Red Residence

[mike.stewart]

Break down of additional costs

Here is more I found:

"Bit annoying. After waiting since 2008, today and out of the blue I get a letter to say that my 2 Venetian apartments are now ready. (Floor 3 and 7). Looks like from this forum that others have also received the same news.

Although it is good news, its the charges that they have laid on without any compensation for the delays in the building program that has tied up all of our cash and potential income or benefits.

In particular the following

4% of property price
Plus the following:
Manager AED 540.00
Developer registration AED 500.00
Oqood AED 2,000.00
Rea Estate AED 52.00
Utility
Emicool Deposit AED 2,000.00
Emicool Connection AED 1,080.00
DEWA Deposit AED 2,000.00


Is all this normal and what about the 4% as there is no mention of this % in my 2006 contract."

The date of the above post is 15th May 2015.
Not sure if I would call this 'lucky' or otherwise.

M

 

[mike.stewart]

Copied from another forum:

Question:
"are your developers running the buildings as "furnished 5-star hotel-apartments" (with 1-month a year owner occupancy & 40%-60% split in profits) or are you planning to rent them out privately, as unfurnished private rentals?"

Answer:
"No its a privately owned apartments
Apt /hotel just a marketing gimmick..based on 85% occupancy/5 star hotel prices...back in 2006 we where all so gullible!"


Regards
M

 

[zamalliance]

ok now i know that i need to make 5 posts before someone can message me

i do have lawyer name and verdict copy

i wish i can give to all of you

 

[zamalliance]

the lawyer name is ww alriyamiadvocates dot c.om

melanie

i have told her to join this group here and give all of us legal advise

hope she joins it

 

[zamalliance]

she has a verdict against MED in arbitration & she is confident of winning more cases against MED if assigned

 

[mike.stewart]

the lawyer name is ww alriyamiadvocates dot c.om

melanie

i have told her to join this group here and give all of us legal advise

hope she joins it

Thanks Zamalliance,

Note that most law firms would prefer to charge for providing advice, and not supply it for free.

Regards
M

 

[FlipItFast]

she has a verdict against MED in arbitration & she is confident of winning more cases against MED if assigned

Arbitration is the "easy" part - mostly UK judges. After that you have to win the court case. Then you have to win the appeal. Finally you have to get the money, possibly by securing a court judgement to seize the company assets, if they have any. Make sure you know up front how much all of that will cost.

There is no victory until you have the cold hard cash in your hands. Good luck!

 

[jaimeybug]

Hi Zamalliance

Thank you for your information. You say you would like to share both the lawyer information and the judgement with us. Is there a problem with giving us the judgement on this forum.

Jaimeybug

 

[mike.stewart]

I sent an initial email to TLG and although they responded, they have not gotten in touch with me or tried to find an appoint time for an initial free consultation. I am taking they are too busy for any new cases?

I checked out the site for Hassan Al Reyami Advocates and Legal Consultants | Dubai | Abu Dhabi | Saudi Arabia | New York
They have a live-chat and I have found out that there are more MED investors who have gotten services from them.

M

 

[jaimeybug]

Hello Woody

Thank you for your post. What we have been advised is that until such time as MED attempt to hand over our apartment but not on the terms of our agreement under which we purchased it, then we will be in a position to seek legal advice. At this point in time we have not been told categorically that there are any changes affecting our purchase. We now have your company details so will revert when appropriate. In the meantime it would be useful to know what the circumstances were of the cases you have won against MED.

Jaimeybug

 

[mike.stewart]

Hi,
I know a layer who has won cases even though the properties haven't been handed over, if you give me your contact details I will forward their details to you.

Thanks Woody, I am keen on getting in touch with such a lawyer.
mike.stewart7575(at)y.a.h.o.o.(doc)com

Please note that there are two scenarios that I am aware of where legal proceeding are of importance:
1) When the development has been cancelled/not started/significantly delayed.
In the latter case, the closer to completion the developer gets, the lesser the chances for refund. (Note= The refund of money paid is the key part. Arbitration and winning court rulings are increasing, but refunds are doubtful)
2) When the completed project is not what was initially promised, e.g. the investor wants a 'hands-off' hotel-apartment, but the developer delivers a private rental building. This appears to be the case with RR.

