lumiere leeds site at a stand still

[Minime]

I purchased an apartment in Lumiere Leeds due to complete in 2011. I got a letter to say the project is to be put on hold until the market improves.
I have payed 5% of the purchase price on the apartment.

On the contract it does not specify a date of completing just sayes we will notify you 3 months before completion.

Looking for advice on what I should do next.

[sha-sl]

well you are lucky you just paid 5% of the amoint for appartment. Few people has paid 30% and lost there money due to crisis in the property market. You can go for legal procedings to claim your amount . But, don't forger to carry your documnets along with you .

[LydiaS]

Hi Minime.

I work for a national property magazine and I would like to write an article about your experiences with Lumiere.

Please reply to this post if you are interested in speaking to me. I will get straight back to you.

[Minime]

Hi Lydias.

I purchased an apartment and alot of my friends did also. We are disapointed that the developments is stopped are are afraid that we will lose our deposits. The building is to start again in the second quarter of 2009. What bank is going to lend to a development of this scale. If people are afraid and start defaulting on the next payment is the builder going to sue everyone to get their money. I don't know how solvent Kw Linfoot is but I have a fair idea that it can't be good for him now and in the near future.

If go here you will find more posts on it.

Lumiere | On Hold | 172m & 113m | 55fl & 33fl - Page 103 - SkyscraperCity

[LydiaS]

Hi Minime,

Would you and your friends be willing to talk to me for an article I am writing?

It would be a case of me coming to meet you, wherever you are based, and discussing your situations, then finding you some answers about what is going to happen to your deposits.

My number is 0207 921 8748. Give me a call and we can discuss it.

I hope to hear from you.

LydiaS

[Minime]

Originally Posted by LydiaS

Hi Minime,

Would you and your friends be willing to talk to me for an article I am writing?

It would be a case of me coming to meet you, wherever you are based, and discussing your situations, then finding you some answers about what is going to happen to your deposits.

My number is 0207 921 8748. Give me a call and we can discuss it.

I hope to hear from you.

LydiaS

Can you send me a private message or email address

[LydiaS]

Hi Minime,

My email address is lstockdale@cmpi.biz

[pdlt2008]

I am a property professional and have also paid a deposit on this scheme. Despite Linfoot going into admininstration, the Lumiere scheme survives as the previous JV partner has taken the Linfoot position. It would have suited us better had the scheme gone into administration as we are protected by the Zurich guarantee.
The suggestion that a (re) start on site will commence is simply a nonsense. Their is no development finance available and the value of the apartmnets is now 40-50% less than the prices we signed up to.
We need to get an many of us together to lobby the developer ( now Fraser Property) to repay the deposits.
In my opinion the developers stance is tantamount to theft

[Minime]

Where do you suggest in going from here ? I know plenty of people in Ireland that want out. Also there are many discussions on skyscrapercity regarding Lumiere. If hyperinflation kicks in it will cost to much to build and it will take a long time before we see the values rising. A friend of mine contacted the solicitor they said if the building isn't completed by 2012 we can sue the developers. To far away though. I also said to the solicitor if we don't pay the next deposit, their reply we will sue for any loss. I think if enough people get together some sort of action can be taken. People are afraid to take on companies as big as these.

Let me know what you are thinking and I will help in any way I can.

[pdlt2008]

Thanks for that. If like me you were semi compelled to use a particular firm of solicitors I think they are complicit in the problem. To advise clients that a contract with no back stop date- whatsoever- is acceptable is negligent, in my opinion.
I think the key here will be to set up as large a group of deposit payers as possible. As a handful we are too easily swatted away- if we can get say 100 ( ideally more ) folks expressing an opinion as one we have a much greater chance of success. I have already spoken to a journalist at bith teh Yorkshire Post and Property Week and both are keen to hear more on this one.
I can account for about 8 apartments through my own contacts.
Fundamentally, the issue is that these apartments simply will not be built- certainly not within 10 years.
Let's keep the dialogue going