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nawabshah

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About nawabshah

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    london
  1. This is another example of your patronising attitude to other members of this forum. Do you think that you have the superior intelligence to advise the others and that your advice is sacred law? You are just a narrow minded individual. nawabshah PS, Reaper I will update my situation when something happens (hopefully positive).
  2. While I apreciate critisism for my stupidity, I don't think that I deserve this kind of treatment. I am already paying for my mistakes, so i guess it would make some people happy with this Schadenfreude attitude. However, I was not greedy becuase I didn't have any intentions to rip anyone off. If your definition of greed is a person who takes advantage of a bargain (even though in my case it wasn't what it seemed) then EVERYONE is greedy and therefore under your flawed logic Byron EVERYONE should burn in hell, and I am sure that would include you as well you pathetic person. It is people like you who undermine the good people on this forum who have been kind enough to give me positive advice. Anyway well done Bryon I guess you are right, I am going to lose a bundle as things stand. Nawabshah
  3. Thanks for your concern Friday, I came into contact with these guys through my own fault (as much as I would like to blame equity properties!). However, these guys did induce people like me by lying about prices. These guys are rip off merchants in my opinion. Regards Nawabshah
  4. Hiya its the OP again, Thanks Huw and others for some useful advice. I appreciate that my post was rather long and quite complex and thanks for your feedback guys. As to the position of the exchange deposit, I had paid around £1000 for an exchange bond (which in my knowledge is like an exchange deposit insurance). You see the thing that I am concerned with is the fact that if I could indeed walk away from the contract as some of you have suggested (due to the change in conditions of the contract), can I get the finders fee back from the property investment company (which is like a commision on top of the price of the property)? Anyway, I dont see the reason anymore to hiide the name of the property investment company. They are called Equity Properties and they have a website http://www.equityproperties.co.uk. They STILL seem to be selling properties on behalf of developers and no doubt pocketing the commissions. Has anyone else had dealings with this company? Please tell everyone about your experiences about these dodgy guys (in my experience at least). Thanks Nawabshah
  5. Hi again, After some help for the issue I had I have recently recieved a letter from the property investment company that I dealt with (I have posted the original thread started which was written by me on the 4th April). The letter goes like this verbatim with my comments in square brackets: Dear Mr......... I am sure you are aware of the impact of the credit crunch has had on the property market and more so the Buy to Let market. Many developers and institutions have changed there [spelling mistake] business models to cope with current pressures within the climate. We are writing to inform you of 2 changes being made at [development name], a development you have reserved a plot in. Change 1 - The developer has decided to postpone the completion date of all units until June 2009 [originally due to complete in April 09]. This decision was made after reviewing the current availablity of mortgage products which is at an all time low. With the delayed completion time and the efforts of the Bank of England who have just announced that they will be injecting a further £50 billion by way of bonds we feel this is a smart and necessary move for both the developer and the investors. Change 2- With the above in mind [property investment firm’s name] identified that valuations that had been carried out 12 months ago on the site where [ I think read were] no longer a true representation. As with all off plan investments they do carry an element of risk – especially when clients have exchanged contracts at a set price [which I have at £252,000 after incentives]. However, with our exceptional long standing relationship with [Developer’s name] we have managed to re negotiate the prices on behalf of our clients. Bearing in mind you have already exchanged contracts the developer is under no obligation to do this. This decision was made so that when completion comes our clients will be able to get mortgages and complete and [developer’s name] ultimately sells the site. New Gross: £240,000.00 New Net: £180,000.00 Total further saving: £72,000.00 The condition of the above revised pricing is that all clients must get there exchange bonds re issued for 10% of the new gross price – please speak with your portfolio manager who will help you arrange this. May we take this opportunity to thank you for investing with [property investment company’s name] and assure you of our continued attention until completion of your plot. [signature of portfolio manager] I have a few questions regarding this letter (i know that it is a long and complicated post and would be most grateful for your inputs): i) Am I right to be worried about my position as from the letter it seems that they may have had complaints from clients? ii) Again, how can it be that the developer has decided to take off a further £72,000 and bring the price down from £252,000 to £180,000 (considering I was told that the value of the property was £350,000!!!!!), it seems to me that they are running scared and hence the massive further price cut. iii) If this is still a legit contract, do you think that £180,000 for a 3 bed "luxury" appartment in central Leicester is good value and so should I keep hold of it? Many thanks in advance for your advice. TO PUT INTO CONTEXT I HAVE INCLUDED MY ORIGINAL 4 APRIL POST BELOW:
  6. Thanks for your advice Pyewackitt, much appreciated. I am still none the wiser on what the hell a troll is! I always watched people make money in property over the past 8 or so years. This also included my nearest and dearest. However, ever since I stepped into this property deal (my first ever) the market takes a massive turn for the worse. If that is cruel irony or what!! Anyway, a couple of points I am not too sure of. I mean if I were to see a lawyer to somehow get out of the contract, and by the sound of things that might be the best solution, I think I will still need someone else to 'buy' the right to purchase the contract at the 'discount' value. Anyway I will look into this. Moreover, I will still be losing out on the finders commision of £8000. I am lucky in that I haven't paid any deposit to exchange contracts, but I had to take out an exchange bond insurance, which the property investment company suggested (Exchange bond is like a guarantee on deposit upon completion). So I guess if I can get out of the contract I will lose out on around £10k which might still be better than to stay put and apply for a mortgage by next March. Anyway, thanks for the advice. if there is anything else please post thanks. Nawabshah (yes it is also a place in pakistan- my birthplace- not my real name).
  7. Hiya again, I am the original (naive) poster of this thread. Thanks for those who have offered some advice, much appreciated. However, I am not familiar with the term Troll. What on earth is a troll in this context? Listen I seem to have made a very costly mistake, at least I could expect some sort of advice/ tips etc rather than the torrent of piss taking and abuse. Just to make lufe easier for you lot i will admit: a) I have been naive to the point of dumbness. I am generally not a sharp or shrewd person and can rush into things. c) I am 100% to blame for my situation, and as a result I would prefer some helpful advice. Many thanks guys Nawabshah
  8. Hi there, this is my first post! I have recently bought an off-plan property in a development in Leicester. This development is actually a conversion of a textile factory into many luxury apartments. There are I think 3 phases and the third phase is likely to completed by March/April 2009. I have a lot of questions that I really should have asked prior to purchasing the property, I have been very naïve I guess. However, I would be very grateful if you can help me with the following questions: Property details: 3 bedroom duplex ‘luxury’ high spec apartment in LE3 (1 mile from centre of Leicester). This also includes a parking slot in the private car park. The also specs include communal cinema room, communal gym. Apparently the fixtures and fittings are going to be of a high standard too. I purchased this through a ‘property investment firm’ and I had to only pay a finders fee, and instead of a deposit, I had to pay for a deposit insurance policy (exchange bond). Overall I had to shell out £10k for the finders fee and deposit insurance. Questions: 1) When I purchased this development, the market value was considered to be around £350,000 (the investment firm suggested that was the market value). I researched if this was an accurate valuation on the internet, and on the Rightmove website there were a couple of other new developments which showed similar selling prices (unsold). However, there were no records of any sold comparable apartments for that price. However, in order to entice me into this deal, the investment company told me that I can receive a £98,000 discount on the market price. So in effect I would be paying only £252,000. I thought (maybe foolishly) that this was a good deal and hence I went ahead. So the question is are these ‘incentive’ deals a scam or are they actually discounts on the market value? 2) Secondly I wanted to find out if I can sell on my assignable contract to another person (not to profit myself- but to offload a risk). I have only exchanged contracts (without deposit), and apparently I can sell my contract on before completion (as a right to purchase at the ‘discounted’ price). The question was, if I were to do this, what would be the implications for me? And would this be difficult to do? Does anyone have any experience of this? 3) Finally, if the worst comes to the worst, and I have to complete and hence apply for a mortgage (which I have no chance of getting given my circumstances and the credit tightening), what would happen if I cant secure finance? Will I be forced to complete? Will I get a CCJ? Or bankruptcy? I am becoming increasingly worried about this. Many thanks for reading this post and I hope you may be able to help me, and offer advice. Cheers Nawabshah
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