Marsa Alam

[anthonyday]

Dear All,

Firstly, I do not work for Anthony Seddon & Co nor am I under any retainer or commission as has been suggested. I have not even used their services! I am not going to get into this needless banter arguing points which clearly cannot be agreed on for reasons I have previously stated. I resent comments stating that I may in anyway be naive. Having dealt with IPI since early in their Zafarana development, having purchased there I have no problem in investing in their developments. This is not naivety, it is many years of experience in this field. I hope that those negative people go on to be as successful in this field as I have been fortunate enough to be.

Tony

 

[anthonyday]

Tony and welcome - but - thats what a forum is for - opinions so how can you come on a forum and tell people to keep them to themselves??

As I stated I am not asking people to keep to themselves, merely to consider the impact on other people’s investments when they make negative comments, particularly when there is no fact behind their assertions.

Can you expand on the 17 you have bought??

I currently have properties in: Egypt, UK, Australia, Malaysia, Croatia, TRNC, Brazil, Las Vegas (USA),Monterey (USA) and Morocco.

How many and where in Egypt as this is very different from other countries.

This is my second property in Egypt, the first being in Zafarana.

Who has done your due diligence for you?

I have not instructed Due Diligence, I have read the DD from Anthony Seddon & Co. As they are legally liable to their clients and are a UK based law firm, all of their information must be verified etc by themselves. I find it amusing how some people think that lawyers can just go out and blatantly lie…

You say it is very thorough so what qualifications in Egyptian law do you have to make that statement???

The DD document covers, the title of the land, the company structure of IPI, the planning permission, the financial position of the company and the escrow account. The report is thorough compared with other reports of this nature, which I have seen. Furthermore, this is my whole point, why would I need qualifications in Egyptian law when Anthony Seddon & Co have conducted the DD and have Egyptian lawyers working for them?? As a side point too, a couple of people have commented on AS not knowing Egyptian law because of the contracts, why don’t you try ringing them and asking them for a contract? I did this and they haven’t even sent any contracts to any of their clients yet so what are you basing this on?


Where have you bought / reserved in Marsa if you dont mind me asking?

I have bought IAS02A

I believe some have had problems with Seddons not only on this but other developments.

I have not used their services before although I have spoken to Anthony Seddon on the phone before. I don’t remember seeing anyone posting problems on the forums during Zafarana with them but its difficult for me to comment on this.

I will ask you straight out are you an Agent or a genuine investor?? If an investor where on Marsa have you bought??

I am an investor!!! Just because I have an opinion and write full responses does not make me an agent, this forum has enough of those.

Also forgive me for my negativity but you have only just found this forum but have purchased 17 and this is the biggest overseas forum and you have bought on Zafarana as well - why have you only just joined and made a rather large post.

I think I made my point clear about the way I feel forums should be used. I am a member of eyeonworldwide where I have discussed on many occassions both this and the Zafarana Development, and a couple of others. I do not use forums as a way to gather information and therefore have not relied heavily on them in the past. I would much rather get my answers from my agent, the developer or my lawyer. I monitor this website occassionaly and have not been a member as I disagree with the amount or arguments and agents who are listed on this site playing one development off against another. I felt after comments I read recently about the MABR that I had to state my opinion on these matters, hence my joining of the forum. I didn’t realize at the time of course that I would then have to justify why I don’t use the forum nor for that matter why many experienced property investors don’t use any forums at all as they are largely used by people with limited experience who take answers from completely anonymous people as gospel.

Again if you are genuine I apologise if my post comes across to you as a negative one.

No apology necessary.

Tony Day

 

[Jacky Hep]

Interesting points

Hi Tony

I appreciate your points of view; I am a new member to this site.

One of my concerns for the MABR project has been that the only comparative project to base an opinion on about IPIs diligence is Zafarana. I came to be interested in MABR out of an interest in Zafarana but finding I was too late to invest in that. That project is still not completed and looking at current estimates find it difficult believing it will be ready by the second half of 2009 let alone the first. Had it followed projections, perhaps with a month or two delays, I would feel more comfortable about the MABR project.

Have you complete faith that Zafarana will be ready for you in the time currently specified?

Adding to the above, I was told when I signed for MABR a few months ago that the build would begin, a bit later than originally specified, in June. I now find I have to complete contractual arrangments and it is still not begun, the earliest I am told is end of August/early September; so I need to sign on faith that the latest information given by IPI is correct, when it was not before, will it change again (as Zafarana) - not confidence building.

