locutus
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Post by locutus on Jun 27, 2018 7:32:43 GMT
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cb25
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Post by cb25 on Jun 27, 2018 7:46:52 GMT
I have no sympathy for the guy.
"With these schemes, you are required to pay a deposit of up to 80 per cent for a property that has yet to be built. This is because the buyers — rather than a bank — fund the entire cost of development, from marketing to construction."
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locutus
Member of DD Central
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Post by locutus on Jun 27, 2018 7:48:47 GMT
I have no sympathy for the guy.
"With these schemes, you are required to pay a deposit of up to 80 per cent for a property that has yet to be built. This is because the buyers — rather than a bank — fund the entire cost of development, from marketing to construction."
The guy hasn't acted sensibly but I don't think it is fair to blame the victim. Fraud is clearly at play here and the blame lies with the perpetrators.
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cb25
Posts: 3,523
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Post by cb25 on Jun 27, 2018 7:51:56 GMT
I have no sympathy for the guy.
"With these schemes, you are required to pay a deposit of up to 80 per cent for a property that has yet to be built. This is because the buyers — rather than a bank — fund the entire cost of development, from marketing to construction."
The guy hasn't acted sensibly but I don't think it is fair to blame the victim. Fraud is clearly at play here and the blame lies with the perpetrators. I don't blame him for the crime, that falls squarely on the so-called property developers, but the guy put £96,000 (!) into funding a property development when that was his entire life savings.
There were warning signs (other than putting your life savings into a property development) -having to pay £96,000 up-front, whereas staged payments would be more normal imo (builders don't need 80% upfront) -"The developer, Manchester-based Pinnacle Angelgate Ltd, recommended a solicitor" - always select a solicitor yourself -"Gabriel paid the full deposit in the summer of 2015 after his solicitor stressed that he would be missing out on a great deal and faced losing his £3,000 reservation fee." - according to the article, this was after Gabriel starting feeling uneasy about the project. Should have walked away with loss of 'just' £3000
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michaelc
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Post by michaelc on Jun 27, 2018 15:03:54 GMT
I suspect you are at more risk of this sort of thing if all your information comes from places like the DM and targeted advertisements. In the information age where one can "Google" anything, I'm always surprised to read this sort of thing sad though it is.
Having said that, I'm (hopefully not) doing something similar by blowing too much of my pot on P2P !
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