Victoria House Leeds

[Thirstydog]

Anyone else bought units here? Interested in getting in touch with fellow investors.

 

[diyhelp]

Is that the one through Aspen Woolf?

 

[Thirstydog]

I bought it through Experience Invest but yes I believe Aspen Woolf were also selling it.

 

[Longterminvestor]

Have you had any issues with your investment?

 

[Thirstydog]

A few problems but resolved now I hope.

 

[FWL]

Surely you have some recourse through the agent whom you bought your investment through?

 

[Thirstydog]

Problems not resolved it turns out. Project was delivered VERY late - scheduled for Q3 2016, eventually closed Feb 2018. And now 5 months on I have not received a penny in rental income. EI have not been helpful at all and are just stringing me along - they even refuse to put me in touch with their MD, who clearly prefers to let his frontline staff take the flak. The developers/managing agents don't respond to emails and are delaying the rental payments as long as they can.

EI offered to sell the property on for me with no fee - they told me in May this would take a couple of weeks, since then I have heard nothing and they just refuse to inform me about anything. They also forgot to pass my stamp duty exemption info along to the HMRC so I received a bill for 3500 quid in the post (though that has now been fixed).

Total lack of competence or customer service. I'm not saying they're crooks but so far they've done nothing to convince me otherwise.

 

[rob mains]

I too been scammed by Elliot and not a penny in 9 months after completion. Continually fobbed off by Elliot and no real help from Experience Invest the agents who sold me the property. The solicitors too who should be acting to protect the interest of their client are also not proactive. All investors who are in breach of contract with the developer should join together to bring legal action. The developer is clearly in the wrong and no judge will favor the party who has not honored their part of the agreement. Fellow investors need to unit and work together to put pressure on the developer as a whole. United we stand.....

 

[Thirstydog]

I'm now receiving rental income and EG have fully paid me everything they owed me up until end of 2018. However it's still proving hard to get the guaranteed rent out of them & the Q1 payment for 2019 will only be 'live rent', ie actual rent paid by the tenant, rather than the guaranteed rent.

I only got paid up in full because I kicked up an absolute stink about it and left as many bad reviews as I could for Urban Bubble who are managing the property. To be fair Michael the MD of Urban Bubble did his best to get the money I was owed out of EG, and it seems the only way to get them to respond is to go public with it. The developers themselves are little better than crooks I'm afraid, and don't expect any help from Experience Invest who need that commission on future EG projects.

 

[rob mains]

Thanks for the advice. This is why I am going public on this now. My unit has not been occupied at all and so has no live rent, the full amount is owed by EG who have done nothing except make empty promises. "poor cashflow" but can still pay 88 million for another site in Liverpool. I will continue to try and get fellow investors together to fight these crooks until I get some paid some of the guaranteed rental.
Where did you leave the bad reviews? I have only just started this today as I am sick of the broken promises.

 

[Thirstydog]

They've been boasting for months about how all the units were rented out by June 2018, guess that was more BS.

Google 'urban bubble review' and you'll find loads of review sites. It worked for me as UB told me they'd sort my money out if I took the reviews down. To be fair to UB it's not their fault, they've been dropped in it by EG as well, but there was noone else to complain to and I was desperate for the funds. You can also contact Michael from Urban Bubble via LinkedIn, he'll respond to you.

Good luck and please keep me posted & let me know if you need any help.

 

[Longterminvestor]

Maybe it might be worthwhile posting the response from Michael at Urban Bubble if he is happy with that?

 

[Thirstydog]

Q1 payments were made this week and mine was 50% of what it should be, and I believe everyone else is in the same boat. Time for some kind of action.

 

[SSB]

I have invested here also and have received the "Live Yield" only. Sounds like we are all in the same boat.

Has anyone taken some action on this already?

 

[Thirstydog]

I ended up getting my full rental payment for Q1 2019, though again I had to hassle Michael at Urbanbubble for it. We had an official email saying Elliott Group had transferred all guaranteed yields so everyone should've been paid, seems that wasn't the case? Let's see what happens end of June when next payments are due.

 

[SSB]

I didn't get this email from Elliot Group and I certainly haven't received the guaranteed yields yet!

 

[rob mains]

I took legal action through UK Gov Money Claims on line and have a court notification that he has agreed to pay in full by 26/5. Cost me £410 but now have the power of the court to insure the payment. Check out the rules on Gov website but don't let your claim be more than £5000 as the fee doubles. Got a result in 10 days using this government website

 

[xabiaxica]

I took legal action through UK Gov Money Claims on line and have a court notification that he has agreed to pay in full by 26/5. Cost me £410 but now have the power of the court to insure the payment. Check out the rules on Gov website but don't let your claim be more than £5000 as the fee doubles. Got a result in 10 days using this government website

Thank you, that's really helpful!

 

[Thirstydog]

Q2 rent is short again - 'live yield' only rather than the guaranteed rental income. Same old BS.

 

[PostBrexitInvestor]

I often read many situations like this and one thing which surprises me is the lack of communication from the developer/project manager. If there were problems and these were communicated to investors as quickly as possible, this may reduce the anger and at least give a little more visibility. Is this project in trouble?