Need advice!

[buysellrentabroad]

I am still not sure about this development. I deposited £3500 in NOVEMBER 2007. I was told about the 5 year RENTAL GUARANTEE of 10% and also that I could SPREAD my 25% deposit over 36 months on a monthly basis.

I have just received a letter from the lawyers stating that I now have to put 12% down NOW and I can only spread the remainding 13% over the 36 months.

How can a company change their minds like this. I was also told that I could get my reservation on £3500 RETURNED at any time up until exchange of contracts. When I paid intial reservation of £3500 I made sure I asked for a letter confirming this was true. I have this letter now in my possession so I am now going to ask for my RESERVATION of £3500 RETURNED.

If they are a reputable company they agree to pay this back.


I can be contacted on 0034 693 230 904 or 0034 966 799 634

[debseason]

Would anyone like to buy a contract for an apartment in Morocco. It's in Marina Smir, on the med. Two bed apartment top floor, great views. £150K approx. Contract to be bought for approx £40K.

Contract being sold, as we can't raise the mortgage for the rest of the property.

Anyone interested or becoming a co-owner to this property?

[liammcgrory]

Hi

any one had bad experience dealing with Dreamworld Ltd

I certainly have

Lodged a deposit in Oct 2006 for 2 bed apt in Tanjah after an inspection visit.
It looked good investment.
After many delays and confusing communications from them about how all it was going and contracts were always just ready to be signed I lodged money with my own independent lawyers to get things moving.

However it did not progress well and after finally not getting the property i was originally assigned i decided to withdraw my interest in Apr 2008. However I am still awaiting my refund of £4500. I have also incurred lawyers exopenses which I failed to get back, because they did investigations.

After many attempts at getting a response from Dreamworld, no emails returned and no calls returned, I finally have taken the action of instructing court action against them to retrieve my refund.

Overall a very very bad experience.

I would be glad if any one out there who has expeienced similar issues please reply.

[debseason]

Sorry to hear you had a bad experience with dreamworld, mine was with a company which I cannot mention right now, as my partner and I are seeking legal action against them - and thanks to someone who gave me a tip on here, we have made contact with a good solicitor.

I don't think some of these companies should be allowed to mislead their customers in anyway what so ever. If any TV directors are looking ....there is a good programme to be made from some of the scams going on in the property business!

If anyone would like to share their stories with me, I would be very interested to collate them and who knows what can happen.

[manor park]

Liam

I have a property reserved on Tanjah and it has been very long winded. it looks like we are finally getting to the contract stage though but there are still many things to clear up.

If you go in at a very early stage on an off plan project there will be problems along the way, these extend the build time but should (not a good time to quote this) increase the value of the property by the time its ready.

A couple of reasons that i have stayed with this project are,

No flights there yet, that should come as the rental market grows.

The rental scheme, although still waiting to see the contract on this.

The neighbourhood, there are some fantastic developments going up in this area and this can only be good for Tanjah investors.

This type of investment is risky but can bring big rewards in the future.

As you have opted out I am sorry to hear you have problems getting your deposit back, I have read from a few people that it takes a couple of months but have not seen any reports from people that did not get there money back.

If you want to PM me I can direct you to a couple of websites that have loads of info on this development and buyers good and bad experiences.

debseason

Your first post does not seem to match your last so I would be interested to hear your tale, by PM if legal action requires you not to post it openly.

This forum needs this type of info to aid future investors.

MP

[ADEY]

I paid €4900 reservation on 14th NOV 2006 on the assumption that my 25% deposit could be spread over 3 years. About 6 months ago when DREAMWORLD wanted me to eventually sign the contract they changed their mind about the 25% and stated that they wanted 12% down straight away and the rest of the other 12% over 3 years. I had a letter from them when I paid my reservation stating that if ay anytime up until exchange of contracts I was not happy DREAMWORLD would give me my €4900 back.

