mcj320p Posted July 24, 2009 Share Posted July 24, 2009 I believe these schemes work by promising an inflated rent payment for a fixed period, funded by a large up-front commission paid to the management company by the seller (obviously baked into the sale price). The actual rents being paid by the tenants are in many cases much smaller, so if the scheme fails, the rent you receive may fall to the 'true' level. The upside, if there is one, is that by changing to a conventional lettings manager, the yearly rent increases they negotiate with the tenant will end up in your pocket - although it may take some years to get back to the guaranteed sum you were promised. Quote Link to comment Share on other sites More sharing options...
veronica Posted July 24, 2009 Share Posted July 24, 2009 Thanks mcj. Is there much of a cost using a conventional lettings manager? Did the solicitor put you in contact with a reputable one? Quote Link to comment Share on other sites More sharing options...
skyedog Posted July 24, 2009 Share Posted July 24, 2009 I have also been caught up with this Dr O scandal. Although Dr O is not bankcrupt they are short of funds and looking to the rental bonds to cover the rental shortfall. However I think Allianz may not agree to releasing the bonds as it is in security for the mortgage. I don't trust O*** S******** to sort this out. Would be happy to join a joint legal action with everyone else. Quote Link to comment Share on other sites More sharing options...
belfast72 Posted July 24, 2009 Share Posted July 24, 2009 a few people have mentioned a meeting - as we have still heard nothing i think that this is a good idea. any suggestions for time and place Quote Link to comment Share on other sites More sharing options...
pipeslice Posted July 24, 2009 Author Share Posted July 24, 2009 a few people have mentioned a meeting - as we have still heard nothing i think that this is a good idea.any suggestions for time and place How about the kings head beside kingshall Belfast Wed 22th July 7.30 - 8.00 pm,anybody else any suggestions? Quote Link to comment Share on other sites More sharing options...
buyer Posted July 24, 2009 Share Posted July 24, 2009 How about the kings head beside kingshall Belfast Wed 22th July 7.30 - 8.00 pm,anybody else any suggestions? Hi pipeslice Do you mean Wed 29th July?? If so, that suits us. Hope everyone else can make it!!!! Quote Link to comment Share on other sites More sharing options...
pipeslice Posted July 25, 2009 Author Share Posted July 25, 2009 Hi pipesliceDo you mean Wed 29th July?? If so, that suits us. Hope everyone else can make it!!!! sorry ,got dates mixed up, yes Wed 29th July, please come back onto forum if that suits. Quote Link to comment Share on other sites More sharing options...
buyer Posted July 25, 2009 Share Posted July 25, 2009 sorry ,got dates mixed up, yes Wed 29th July, please come back onto forum if that suits. Yes, that suits. See you there 7.30!!! Quote Link to comment Share on other sites More sharing options...
belfast72 Posted July 25, 2009 Share Posted July 25, 2009 should make it okay Quote Link to comment Share on other sites More sharing options...
veronica Posted July 26, 2009 Share Posted July 26, 2009 See you there too 7.30 wed 29th july Quote Link to comment Share on other sites More sharing options...
skyedog Posted July 27, 2009 Share Posted July 27, 2009 See you there too 7.30 wed 29th july I don't think I can make the meeting but will be happy to be kept in the loop particularly if people decide to take legal action. Quote Link to comment Share on other sites More sharing options...
Nairek Posted July 27, 2009 Share Posted July 27, 2009 Fine. I will stay in touch. I suppose as a first step we need to get up to the 30 post benchmark, to enable us to make direct contact. Quote Link to comment Share on other sites More sharing options...
