Singing Pig

your best bet is to set up a private forum here on singing pig so that you can all discuss your   strategy privately  -  no good forewarning the enemy ....

contact sp support and david beard can advise  

Hi All,

I also bought off plan at 20/20 years ago.
Have tried to contact Morris properties but no joy!, they seem to have renamed themselves and have produced other companies! (PUK (M) Limited, Morris Properties and indeed Leeds 20/20 Developments).
Trying to find a phone number is impossible, did trace it to some mailboxes in Chester! (sounds promising doesn't it!).
Based on what my solicitor says of the 13 clients she has only 1 wants to complete but can't (assume they can't get the mortgage).
I've decided to sit this one out and wait - if we do not complete then yes the 7% deposit has gone, but better that than complete on something worth considerably less.
Having said that a letting agent I have been in contact with based in Leeds says 20/20 is renting well and at a good price!!!!
I personally suspect that Simon Morris was ripping people off (hope I can say that!), but perhaps they actually had some genuine developments.

Who knows!

Hi..

I'm in the same situation! Bought a flat with MP ( 20/20 ) . Watson and brown did a great job for MP, considering the fact that they were suppose to be working in my best interest!

 I'm adamant not to complete! I've spoken to my solicitors( chosen by myself ), who founded several clauses in my contract which doesn't help my cause.   A def' case of proffesional negligence!!!!

 I haven't heard anything from MP as yet, but i'm waiting! 

 Does this sound familiar to anyone??

Hello Seth and Mark

First of all, I have to say that my solicitor after reading the contract has clarified that you have signed, and what Watson Brown did write to me, was that if you would not complete , then Morris would auction the property and any losses incurred will be yours. Please ask your solicitor for a copy of your contract and go through it with a comb. So, in a court of law, the law unfortunately is with the bad guys....LOL.

However,IF you can get a mortgage, which is a monumental task ( £2000+ in fees and awful rates 6.49 for 3 years and then 7.04), and I have managed it, then we could complete.

The only silver lining in this dark cloud seems that the apartments are rentable. Reading earlier stories about MPs, it seemed that properties were bought to be found that they were unrentable. However, I have contacted a different letting agent, who claims that he has rented out 2 bedroom flats in 20/20 for £700 upwards. ( You can easily google and find out or PM me and I will point you in the right direction. The letting agent has nothing to do with MPs.

So, my fellow 20/20 property owners, Let us work this out.

Let us set up a private forum, where ID check of any description would be essential to join.

Let us get together and plan something for MPs so that no more innocent victims will have slepless nights.

Here is one of the PMs I recieved.

I have taken out the gentlema's ID. The moderators could please check my inbox for proof that it is genuine and I am not making it up:

Hi,

I am in a similar position. I agreed to buy a studio apartment for £108k last January and exchanged contrcats. Morris agreed a gifted deposit of 8%. However, since Xmas 2008 I have been unable to get a mortgage on the property and am now in breach of contract. The gifted deposit has been rescinded and I have a new purchase price of £98k. They are about to start suing me for 10% of deposit, plus costs and will re-sell the property at auction and I will pay any net loss for the sale - so it will cost me thousands of more pounds.

 I am up *** creek. Do you know any other purchasers on this development? We could get together and fight the buggers?

I have to leave the id for this gentleman put his trust in me. However, as I see we are atleast 5 at the moment who have a reason to hit back at MPs. If we could become more, let us all sign up a common complaint letter to the FSA. After all, whatever was promised on the brochures has not been and will never be delivered. MPs will make millions from suckers like us. I have contacted FSA and they told me they are not able to act on individual cases. However, if we are 10-20 of us and petioning together, then my friends this is different light altogether.

Seth, I am sending you a PM. Hope to talk to you some time soon.

Stay strong and positive. The market is unlikely to recover for upto 5-6 years. But the good news is no-one wants to buy residential either and hence the rental market looks good. BUT it will not cover the mortgage. We will have to shell out an odd hundred or two to break even but it could be worked, if you want to break even.

The other option is to back out. The worst case scenario is you lose the deposit and MPs auctions your flat. Now the person who will make the money is the one who buys your flat at the reduced price. Maybe bas***ds from MPs buy this and make another pile at your cost. They are not bothered at what cost this will sell at the auction as you will have to come with the rest.

I hope the above makes sense. The only way to come out of this is by being strong. Indecision and haste is going to cost big time.

I recently spoke to a solicitor about this development.  Apparently the lease document states that flats in the development can not be sub let at all.. bit of a fundamental flaw for any buy to let investor!!

Anyway as a result whichever solicitor was acting for you to purchase the flat orginally should have obviously picked up on this "minor" flaw, if they haven't spotted this (which I'm sure is the case for every investor) your solicitor is at fault and so in theory you should be able to get back your deposit monies paid through indemnity insurance.  I know this sounds simple, but probably won't be in reality.  The solicitor's firm fighting this cause is run by Nigel Robinson though not sure how far he's got with this angle.

Hi John

I have gone through the lease and the agreement with a comb. There is no conditon like that and many of the flats on earlier releases are already let.

You are talking about subletting it. As far as I know, subletting is if I rented and then let further. Correct me if I am wrong. Also, once you have purchased a property, whether your mortgage lender knew if you were planning to live or let, once he keeps getting his chunk, he is not bothered.

Regards

Hi

I have also bought off-plan from Morris Properties one of the Verto Apartments on Skinner lane.  Big mistake.!!!

Not even sure what stage of development it is at, does anyone know.?

Regards