In response to your query about Dreamlife. Myself and another property invstor put reservation fees on 5 properties last summer. The reservation fees were 1k per property, so in total 5k. We also paid £1500 mortgage broker fees and £1500 valuation fees. The contract stated that if the properties came back less than 5% lower in valuation than the valuation stated by Dreamlife, the reservation fees were refundable. Properties were advertised with cash backs, tenants in situ and so 'no money down' deals.
Valuations on all 5 properties came back significantly lower (on one property the valuation was 30-40% lower, not all properties were tenanted and they required significant works to bring them up to letting standards. I withdrew from the purchases and am still awaiting the return of reservation fees from the company.
I understand Dreamlife contracted with a company called the Emerald Group. I am told they have our money. I have been told a lot of things by Dreamlife over the last 8 months. They are not consistent in the information they provide or promises they make. Until now I have stalled any legal acton at their request. However this situation should now have been resolved. I was assured when I made the reservations that our fees would be safe in the hands of Solicitors. How I find this is not the case. Legally Dreamlife are the people who are responsible for refunding fees and it would be their duty and obligation to refund fees and then recoup them at their leisure. I have stalled any legal action on the continual reassurance that the matter is in hand. However, I am not reassured any longer by their reassurances. They are becoming increasingly elusive, not returning phone calls, not responding to emails and avoiding contact. I have tried to contact Emerald Group directly by phone and email without any response.
I am currently looking to make contact with any other property investors who are in the same position as myself. I already know of a few. I can be contacted on my email address marifrond@aol.com