Birmingham property / Smithfield

[Jol1990]

Hi All,

I’ve bought off plan in the Smithfield master plan project in Birmingham city centre. It’s been delayed and delayed and there is still no planning, which has been ongoing for
Over 2 years..

My dilemma is that I’ve paid around 50k to the developer via monthly payments and I still haven’t exchanged contracts. I said I’m not paying anymore until it’s sorted which there saying won’t be to the end of this year, and that it’s out of their control, which I appreciate too.

I bought it at £290 per sq ft and units are going for about 360+ now, so a decent investment if and when it comes to life!

I’m just getting worried as they’ve a lot of
My money and the project has kept
Getting pushed back and back..and my money is sitting with no real security.

Is anyone else involved in this project?

Do you think I should pull out and take my
Money else where? Or hold off and hopefully it’ll be a reliable Sound investment which it’s looking likely to be if all doesn’t fail. The developer is prosperity developments, who’re based in Birmingham.

Thanks for reading. Any advice would
Be great.

 

[lookinginvest]

How have you no security at all for your £50k investment?

Birmingham is certainly one of the "in" property markets in the UK and I have no trouble believing the rise in value since you signed up. Do you know anyone who might buy in to a share of your investment (obviously at a profit for you ).

 

[Jol1990]

I signed up a contract with them, the content is basically a standard terms and conditions.
but haven’t fully Exchanged with legal etc until the planning is approved. So not sure how legally
Binding this would be if the s*** hit the you know what...

No. What do you mean by this sorry?

I’d I’d of exchanged contracts and works were underway I’d be very happy.. but the delays are really becoming v frustrating and not to mention risky for my cash