I believe about 60% of MABR Part 1 is 'sold' so wonder if that may affect build - are monies collected sufficient to progress the build according to an existing plan or not and will sales influence future dates and committments to purchasers - the impression I had been given by brokers when I first registered and paid deposit was that MABR part 1 was almost sold out.

Although IPI may be highly trustworthy, and I have no reason to think otherwise, the lack of solid information and certain safeguards is disconcerting; had the build started, had it almost sold out, was the escrow account guaranteed by a major independent institution, were all contracts that same (if as some say they are not),was due diligence able to provide greater advice on IPI financial circumstances (especially with Zafarana under way and possibly taking a heavy committment from IPI),were there other successfully completed IPI projects to base success on - theses things would assist us all to move forward, they seem to drive the current discussion here; not that people are dissenting, as I am sure that like me they wish to see a successful MABR (and like Zafarana it would be a credit to IPI as they are large exciting projects in a most beautiful part of the world) but there are genuine concerns due to issues such as those above especially for people like me who are starting on the purchase road.

 

[samui13]

due diligence

Tony you say you have not had your own due diligence done. You earlier said you were not using seddons yet you quote "I have read the DD from Anthony Seddon & Co. As they are legally liable to their clients and are a UK based law firm, all of their information must be verified etc by themselves. I find it amusing how some people think that lawyers can just go out and blatantly lie". If you are not instructing Seddons, have you seen the disclaimer on the front of the due diligence????? you havent got a leg to stand with any information contained within that document and should be checking out its contents yourself. It also adds that clients of Anthony Seddons will be forwarded further information at a later date (will you get this???)

"The DD document covers, the title of the land" - so can you read arabic, is this what it really says??? - and here I am not making out its a fake document but surely is something people want checked.

"As a side point too, a couple of people have commented on AS not knowing Egyptian law because of the contracts, why don’t you try ringing them and asking them for a contract? I did this and they haven’t even sent any contracts to any of their clients yet so what are you basing this on?" We were told by IPI that their UK solicitor drafted all the contracts. What we found disturbing was that IPI insisted the contract did not need to be in arabic since all issues would be fought in a Dutch Court of Law - The Contract said it would be fought in an Egyptian Court of Law!!! Ok yes they have now changed this but only at our request.

With regard to Seddons and the problems we have heard people are having you say "I have not used their services before although I have spoken to Anthony Seddon on the phone before. I don’t remember seeing anyone posting problems on the forums during Zafarana with them but its difficult for me to comment on this" - I have been told by IPI that 95% of purchasers on Zafarana never bothered using Seddons or taking any legal advice at all.

Tony this is not on attack on you but this is a forum we have been using to ask questions and view of thoughts with each other. At no point, I believe has anyone come on here and said its a crap resort, IPI are going to go bankrupt or fail to deliver or anything of the sort, people have just raised issues and discussed them, which I feel we have every right to do. I find it weird to be honest that you dont wish us to do that. I have found everything other people have raised helpful and have been glad for them reminding me to look in to things I had not thought of.

Keep the forum going everyone, it makes for interested reading and is helpful to all legit purchasers. OK we dont have to listen to everything everyone says but let us as individuals be the judge of what we want to take in and what we do not want to take in.

Good luck

Lou

 

[Peter Mitry]

Marsa Alam Beach Resort

Tony you say you have not had your own due diligence done. You earlier said you were not using seddons yet you quote "I have read the DD from Anthony Seddon & Co. As they are legally liable to their clients and are a UK based law firm, all of their information must be verified etc by themselves. I find it amusing how some people think that lawyers can just go out and blatantly lie". If you are not instructing Seddons, have you seen the disclaimer on the front of the due diligence????? you havent got a leg to stand with any information contained within that document and should be checking out its contents yourself. It also adds that clients of Anthony Seddons will be forwarded further information at a later date (will you get this???)

"The DD document covers, the title of the land" - so can you read arabic, is this what it really says??? - and here I am not making out its a fake document but surely is something people want checked.

"As a side point too, a couple of people have commented on AS not knowing Egyptian law because of the contracts, why don’t you try ringing them and asking them for a contract? I did this and they haven’t even sent any contracts to any of their clients yet so what are you basing this on?" We were told by IPI that their UK solicitor drafted all the contracts. What we found disturbing was that IPI insisted the contract did not need to be in arabic since all issues would be fought in a Dutch Court of Law - The Contract said it would be fought in an Egyptian Court of Law!!! Ok yes they have now changed this but only at our request.

