My solicitor, who works out of Spain but also has an office in Morocco, is currently involved in meetings with the Ministry of Tourism and the developers - PL - and has advised that they will report back to me and their other clients shortly. They have advised the law as it stands at the moment regarding the RT status but have also advised there are plans to change this law this year to RIT status which has different implications. They have been working on this for several weeks, unbeknown to myself – but that’s why I appointed a lawyer – so that they could do the research and report back to me. I am fortunate to have appointed what I consider to be an excellent firm which I researched through the Law Society. It appears that not all the other firms have been so diligent in their research. Whether they did not know the current law or simply decided not to tell their clients because they were aware of the impending changes, I can’t say, but my lawyers have kept me informed every step of the way. I don’t know whether the new changes to the law will just apply to the Azur sites or all developments in Morocco – we will have to wait and see.
Both Property Logic with the Le Jardin de Fleur developments and Superior with their own Oasis developments insist that full title deeds will be available and that owners will be able to rent or not – the choice is totally up to them.
As this is Morocco’s flagship development, and also PL’s first development; and many buyer’s first investment, everyone wants it to be a success. The infrastructure is there on the whole resort to enable it to become a 12-month tourist resort and the infrastructure of the RRT and VVT developments with their clubhouses and services will provide all the amenities and facilities that one could wish for as a tourist. The Moroccan government have been heavily involved in this development overseeing each stage of development. Inevitably changes and improvements will be made along the way. As it’s PL’s first development they, too, realise that flexibility is important. All this bodes well for us as investors to get maximum growth and good yields.
Most people will want to rent out their properties – some will be happy to let it out all year-round; others will want to rent it and have limited usage; others want more flexible usage and only occasional usage and I know of two people who intend to be based there pretty much all year. Whatever obligations the Moroccan government have placed on Fadesa and in turn PL will be with the aim of ensuring that the properties are let out all year. However, any restrictions imposed will have to be acceptable by the majority of buyers, otherwise it will simply not work. I am sure that if something was proposed that was not acceptable, it would be possible to change it.
And that’s the very reason I set up the Owners Group – to coordinate everyone’s opinion and put our ideas, views and concerns forward. The Group consists of people from all walks of life who have great ideas and much to contribute to the ways in which the clubhouses can be organised for instance; some buyers are experienced investors and have ideas on how the rental company could operate. It’s an exciting time as we have the opportunity to be involved at the very beginning.
With regards to not being able to change furniture – please elaborate. I have been working on ideas for the draft furnishings list which every member of the group has contributed to and am also working on optional extras that can be made available, with products sourced locally wherever possible and PL are taking on board our suggestions.
I certainly think it’s an excellent idea to have the property fully furnished to a high standard – it means that tourists know the quality then can expect when renting one of the LJDF properties and it’s important that it’s maintained to a high standard. So I would certainly want to see some restrictions placed in the final contract – i.e. an obligation to redecorate at certain intervals, etc. – again nearer the time we will be putting these ideas forward to PL. But to imply that you can’t have your own pieces of furniture is simply ridiculous – it wouldn’t work.
Your obviously have an issue with your solicitor and your first point of contact should be the Law Society if you feel they have been negligent. With regards your RT7 apartment, I am happy to put you in contact with an agent who has people who wish to buy on RT7 and would be happy to take over your existing contract. Please email or PM me for further details.
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