FOR the last 6 months I have been calling them, emailing nearly every day and they keep ignoring my calls. The original guy, Ifrain Hussain who signed my letter stating they would give the REFUND has left the company, also MIKE TEE and PAUL BLAIR have also left the company. Again Mike Tee and Paul Blair didnt seem very positive people when speaking to them. Then 4 weeks ago, the owner, SIGGY HUSSAIN gives me call after I get a SOLICITOR involved. He promised to give the €4900 back, but still has NOT done so. I called Siggy Hussain yesterday at the DREAMWORLD OFFICE and was told that he was in Morocco and that noone elso could help me in the office.

Personally I wouldnt buy from this company, there seems to be a lot happening in the background that they are not telling us.

I also think the prices are inflated and if they do finish the development I dont thinl you will get any RENTAL GUARANTEE.

You have been warned ! ! !

[ADEY]

Hi Liam,

How are you.

Just seen your post. I have also paid €4900 euros and cant get a refund.

Have u read my post.

Are you using a LAWYER to get your money. Perhaps we could work together.


ADRIAN

Originally Posted by liammcgrory

Hi

any one had bad experience dealing with Dreamworld Ltd

I certainly have

Lodged a deposit in Oct 2006 for 2 bed apt in Tanjah after an inspection visit.
It looked good investment.
After many delays and confusing communications from them about how all it was going and contracts were always just ready to be signed I lodged money with my own independent lawyers to get things moving.

However it did not progress well and after finally not getting the property i was originally assigned i decided to withdraw my interest in Apr 2008. However I am still awaiting my refund of £4500. I have also incurred lawyers exopenses which I failed to get back, because they did investigations.

After many attempts at getting a response from Dreamworld, no emails returned and no calls returned, I finally have taken the action of instructing court action against them to retrieve my refund.

Overall a very very bad experience.

I would be glad if any one out there who has expeienced similar issues please reply.

[debseason]

Originally Posted by manor park

Liam

I have a property reserved on Tanjah and it has been very long winded. it looks like we are finally getting to the contract stage though but there are still many things to clear up.

If you go in at a very early stage on an off plan project there will be problems along the way, these extend the build time but should (not a good time to quote this) increase the value of the property by the time its ready.

A couple of reasons that i have stayed with this project are,

No flights there yet, that should come as the rental market grows.

The rental scheme, although still waiting to see the contract on this.

The neighbourhood, there are some fantastic developments going up in this area and this can only be good for Tanjah investors.

This type of investment is risky but can bring big rewards in the future.

As you have opted out I am sorry to hear you have problems getting your deposit back, I have read from a few people that it takes a couple of months but have not seen any reports from people that did not get there money back.

If you want to PM me I can direct you to a couple of websites that have loads of info on this development and buyers good and bad experiences.

debseason

Your first post does not seem to match your last so I would be interested to hear your tale, by PM if legal action requires you not to post it openly.

This forum needs this type of info to aid future investors.

MP

Thanks for your reply, I will post info when I can, but for now we are pursuing a developer legally and it isn't Dreamworld. Not sure yet what the outcome will be, but I would like to say to people who wish to invest....be very careful and make sure you are aware of all the procedures involved when you buy. Do not make rash decisions when you are taken on trips by developers!

We all learn from our mistakes, but there needs to be an organisation to help people when things go completely wrong and or for guidance on maing decisons. Developers really take advantage of niave people when they sell property.

I'm quite happy to advise people on here meantime, as through our big mistake, we have learned so much about how not do do things.

[tangierhelp]

Interesting to read all your problems, wished i had read them earlier but was holding on thinking surely things would get better and now have a much better plot than i thought at reservation, but at the end of the day think it is too much of a risk to throw good money after bad. Like most of you I reserved in early 2007 and paid a so called refundable deposit.

My agent who has been very good throughout the whole process has also warned me there may be an issue getting my deposit back and suggests visiting their office personally and not leaving until i get my refund, have any of you tried this?

I am just writing my letter for refund now and as it doesn't look like i will get any money back wondered which solicitor you are using and whether it is worth a few of us getting together for 1 case rather than multiple.

any advice greatly received

[manor park]

tangierhelp

Is your reservation with Dreamworld ? If so was this direct or through an agent.

MP