With regard to Seddons and the problems we have heard people are having you say "I have not used their services before although I have spoken to Anthony Seddon on the phone before. I don’t remember seeing anyone posting problems on the forums during Zafarana with them but its difficult for me to comment on this" - I have been told by IPI that 95% of purchasers on Zafarana never bothered using Seddons or taking any legal advice at all.

Tony this is not on attack on you but this is a forum we have been using to ask questions and view of thoughts with each other. At no point, I believe has anyone come on here and said its a crap resort, IPI are going to go bankrupt or fail to deliver or anything of the sort, people have just raised issues and discussed them, which I feel we have every right to do. I find it weird to be honest that you dont wish us to do that. I have found everything other people have raised helpful and have been glad for them reminding me to look in to things I had not thought of.

Keep the forum going everyone, it makes for interested reading and is helpful to all legit purchasers. OK we dont have to listen to everything everyone says but let us as individuals be the judge of what we want to take in and what we do not want to take in.

Good luck

Lou

In good faith and believing this to be a potentially superb project Egypt Real recently listed this on our website.

However, we have been advised in the past 24 hours that the proposed constructors are not the owners of the land and that the land owner has recently died leaving the land to his two young daughters who are minors.

If this is the case how can any constructor have a legal right to build on land which is not his and where the legal owners are young children?

This is what Due Diligence is all about. If the correct documents are in place then potential buyers can move forward without these sort of worries.

If no evidence is forthcoming which disproves what we have been told then we will need to remove MABR from our website until this issue is resolved.

 

[NeilHollingsworth]

So who has issued the Due Diligence on this project and what do they have to say about these very serious issues?

 

[samui13]

Hiya Neil, we have pulled out as you are aware, but I will email you a copy of the due diligence. Its drawn up by Seddons but has big disclaimer on the front for people that have not instructed them.

Email on its way now.

Cheers.

Lou

 

[kc67]

Dear All,

Firstly, I do not work for Anthony Seddon & Co nor am I under any retainer or commission as has been suggested. I have not even used their services! I am not going to get into this needless banter arguing points which clearly cannot be agreed on for reasons I have previously stated. I resent comments stating that I may in anyway be naive. Having dealt with IPI since early in their Zafarana development, having purchased there I have no problem in investing in their developments. This is not naivety, it is many years of experience in this field. I hope that those negative people go on to be as successful in this field as I have been fortunate enough to be.

Tony

Hi Tony,
Can you let me have your thoughts on the fact that the developer appears not to even own the land that they propose to build on and their due diligence appears to be a smokescreen? I'm presuming that, as you have years of experience in this field, you are happy to also accept this and part with your money without checking?
Karen

 

[cin7166]

In good faith and believing this to be a potentially superb project Egypt Real recently listed this on our website.

However, we have been advised in the past 24 hours that the proposed constructors are not the owners of the land and that the land owner has recently died leaving the land to his two young daughters who are minors.

If this is the case how can any constructor have a legal right to build on land which is not his and where the legal owners are young children?

This is what Due Diligence is all about. If the correct documents are in place then potential buyers can move forward without these sort of worries.

If no evidence is forthcoming which disproves what we have been told then we will need to remove MABR from our website until this issue is resolved.

Thanks Peter. I will check with my agent what is going on.

 

[anthonyday]

Karen,

In the Due Diligence document it clearly goes through all of the legal parameters regarding the purchase of the land. SERY Company owns the land and IPI have purchased SERY Company. There are two parcels of land. Part 1 is the main resort land and part 2 which is the commercial section across the road. The share transfer for the main part has already been done and the second has been contracted and is going through official transfer in the courts currently. Therefore IPI already owns the land so I'm not sure what all these questions are about and we have all the documentation to prove this. Peter, as I assume that you are an agent re: your comments about your website, surely IPI has provided you with this documentation.

Tony Day

 

[anthonyday]

Hi Tony

I appreciate your points of view; I am a new member to this site.

One of my concerns for the MABR project has been that the only comparative project to base an opinion on about IPIs diligence is Zafarana. I came to be interested in MABR out of an interest in Zafarana but finding I was too late to invest in that. That project is still not completed and looking at current estimates find it difficult believing it will be ready by the second half of 2009 let alone the first. Had it followed projections, perhaps with a month or two delays, I would feel more comfortable about the MABR project.

Have you complete faith that Zafarana will be ready for you in the time currently specified?

Adding to the above, I was told when I signed for MABR a few months ago that the build would begin, a bit later than originally specified, in June. I now find I have to complete contractual arrangments and it is still not begun, the earliest I am told is end of August/early September; so I need to sign on faith that the latest information given by IPI is correct, when it was not before, will it change again (as Zafarana) - not confidence building.

