Regency Beach Pictures Update

[queenie40something]

Has anyone got anything positive to say about this development apart from those trying to sell it??

[Lsab]

Originally Posted by Elite Overseas Properties

If a buyer wants to pull out their deposit will be refunded along with 50% of the legal fees they have paid. This is stated in the terms and conditions pack sent out by the lawyer to all Regency buyers:

a) If you withdraw before we prepare your Contract Pack then we shall refund you £GB400 of the £GB800 fees you will have paid;

b) If you withdraw AFTER we have prepared and sent you the Contract Pack no refund will be made

As I said - I'm aware of that BUT £400 seems a lot of money for absolutely nothing.

[queenie40something]

That IS alot of money Linda xx

[Elite Overseas Properties]

I agree the charge is a lot for not a lot of work so far, but it is clearly stated in the terms and conditions so you are bound by them if you sign up to their services. If you still feel that the amount you have been charged is unfair, then it may be worth sending a letter to your appointed lawyer to see whether any further monies can be repaid to you.

[Rivermead Global Property]

Also if members of the AIPP you may be able to find some middle ground using their dispute process.

[Lsab]

Thanks Neil (and Elite).

[simpywimpy]

I have to agree. I lost £400 pulling out when really the lawyer had done nothing at all.

Its now 8 months on from when I reserved. Had I taken a loan to pay up front, it would have cost me considerably had I stayed in - and still had nothing to show for it. i.e. no contract and no purchase but lawyer fees and interest charges to pay

[malachy]

as anyone seen contracts,that sould have been sent out yet

[Lsab]

I was wondering the same myself but as it's only a few days into the beginning of the month, I thought I'd hang on a bit before asking.

[soluman46]

Originally Posted by malachy

as anyone seen contracts,that sould have been sent out yet

I have just returned from Hurghada and found my contract waiting. It is in English and Egyptian. However, there was some confusion as to payment terms because they thought I was paying 90% upfront. 5% discount is 2% lower than my loan terms so is not really feasible for me. I have now received an email correction but the build time is 30 months! That's the best part of three years. I am sure it will be fantastic when it's done but It's a lot of money with nothing to show for 3 years! I know it will be worth a lot more then.

The appendix lists all the facilities too, which is nice to know. However, my experience with another developer leaves me wondering if the promised facilities will arrive. having said that, Regency towers sports 3 lovely restaurant/bars and there are regular social events, so if that is anything to go by I think they will be delivered. The sea is very shallow for 100m until you reach the reef. I suppose you can swim in the pool if wading isn't your thing. The facilities I think will be excellent and include a cinema and night club in the basement, shopping and restaurants/bars. There will be a lot more surrounding the development by the time it's ready. I am really struggling to commit at present because of the delays and my experience with another developer so I am thinking about buying something already built. I need convincing!! I think AH really wants to please people and has been a very good host who plays an active role in making sure everyone is happy. (He does a pretty good Lois Armstrong!!) Regency Towers owners are enjoying themselves and are generally very happy. Andy strikes me as someone who values his investors and wants them to prosper along with him. It is refreshing to be able to speak directly with the person in charge! The snags at Regency Towers are being ironed out, but Egyptian skills are way behind UK and patience is required. In the end, it's an Egyptian build you are paying for, but beach front is becoming rarer! mmm! what to do? I know if I back out someone else will be paying a lot more for my reserved 1 bed (studio).

Cheers

soluman46