Regards
M

 

[Sophielsie]

OQOOD 4% Registration Fee deadline extended to 31st March and threat of equivalent fine

Email from MED today:
with an attachment implying it would be 8% if not paid by new deadline
Sent: 29 June 2015 14:43
To: Lawrence Clark
Subject: OQOOD REGISTRATION EXTENDED

Dear Valued Clients,

This is to inform you that Oqood Registration for your unit/s has been extended till October 31, 2015. Please find attached the memo from the Dubai Land Department and the article from Emirates 24/7.
We advise you to pay fees before October 31, 2015. Manager’s cheque is to be issued in the name of DUBAI LAND DEPARTMENT while the pre registration fee of AED 1,050.00 is to be paid to us in cash. The amount in the manager’s cheque is the 4% of your Purchase Price + AED 20 knowledge fee.
Please do not send payments to MED’s Escrow Account because we will not be able to withdraw it and pay to Land Department as money in the escrow account can be used only for payments related to the construction of the building.
If you have paid the fees already, please disregard this notice.
Should you require further assistance please feel free to contact us.

Best regards,

CRM Department

106, 1st Floor Building No: 4,
Emaar square, PO Box 9323
Dubai, UAE
Tel: +971 4 423 0966
Fax: +971 4 423 0927

 

[Sophielsie]

OQOOD 4% Registration Fee deadline extended to 31st October and threat of equivalent fine

Sorry October 31st

 

[Veronica]

Thanks Woody, I am keen on getting in touch with such a lawyer.
mike.stewart7575(at)y.a.h.o.o.(doc)com

Please note that there are two scenarios that I am aware of where legal proceeding are of importance:
1) When the development has been cancelled/not started/significantly delayed.
In the latter case, the closer to completion the developer gets, the lesser the chances for refund. (Note= The refund of money paid is the key part. Arbitration and winning court rulings are increasing, but refunds are doubtful)
2) When the completed project is not what was initially promised, e.g. the investor wants a 'hands-off' hotel-apartment, but the developer delivers a private rental building. This appears to be the case with RR.

Regards
M

Beware of lawyers who use crafty methods to tout for business on forums.:smile:

 

[Sophielsie]

And you can be sure MED and their Lawyers are reading all our postings

 

[mike.stewart]

And you can be sure MED and their Lawyers are reading all our postings

It is my opinion that MED and lawyers (unless they are unemployed and looking for work) won't be interested in this or other forums. There is very little information of value for them in these posts.
We are anonymous.
We have opinions.
Some of us intend to (may be) sue MED for delays, etc.
It is not like no ones done any of this already.
There is nothing here that they don't know already.

There are 1000's of investors in the MED projects. MED is too busy fighting off the RERA, the contractors, the banks and the investors.

The only value of forums like this is for investors to bring information together.

My two pennies!
M

 

[woody2015]

I don't know if anyone's lawyers are going to read this, but I just thought I would let other people know that I had some property issues and that the guy I dealt with was really good and helpful.

My apologies if anyone takes issue with this, but I know how it is when you don't know where to turn or who to ask for assistance.

I just thought it might be helpful.

 

[mike.stewart]

Thanks Woody - all kinds of input is helpful, in my view.

We are trying to take care (remotely) of our investments, and the legal system in UAE is unreliable, and rigged (in my opinion) in favour of the developers.

All parties involved are primarily interested in their own gains - the RERA, the developers, the courts, the lawyers, the contractors, and so why should the investors not be (actively) protecting their money. After all, every other party involved is making money - we are the only ones paying out. :wow:
:huh:

I just need to know if there is anyone in Dubai who can be held accountable for the troubles the investors have been put through.

M

 

[woody2015]

Hi Everyone,

If anyone wants the details of the person that helped me then please contact me at sam.woodford (at) y.a.h.o.o (dot) co (dot) uk then I can get back to you with what ever information you require.

 

[expatindubai]

Are there any updates. local rumours are that there is a huge fine being imposed for selling as a hotel apartment and then trying to deliver as a residential apartment. There are also issues with some investors being offered guaranteed rents and also others promised interest free developer finance .