Dear Waqas Anis,
I am also an investor of student units in Q Studios and have also not received my rents from A1 Alpha Properties.
I purchased a Unit 329- Q Studios form Alpha Developments (under a Main Lease for 250 years) where Alpha Developments is the landlord and I am the tenant.
Then, an Under-Lease was executed with A1 Alpha Properties where A1 Alpha Properties is the tenant and I am the landlord.
I have been trying to contact both Emerging Property and GB Law firm about this situation and sending them emails but neither one is responding.
If anyone has some accurate information about the current situation please send it to me and also include me in your conversations.
For now I have the following additional questions and would appreciate any responses:
1. Which one of them has filed for insolvency (Bankruptcy Protection): Alpha Developments or A1 Alpha Properties?
2. If A1 Alpha Properties does not pay our rents are we still obligated to pay rents to Alpha Developments (how and where)?
3. Are we still obligated to pay Ground Lease payments (how and where)?
4. Presently, who is paying the Ground Lease obligations or are they past due?
5. What happens if the Ground Lease payments are not payed? Can the Ground Lessor foreclose on all the individual property owners (like me) and is there a due process protection for the individual unit owners?
I am not familiar with the UK Bankruptcy Laws but under the USA Bankruptcy laws if the Ground Lessee (i.e. Alpha Developments) files for bankruptcy, and if the Ground Lessee does not assume any exiting contracts or leases within 60 days, then all such contracts, Ground leases, leases and under-leases are automatically rejected, terminated and cancelled by operation of law. If this is also the case under the UK laws, then this risk needs to be considered because otherwise all the Buildings will revert to the Ground Lessor free and clear from any contract and any leases.
If such laws are also applicable in the UK, then there might be a risk with maintaining our property interest.
Therefore, we need to find out about the status of the current situation and take immediate action.
Regards,
Kimon Sagredos