I believe about 60% of MABR Part 1 is 'sold' so wonder if that may affect build - are monies collected sufficient to progress the build according to an existing plan or not and will sales influence future dates and committments to purchasers - the impression I had been given by brokers when I first registered and paid deposit was that MABR part 1 was almost sold out.

Although IPI may be highly trustworthy, and I have no reason to think otherwise, the lack of solid information and certain safeguards is disconcerting; had the build started, had it almost sold out, was the escrow account guaranteed by a major independent institution, were all contracts that same (if as some say they are not),was due diligence able to provide greater advice on IPI financial circumstances (especially with Zafarana under way and possibly taking a heavy committment from IPI),were there other successfully completed IPI projects to base success on - theses things would assist us all to move forward, they seem to drive the current discussion here; not that people are dissenting, as I am sure that like me they wish to see a successful MABR (and like Zafarana it would be a credit to IPI as they are large exciting projects in a most beautiful part of the world) but there are genuine concerns due to issues such as those above especially for people like me who are starting on the purchase road.

Yes I have no reason to believe that it will not be finished. In any rate I am not overly concerned about this as it is an investment, and given the penalty payments for late completion, it makes no financial difference to me.

Again, I don't really see why this would be of concern. I'm not worried about when they start, only when they finish. At this stage of construction it will only be ground preparation anyway. I have bought other properties over a year ago and construction has only just started on these, so this is certainly not unusual.

If you look at when payments are released from escrow as per stages of the build, only small percentages of the funds are being released each stage so with 60% sold, which is very quick I might add, I would suspect that there would easily be sufficient funds for construction.

One more point regarding the financial position of IPI. In the DD report it states that they have €1.2 million or so in reserve which is a significant amount of money considering they have already paid several million for the plot. Zafarana shouldn't create a financial strain as the resort has long been sold out and therefore all funds are in escrow for construction. This is a cash funded development meaning that there are no loans for construction finance on the development. This is quite rare as developers will often borrow huge sums of money against the resort. This helped me at least with both projects, as I know that without the constraints of interest repayments, banks being involved etc my investment is safer.

Tony Day

 

[Jacky Hep]

Reply to Tony Day

Yes I have no reason to believe that it will not be finished. In any rate I am not overly concerned about this as it is an investment, and given the penalty payments for late completion, it makes no financial difference to me.

Again, I don't really see why this would be of concern. I'm not worried about when they start, only when they finish. At this stage of construction it will only be ground preparation anyway. I have bought other properties over a year ago and construction has only just started on these, so this is certainly not unusual.

If you look at when payments are released from escrow as per stages of the build, only small percentages of the funds are being released each stage so with 60% sold, which is very quick I might add, I would suspect that there would easily be sufficient funds for construction.

One more point regarding the financial position of IPI. In the DD report it states that they have €1.2 million or so in reserve which is a significant amount of money considering they have already paid several million for the plot. Zafarana shouldn't create a financial strain as the resort has long been sold out and therefore all funds are in escrow for construction. This is a cash funded development meaning that there are no loans for construction finance on the development. This is quite rare as developers will often borrow huge sums of money against the resort. This helped me at least with both projects, as I know that without the constraints of interest repayments, banks being involved etc my investment is safer.

Tony Day

Hi Tony

Thanks for the explanation - it makes sense of course, but there remains an element of trust required and it is that which people may decide to go with or not. 1.2m Euros sounds a lot but if the executives have a mortgage each, during these recent difficult times, 1.2m Euros can easily be swallowed up by that - look at UK repossessions; and the DD makes it clear that Seddons did not look into their personal finances for surety for buyers which would have provided greater clarity for buyers.

60% may be a lot - I'm not sure on that - but if 60% sales is then provided drip drip to the builder thro' escrow, for example spread around the Part 1 evenly, how is it used to maintain the build evenly? Say a block B has only sold 35% and block A 75%, will the better sold take precedence for building? The only way I can see the part sold project working is if the profit margin is sufficient to cover builds where sales are non existent, and that's possible of course, or where there is extra monies to use for building which can be recouped on sale. I also think that once the build gets underway, and progresses, there is more chance that people will buy the remainder as they grow in confidence about the project.

