Pay attention before investing in Elliot group Liverpool develoments

Discussion in 'General Property Investment Discussion' started by Tania Genco, Feb 6, 2019.

  1. Tania Genco

    Tania Genco New Member

    I invested in Victoria House Leeds, the development of Elliot Group Liverpool completed on 15th February 2018. The developper promissed the guaranteed assured rent of 9200 pounds/year during 3 years. In fact, he paid only once 2600 pounds. He does not answer my e-mails. The managing company , Urban bubble Manchestor, responds that the developper did not send the funds to the managing company to pay the investors.
     
  2. Jules1970

    Jules1970 New Member

    That's is awful.

    Sad that these companies get away with it. I hope you reported them to FCA. Though they may not be registered but if they have been fraudulent you may get help. Hope you get your money back!
    Julie
     
  3. diyhelp

    diyhelp Active Member

    So who is actually liable for your payments - the developer or the management company? If it is the management company then it is not your problem that they have not been paid? Or am I being a little unfair?
     
  4. rob mains

    rob mains New Member

    I too am an out of pocket investor with Elliot. Again another Liverpool development (Wolstenholme Square) with "guaranteed" 3 year rental income and not a penny paid 9 months after completion. The apartment was not even the layout that was sold to me nor were the fittings inside as promised by the agent Experience Invest.
    I strongly advise yo to contact as many fellow investors who Elliot is in breach of contract with to bring a group case against the developer. There is strength in numbers and the developer is clearly in breach of the agreed contract. Why should private investors suffer hardship while the developer wriggles out of his obligations?
     
  5. Tania Genco

    Tania Genco New Member

    Hi Rob, I will be happy to sue Elliot ,the guaranteed rent is 2300GBP per Q but I get only 1200GBP per Q. The flat is overpriced, I tryes to sell it but investors are not interested. The management agreement is signed with Baltic Developments geristered in Seychelles because Elliot wanted to avoid anylawsuit. Please advise me what can I do exactly.
     
  6. rob mains

    rob mains New Member

    Hi Tania, I have only just started this course of action to try and get fellow investors together. Hopefully we can get more than just us two and start an action. Keep in touch and if you know any other investor let them know.
     
  7. rob mains

    rob mains New Member

    Hi Tanya, I am searching for more investors like us were Elliot Group and the management company have not paid out as part of their contractual agreement. Search out on any forums or public arena for more people like us so we can join together to form a group action. The more people who get involved the better and worse the publicity is for the Elliot group, Experience Invest and Urbanbubble. By letting other potential investors know what is going on can we can put pressure on to get some results in our favor. Please let me know how many other investors you can locate who have bought with this lying cheating company.
     
  8. rob mains

    rob mains New Member

    Tania, You and any other investors should write to FCA UK to complain about the developer and breach of contract. I have written and asked them to investigate Ubanbubble, Experience Invest and Elliot group. You should also tell them about Aspen Wolf if that is who were your agents. Let me know how you get on.
     
  9. Longterminvestor

    Longterminvestor Active Member

    Good idea - you tend to find these companies listen to the authorities a little more than investors :)
     
  10. rob mains

    rob mains New Member

    I have been told now (probably BS) that Elliot will pay end of the week. In the mean time I have contacted a specialist regarding bringing a group action for the breach of contract. There is useful information here if you want to make a claim first in civil court in UK. It is not expensive and will show you are determined to follow it through. Costs cannot be claimed no matter who wins so going down this route is least expensive and most productive. It depends how much your claim is worth? over £10000
    http://www.brand-newhomes.co.uk/taking-a-builder-to-court.htm
     
  11. Jack Dickie

    Jack Dickie New Member

    Anyone had similarly bad experiences with the Queensland Place development in Liverpool - i.e. not getting the rental guarantee?
     
  12. Johncain

    Johncain New Member

    Such a bad experience. Thanks for sharing it.
     
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