I have been informed that the project has been approved by the Red Sea Governor and the licence will soon be issued to PHW/First Leisure, this was the cause of the delay in issuing contracts all along. It is in the clients interests for all legal documentation to be correct before they are asked to send over full deposits, and so far all buyers have had to pay is £1,000 to hold their chosen property. I have just this minute spoken with the lawyers office and it has been confirmed that contracts will only be exchanged when they have a copy of the new licence, which should be through in a couple of weeks. This gives buyers the chance to have a good read through their contracts and get their 40% deposits ready. Further stage payments are now linked to building progress, which is more beneficial to buyers - this will be outlined in the contract.
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