If a builder had monies, from loans say, covering the whole build there would be no problem as in usual housing projects where there is good demand - the builder builds the project and people either buy in advance or when the houses are finished; then the builder is paid and can repay the loan - in this case the only funds available, if no loan is sought, are those prepaid into escrow. That's why I said if IPI had evidence of completed builds it would assist the prospective buyer. I've checked the Net and cannot find any - do you know of any?

The penalty payments sound reasonable but again with say 60% sales, if the build, perhaps inevitably as the Egyptian court case cannot be resolved for several months according to the DD, is delayed to extreme how can those penalties be paid if funds are tight for construction? One then has to assume either IPI or the builder - whoever is responsible at that stage (and the DD suggests that IPI may become liable as 100% share owner, or its building contractor, or its Egyptian partner which is contracting the work - not as clear as might be) - will have to pay those penalties? Who is paying for the apparent long delays at Zafarana?

Regards

Jacky

 

[kc67]

Hi Tony,
Unfortunately my Egyptian lawyer does not agree with you. Are you qualified in egyptian law?
Karen

 

[PierreM]

Hi guys,
Just reserved a 2 bedroom apartment in marsa alam beach resort with interlink property group in the uk. My sister in law works for Abn Amro in Holland and I asked her about ipi, she said ipi is really safe company to invest with, their record is really good.

A few things I read in this thread dont make sense. Why are you guys talking about egyptian law? if there's an issue with the developer or the building, it's going to be dealt in a dutch court. i am south african, there are plenty of developments from foreign companies and no south african court would deal with something about the development itself. The land has been sold, so they have no business init except if the building was illegally built.

My sister in law confirmed that to me again, she talked with someone from the bank who deals directly with ipi, if there was an issue with the developer the case will be treated in a dutch court, the egyptian court would be involved for issues regarding my title deeds.

My agent was also very clear about it, that is why you should check with your agents too but i am pretty sure you guys have been misleaded.
I have to say, it helps to know somebody that can give you good information but if you have good agent like i have, they should be able to give you the correct information you need. I am really happy with the apartment i bought, the rental guarantee is really good, no way i would get 10% anywhere else in the world today, certainly not in my native land I own 6 properties in south africa and if i can get 5 or 6% a year that's a miracle!
I have a business in europe and i know the competition puts bad reviews and comments on forum boards, so be careful with that. People posting on this one forum could be working in estate agent companies or building companies and they want to scare investors away.
all i know is they are no scam and they give a great rental guarantee, marsa alam is going to be the biggest resort in the middle east, i read in kuwaiti times port ghaleb is going to have a huge marina with 1000 berths, the prices of the properties are going to explode in 5 years. funny how europeans worry way too much

Sorry for my poor english Pieere

 

[queenie40something]

Hi Pierre and welcome to the forum and all the best with your purchase.

Although I am not buying in Marsa I have bought elsewhere in Egypt and this is what my contract states

It is agreed upon between both Parties hereto that in
the event any dispute might arise out of this
Contract, and/or interpretation, and performance
hereof , the Arabic language shall prevail and the
Arabic text herein shall be the official version.

Cairo Courts in the Arab Republic of Egypt shall –
each Court according to its jurisdiction of value - be
competent to decide on any dispute that might arise
out of this Contract, (May ALLAH Not Predestine),
and/or interpretation, performance, and enforcement
hereof and matters pertaining to the rights and
remedies of the Parties hereto.

Regards

 

[PierreM]

Hi Queenie,

I think it is true if your property is built by an egyptian building company and this make sense but ipi owns the land and they are dutch so if there is an issue with the contract, then dutch law is the one ruling.
I mean, the property is freehold and the land is freehold too, so if the company is building on the land, it means they have bought it and what is related to the construction sale is ruled by the law of the country the company building on is from.
anyway, they have lawyers, abn amro have lawyers, best western have lawyers, if they had to provide a contract in arabic they would. My agent got the confirmation from ipi, the contract is in english because it is ruled by dutch law but my title deeds will be in both english and arabic because they are ruled by egyptian law.
If you buy a land in the one foreign country and you build a house on it and you sell, the contracts will be done under the law of your country. Because the contract is about buying, it is not about owning, if that make sense. Your title deeds are your proof of ownership and if there is a problems with the ownership, it is under the rule of the country the property is located.
The contract is about the sell, the deeds are about ownership.
Sorry if my english isn't very clear...