Nairek Posted July 27, 2009 Share Posted July 27, 2009 Has anyone managed to get any relevant information out of Oleg Schneider regarding this. I understand that he is employed by Dr Ochel for only 6 weeks to explain their current to their English speaking clients. is that tHe has told me that the present position is the the 10 year rental guarantee from the Essen Bank will now only guarantee the rental for another 39 months, and after that it is anyone's guess what the situation will be, although at that stage if Dr Ochel renege on the remaining term we will be entitled to make new arrangements with another management company. However to implement the guarantee we need to sign and send it back to them.At this stage my two main concerns are: We were told that the guarantee was effective until the end of 2016, so how can they alter the terms now? By signing the guarantee and returning it to them are we making the situation worse for ourselves. Quote Link to comment Share on other sites More sharing options...
veronica Posted July 27, 2009 Share Posted July 27, 2009 Nairek I think we need legal advice from a German lawyer on this! I am running around in circles and getting no straight answers-got a letter from Ochel today looking me to get bank to release over E3000 against the morgtgae to keep payments at same level-did anyone else get thsi? Quote Link to comment Share on other sites More sharing options...
pipeslice Posted July 27, 2009 Author Share Posted July 27, 2009 NairekI think we need legal advice from a German lawyer on this! I am running around in circles and getting no straight answers-got a letter from Ochel today looking me to get bank to release over E3000 against the morgtgae to keep payments at same level-did anyone else get thsi? HI veronica, I got no letter today, has your mortgage always been with Allianz from the start? We are with them from the start and so far they will not release the bonds. We got no letter at the start from Ochel offering us two choices A OR B did you a letter like this? Regards Bernard. Quote Link to comment Share on other sites More sharing options...
Piper Posted July 27, 2009 Share Posted July 27, 2009 HI veronica, I got no letter today, has your mortgage always been with Allianz from the start? We are with them from the start and so far they will not release the bonds. We got no letter at the start from Ochel offering us two choices A OR B did you a letter like this? Regards Bernard. Quote Link to comment Share on other sites More sharing options...
veronica Posted July 27, 2009 Share Posted July 27, 2009 I was not given 2 choices-just asked to get the money released-I don't even know how to do this-I was with Allianz form the start-tried to ring them (the mortgage section) today but could not get anyone who spoke English. Did you have tosend payments for the last 2 months directly to the mortgage company to get the payments from Ochel started again? I had to do this. WAs in contact with the Allianz bank which has the account rent money goes into and they confirmed no payments have been made in June or July Quote Link to comment Share on other sites More sharing options...
pipeslice Posted July 27, 2009 Author Share Posted July 27, 2009 I was not given 2 choices-just asked to get the money released-I don't even know how to do this-I was with Allianz form the start-tried to ring them (the mortgage section) today but could not get anyone who spoke English. Did you have tosend payments for the last 2 months directly to the mortgage company to get the payments from Ochel started again? I had to do this.WAs in contact with the Allianz bank which has the account rent money goes into and they confirmed no payments have been made in June or July Hi Veronica got the letters this evening by e'mail from Oleg they don't make very good reading they are reducing the rent by almost half of what the rental amount originally was. Originally we were told the shortfall would be around 60 to 70 euro per month then he said 150 and now it is nearly 200. Dr O does not say they are in breach of contract in any way its as if it is business as usual only with 200 euros less per month and for us to see about getting the bonds released ourselves from Allianz, they seen to think the bonds is not their problem. The meeting is still on in Belfast for Wednesday for anyone who is available to come - 29th July Kings Head at 7.30pm Has anyone yet been in contact with any German Lawyers about the rental contract? Quote Link to comment Share on other sites More sharing options...
Piper Posted July 28, 2009 Share Posted July 28, 2009 Hi Veronica got the letters this evening by e'mail from Oleg they don't make very good reading they are reducing the rent by almost half of what the rental amount originally was. Originally we were told the shortfall would be around 60 to 70 euro per month then he said 150 and now it is nearly 200. Dr O does not say they are in breach of contract in any way its as if it is business as usual only with 200 euros less per month and for us to see about getting the bonds released ourselves from Allianz, they seen to think the bonds is not their problem. The meeting is still on in Belfast for Wednesday for anyone who is available to come - 29th July Kings Head at 7.30pmHas anyone yet been in contact with any German Lawyers about the rental contract? Quote Link to comment Share on other sites More sharing options...
