Singing Pig

Hi all

I first wrote on this site at the end of the year about my Bahama Bay situation. I signed the contract to purchase a Bahama Bay property in Oct 2004 and was given an estimated completion date of Oct 2005.

As per Simon's note I think the suggestion of asking for a reduction in price is a fair one. Basically if the completion was on Oct 2005 as mentioned within the contract I signed I would have had the opportunity to sell the Bahama Bay property before all the sub prime problems came to light. Now due to Maesbury's complete incompetance and inabiilty to stick to their original dates stated within the contract I will have a property that has massively fallen in value. It doesn't seem right that they/IT should suffer no penalties for their incompetance whilst we take all the pain

Failing this I would also be happy to join anyone in a class action against Maesbury homes,  I understand that this is quite a complex area, but if they are enough of us who have suffered this fate then maybe we have a chance of getting something back from Maesbury homes.

  

Regards

CD1

Hi all,

I have contacted customer services at IAP, once again requesting that they lobby Maesbury homes on our behalf about reducing the prices of the units to nearer market value. I belive this is the only we we will get mortgages.

I have to date put in £22,700, plus the £2,500 intro fee to IAP.

I could pick up a unit at Bahama Bay for as little as £65,000 now. The sale price I am committed to pay on the contract is about £108,000. It almost makes sense to walk away and purchase one of those and save myself  nearly twenty grand!

Simon

The role of your solicitor is to look after your interests, what do they have to say (and do) about this? urely they should be making comment and trying to provide technical input now?

I agree with you I have paid much the same and will struggle to get a mortgage (if at all)

I am able to pick up the same/similar  unit for   $115000

I think we should all lobby Maesbury homes to rethink their prices as the developement is so delayed I believe that they are in breach of contract

Jane

We are new to this forum.  We purchased off plan with IT & have owned quite some time now.  This "investment" has been a disaster. It is a money pit.  The condo & BB is lovely, but contrary to IT's illustrations the rental never covers the monthly charges.  We and others we are in touch with have lost thousands each.  I am greatly saddened by the number of desperate people I have had contacted with who have lost everything through IT and their "exepert advice".

 I have tried 2 firms of solicitors so far to try and take an action on against IT, but cannot get a response so far.  I would be really interested in the London firm, also any class action.  Those of you who can still pull out we would strongly suggest you do.  We have a mortgage with GMAC in USA, but they also operate in UK now I believe, if you have to go ahead with your purchase you could try them.

It is unbelieveable that a company like IT can knowingly misrepresent the investment potential and not be held accountable.

All advice welcome

Yours

Marilyn

 

You could request your file through the Freedom of Information Act, that might give you  something useful, (also hassle factor), you can contact Vince Cable MP who is interested in what is happening with this company, you could also send your story into the newspapers, they are all adding their weight behind the dissatisfied customers campaign. Office of Fair Trading might want to hear from all of those who are now involved in this, also watchdog?

Anyone know of others who might be able to help raise awareness and cause sufficient irritation to prompt 'appropriate' discussions and recompense for those still involved in this sorry saga?

you guy REALLY  really must be aware that Inside Track read this forum and  always have done  -  you must NOT give them any forewarning of what you plan to do  - i know its frustrating - but  you will not serve yourselves well by being so public with your plans  .........

When you have exchanged and are in the position of waiting for a mortgage  can you still walk away?  Does anyone no the implications?  I would be happy to form a collective.  Is anyone else out there going through this on the Palisades?  Has anyone got any news about that?