 

[queenie40something]

Thanks Pierre - no need to apologise. Your English is very clear - better than some English lol

 

[Jacky Hep]

Reply to Pierre

Hi Queenie,

I think it is true if your property is built by an egyptian building company and this make sense but ipi owns the land and they are dutch so if there is an issue with the contract, then dutch law is the one ruling.
I mean, the property is freehold and the land is freehold too, so if the company is building on the land, it means they have bought it and what is related to the construction sale is ruled by the law of the country the company building on is from.
anyway, they have lawyers, abn amro have lawyers, best western have lawyers, if they had to provide a contract in arabic they would. My agent got the confirmation from ipi, the contract is in english because it is ruled by dutch law but my title deeds will be in both english and arabic because they are ruled by egyptian law.
If you buy a land in the one foreign country and you build a house on it and you sell, the contracts will be done under the law of your country. Because the contract is about buying, it is not about owning, if that make sense. Your title deeds are your proof of ownership and if there is a problems with the ownership, it is under the rule of the country the property is located.
The contract is about the sell, the deeds are about ownership.
Sorry if my english isn't very clear...

Hi Pierre

Good to hear more supportive comments and 'inside' information.

However, I think as has been pointed out, IPI does not appear to own the land yet. It's Egyptian partner and contractor seems to hold the shares in Part 1, and awaits transfer of Part 2 shares to it, before responding to a contract it has with IPI to hand over all 100% shares of the land. Then IPI will presumably own the land - though whether freehold or not at that stage is not clear as does not freehold only apply at end of a build in Egypt as suggested by the DD and other input?

We may be splitting hairs unnecessarily, I hope so - but it does seem that IPI does not own the land yet, and the developer company has to be sorted out in court as it now belongs to the children?

According to other input and the DD, I believe ABN AMRO bears no responsibility for IPI, it only holds the escrow account as it would any account that is the responsibility of its 'owners'.

As you say, it seems reasonable that any contract between IPI and its customers drawn up in Holland and/or the UK would come under that jurisdiction and not Egypt if freehold ownership of land/property cannot be held until completion of build, as the contract would have no relationship to a current freehold or land, only the prospect of one being built where the contract describes it to be?

From my DD and contract it appears that when the build is completed IPI is contracted to each customer to provide for handover of property, and collection of freehold from Egyptian government, costs to be borne by the customer. Any delay in build is to be penalised - who pays this, developer or IPI, will depend who owns what then; one expects the latter to have contracted with the former to make those payments; it would have been nice to hear from Tony Day if the Zafarana buyers are collecting such penalities at this possibly late stage of delays as that would confirm how it works and if it works as described in the material.


Regards

Jacky

 

[DC]

What a mess this is turning out to be!

Pierre from what I understand about international law, the probability is that a client could sue the developer in both Egypt or Holland/EU courts. They can choose if they have a case.

Withstanding this.

What is happening is highly irregular and to be fair a bit out of control.

ie. There is speculation galore.

Of course people should be allowed to debate. It is their money they are investing. And conversation brings up questions which is great and healthy.

If Mr Antony Seddon is the recommended lawyer for Marsa Alam, and he is sue-able if his advice is wrong, great for those using Mr Seddon.
If the developer has created a faux pas, by not distancing themselves enough from the Escrow account then that is a lesson learnt.

The result is that you have a group of concerned and not happy investors which is very negative PR. To be fair, the lenght of time taken to get to where we are today is very long.

The reality, and one must remember this.
1. You who are buying are all using PRIVATE FUNDS. You have little security, ie. No bank security. You can get developer finance, this is not the same as BANK FINANCE. Banks do checks themselves. You pay a lawyer to protect you.
2. All are advised to use PRIVATE INDEPENDENT LAWYERS. Of course the developer should welcome these with open arms.
3. You are the client, you are to be treated with love and respect from the developer, you pay their salaries.

Please work on facts, ask many questions and make sure things are 150% correct before you invest. And to your satisfaction, yes, all developers and developments can have hiccups, look at the big picture. And do the process right.

Use your lawyer to check things out in my opinion. Good luck to you all.

If 10 lawyers do the checks even better, then you have 10 professional opinions. Rather than Mr Seddon, Mr Zeaid etc.

Incredible how a fine development has created a bit of mess. I will try to get hold of Mr Zeaid and the developer to resolve this mess.

 

[DC]

Ok I have spoken and tried the trio.

Stark
Zeiad Yehia
IPI UK

Stark spoken too, waiting on a phone call back to resolve things.

Mr Zeiad Yehia, spoke too, out of respect to the people paying Mr Zeiad Yehia, I can give people information who are contributing to his legal costs Other people will have to use their own lawyers. Zeiad Yehia contributers please be in touch.

IPI UK are away until August 18th.

Thank you.