Singing Pig

K3lly:

Hi Pod,

I would agree with what you have said here regarding FSA, caveat emptor, etc; however, you are wrong on the following point: - 

Pod:

make your decision to complete or walk away ... then learn from this experience. 

The buyer cannot simply walk away.  If he does decide to breach his contract, he stands to lose much more that the 10% deposit. Under terms of the contract the vendor is entitled to be recompensed as if the buyer had stuck to his side of the deal.  In this case I suspect that the MP have been advised to off load the properties at auction and then go after the buyers for the difference.  Unfortunately for the buyers I have seen this type of property sell at auction for as little as £90k meaning that MP could sue for potentially £102k.

A very unfortunate position to be in.

If the buyers took professional advice then they may have an action aginst their consultants - although I suspect they went into this transaction with their eye's tight shut in the belief that property prices only move in one direction.

no, it is you who is wrong!  i suggest you get yourself a better solicitor if that's what you have been told.  i can't say it any clearer than that. 

All,

I need a definitive list of people affected by MP. I can then create and email distribution list where we can fix a date to meetup.

I have a strong suspicion this board is monitored by MP and hence the suggestion. Please send me a PM your email if you wish and we weill get started.

rgds 

I'm with Babu on this one.

 You can't just walk away because the market has changed!

What HAS changed is that the development was very late; if it had been on time then the valuations, rentals and mortgages would of existed. Whilst MP will obviously have some clause in the contract for "late building completion" it is possible to argue legally that they have effectively caused the problem. The original 17% cashback (or whatever it was) HAS to be honoured if you do not accept the alternatives (such as a discount on the purchase price). The fact MP can't do this is THEIR problem!, after-all the contract can cut both ways.

The way I see it is legally there's the delayed completion issue and the original contractual obligations regarding cashback on their part not being met. Whether that's enough to win a case and just loose your deposit is tricky. MP's bad publicity certainly doesn't help their case. But quite frankly it is strength in numbers NOT completing on legally arguable grounds that might have some impact.

As mentioned they can't sue everyone and their cashflow situation should be looking weak!.
Why MP don't just bite the bullet and offer new contracts on exchanged properties with LOWER prices so that people can complete (i.e. LTV, rental etc. stacks up) I don't know.

As an aside we exchanged with Crest Nicholson on an apartment in 2006 with completion now. Due to the markets etc. I still managed to get 10k knocked off and free flooring; it's better than being sued for upto 6 years later (under general law).

MP should make a move to resolve this and the best way is to not complete until they address the valid issues mentioned.

cheers

I have sent a private message to Prem, with my email address details etc. I thnk we should start acting quick on this one!

cheers

Hi there,

I am not giving my real name here,think that this board might be monitored by MP.

I have bought one bed flat in 20/20 House,and know another 5 people invested there.

Obviously we are on the same boat-the promised cashback it is not going to happen,MP are offering a discount price,which was mentioned in their sales brochures anyway.

I have been contacted by mortgage broker(my number given to him by Harish) and he told me that I have to add another

My idea is to contact FSA,I know they don't investigate a single complain,so I will speak with them and will ask to whom we should send a letter.It will be posted here as soon as I get any answers.

But please,everyone,ACT QUICK!

No need for long conversations here,just act!

Sorry that I left an unfinished sentence.Accidentally I hit the send button before completeng it.

So,I was contacted by the mentioned mortgage broker yesterday.

He asked me to add another 7% (approximately) to my initial deposit of 8%,so to make it 15% for residential mortgage.

As I said in my previous posting,I will get back to all of you,as soon as I get contact details from FSA.

The cashback information was never put in the contract so really after discussion with a solicitor I have been informed that this won't be a good enough reason for not completing.  

All,Lets not talk here anymore..i urgently request all of you to send me a PM or email premsub@gmail.com with your email addresses. I can then add you to an email distribution list. This wold help us decide on next steps ASAP.

 -Prem