Piper Posted July 28, 2009 Share Posted July 28, 2009 Hi . New to this. Have apt in Berlin with 10 rental gaurantee from dr ochel. Haven't got anything from Dr ochel yet. Have been in touch with Oleg. Do you have to sign and return the letter to dr ochel before they can make changes. P Quote Link to comment Share on other sites More sharing options...
veronica Posted July 28, 2009 Share Posted July 28, 2009 I am begining to think that we are going to end up with no rental income like one of the guys above! Oleg is not answering e-mails or phone since last week to me -has he left the job-is the 6 weeks up-does anyone know. I did not get a letter to sign-we all seem to be getting different messages Thinking of getting a lawyer here to look at the contract with the mortgage company to see where I stand if payments into it stop Quote Link to comment Share on other sites More sharing options...
pipeslice Posted July 28, 2009 Author Share Posted July 28, 2009 Hi Can you give me the name of your Lawyer that dealt with your situation and can you recommend a good management company. When you say that the rent is less now with the new company can you give me a rough guide to what I should expect if we are to move to a new management company. How long did it take for you to terminate your contract? Pipeslice Quote Link to comment Share on other sites More sharing options...
buyer Posted July 28, 2009 Share Posted July 28, 2009 Hi . New to this. Have apt in Berlin with 10 rental gaurantee from dr ochel. Haven't got anything from Dr ochel yet. Have been in touch with Oleg. Do you have to sign and return the letter to dr ochel before they can make changes. P Hi Piper, We are meeting in the Kings Head Belfast tomorrow night - Wed 7.30 if you want to join us. we have all been given different information. Hope to try and sort this out as agroup Quote Link to comment Share on other sites More sharing options...
What2do? Posted July 28, 2009 Share Posted July 28, 2009 Thank goodness for this site We too have a 10 year deal with Dr Ochel which we finanaced at home rather than through CFP. We are currently missing both June and Julys rent. We have been asked to give permission for the guarantee to be released to help make up the shortfall initially between the actual rent and what we have been receiving. We were about to do that but could not find any documentation to do with this. We sent an email to Dr Ochel and cc'd in the solicitor who handled our conveyancing and the Notar. This was 2 weeks ago and we only got a reply from the solicitor asking us to give him POA to act on our behalf. We emailed him today to say that we didn't need advice or representation. He must have been at his PC because we got an immediate reply asking us to contact him immediately. We rang him and he explained that he could only give limited advice as we have not officially retained him but he did explain that he was already acting for other clients in the same position. He also told us we didn't have the guarantee certificate because this is held by the Notar and that if we allow Dr Ochel to cash in the guarantee it will be lost to us should Dr Ochel go belly up at a later date. It would be better for us to cash it in ourselves and put it towards our mortgage and then retain another management company. We have now decided to give the POA to the solicitor. I hope you don't mind if we attend your meeting in the Kings Head also. Quote Link to comment Share on other sites More sharing options...
buyer Posted July 28, 2009 Share Posted July 28, 2009 Thank goodness for this site We too have a 10 year deal with Dr Ochel which we finanaced at home rather than through CFP. We are currently missing both June and Julys rent. We have been asked to give permission for the guarantee to be released to help make up the shortfall initially between the actual rent and what we have been receiving. We were about to do that but could not find any documentation to do with this. We sent an email to Dr Ochel and cc'd in the solicitor who handled our conveyancing and the Notar. This was 2 weeks ago and we only got a reply from the solicitor asking us to give him POA to act on our behalf. We emailed him today to say that we didn't need advice or representation. He must have been at his PC because we got an immediate reply asking us to contact him immediately. We rang him and he explained that he could only give limited advice as we have not officially retained him but he did explain that he was already acting for other clients in the same position. He also told us we didn't have the guarantee certificate because this is held by the Notar and that if we allow Dr Ochel to cash in the guarantee it will be lost to us should Dr Ochel go belly up at a later date. It would be better for us to cash it in ourselves and put it towards our mortgage and then retain another management company. We have now decided to give the POA to the solicitor. I hope you don't mind if we attend your meeting in the Kings Head also. You're very welcome. Did you ask the solicitor how much they are going to charge??? It can be quite expensive. See you tomorrow night!!!!! Quote Link to comment Share on other sites More sharing options...
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