer is happy with and above all else one that we are delighted with.  A little speculation may be required.  Clearly, the devlopment does not yet have a licence in place as with around 30,000 other properties in Marbella.  Do enough research as to whether the development will be granted a licence in the future and the resounding facts indicate a very definite ´YES - as soon as licences are being issued in Marbella again´.  Anyone completing now, speculating that a licence will be granted are, as owengoonan suggests likely to enjoy a sharp growth in their investment from that time.

The Apt I am selling was not purchased  for financial return I purchased the Apt in question and then decided to upgrade to a penthouse and sell the other one on. So all of you bloggers telling me it will get better is fine but I have sold this Apt 3 times and then been dealt the bad news ref. licence, put yourself in my shoes and its not so rosey ,I have handed over 450,000 euros to the developer and all I want to do is sell it. Also dont give me aload of info about banks issuing mortgages when the fact is they wont unless the loan value is a small % of the property value.

I understand your position, its not easy at the moment.  Forgive me if you think I was saying everything is fine. You are right its far from what I would like.

I purchased 2 apartments in La Reserva de Marbella and had hoped they would have sold long ago.  I still have them.  What I was trying to say and it is only my oponion that things may get better after the elections.  I certainly hope so for all of us.

With regards to the mortgages, Maybe someone can throw some light on this as I never had a problem getting a mortgage in Spain.  I got a mortgage for my 2 apartments and also on my villa in Marbella plus mortgages on property outside Marbella.

Mortgages are subject to status, earnings, self employed accounts etc etc.  Sometimes applicants may be refused mortgages for all kinds of reasons, Tax affairs not up to date, repayments capicity poor, failure to supply relevant details in order to secure a mortgage.  Are banks refusing mortgages just because property has not got a licence?  Is this something new as they have given mortgages to me in the past.

Would I be right in saying that property in Lrde M is selling and chaning hands with new owners getting mortgages.  What about all the DISTRESSED SALES we read about getting 100 to 110% mortgages with same property not having a licence.

Is there anyone out there who can put a handle on this once and for all. Anyone who knows the FACTS.

In the meantime with all our sorrows lets try to be HAPPY, it is still a beautiful world and tomorrow is another day.  Spain is a very interesting place.

Slan libh go leir agus beidh me arais arois le cunamh De. 

 

Owengoonans post is highly accurate, especially regarding the conditions of mortgage acceptance / refusal.  As I and others have posted several times before, a number of banks in Marbella Centro are willing to grant mortgages of up to 70% of todays value, subject to status.  

Obviously,  it is impossible to know the financial position of any potential purchaser and acceptance therefore cannot be guaranteed, but the banks that I refer to most certainly are granting mortgages of a high percentage of todays value on LRdM.  These same banks have already researched the paperwork supplied by Grupo Penarroya regarding licence application for LRdM and are satisfied that it fulfills the necessary criteria to offer finance on properties there.