Victoria House Leeds

Discussion in 'UK Property' started by Thirstydog, May 17, 2018.

  1. Thirstydog

    Thirstydog New Member

    Yep the communication has been almost non-existent, particularly from the developers who never, ever respond to emails. I don't believe the project is in trouble - it's completed and apparently fully sold/occupied, and my money has always come through eventually. It's just frustrating when there are delays like this every single quarter. And as you see above, it seems some people haven't been paid at all and, like me, have had to threaten or indeed take legal action to get things moving.
     
  2. Thirstydog

    Thirstydog New Member

    Letting agent - Urban Bubble - not responding to emails either. Continually boast about their expansion, hiring new staff etc on Facebook, yet won't even pay their landlords what they are owed.
     
  3. diyhelp

    diyhelp Active Member

    One question which has always bothered me - if developers gain a record for not paying their investors, how do they raise money for new developments with banks? Or do they split each development into stand alone businesses?
     
  4. Thirstydog

    Thirstydog New Member

    No idea, but Google the developers - Elliot Group - and you'll see they clearly have plenty of cash and lots of projects in progress. But I sincerely hope buyers won't be fooled into purchasing from them, they're no better than crooks in my opinion.
     
  5. Thirstydog

    Thirstydog New Member

    All investors have just received an email from the management agent - Urban Bubble - basically absolving themselves of any responsibility for paying the guaranteed yields & now only paying 'live yields', with Elliot Group now the point of contact for guaranteed yields. What an absolute shambles on all sides.
     
  6. GMC

    GMC New Member

    Me here. Not getting the promised yield and glad to get connected here with you buyers
     
  7. GMC

    GMC New Member

    We should gather all buyers together to form a group to do something about this. All what was written on their emails by UB and EG last week was one-dimensional and can chop and change whenever they feel like it. No respect for contractual agreement or whatsoever and yet they are getting away with this.
     
  8. GMC

    GMC New Member

    I think they create a business entity for each new development project and then another one for another new development etc. - all limited companies.
     
  9. Thirstydog

    Thirstydog New Member

    Has anyone had the promised email from Elliot Group in the last few days? I've received nothing and am about to make a claim through MCOL for the money owed.

    Agree we should create a group, I'm happy to set this up on Facebook later this week & will let you know when it's done. Sick of being treated like this by these spivs.
     
  10. GMC

    GMC New Member

    Not me. The last letter I received was on 10 Jul 2019 & mentioned he won't reply (if he does!) until Q3. It is all BS and excuses after excuses. This has gone too far & fooling us around. I await for your FB so we can do something about it
     
  11. Thirstydog

    Thirstydog New Member

    I didn't even get the 10 July letter but then I live abroad so post takes a while. What disgusts me the most about this is that if you Google 'elliot group uk' you'll see they're investing money all over the place, rather than actually paying their investors. I'll get a Facebook group set up over the weekend to hopefully get a few investors together.
     
  12. Thirstydog

    Thirstydog New Member

    OK Facebook group is up - can't share links on here but search 'victoria house leeds investors' in Facebook and you should find it.
     
  13. GMC

    GMC New Member

    Strange that is. You should have got that from EG. He sent it by email. Thanks for setting up FB.
     
  14. Thirstydog

    Thirstydog New Member

    Yep I finally got it about 3 days ago. Didn't tell me anything new, just excuses excuses excuses. Pretty clear they have more than enough money to pay their investors.
     
  15. GMC

    GMC New Member

    But does not make a differ
    same old rubbish & nothing new. Btw, I could not find your group on FB.
     
  16. Thirstydog

    Thirstydog New Member

  17. xabiaxica

    xabiaxica New Member

    A helpful tip from someone who has experience with situations like this. Pay close attention to the replacement value: how much would it cost to rebuild it, if it would burn to the ground? If homes in a particular neighborhood are selling substantially below replacement value, you have to ask why is this happening? Why is someone selling his home for less than it would cost to build it and even include the lot for that price? When I and my wife last visited Spain she quite literally fell in love with the country. I can't say I blame her. She forced me to look up places like to try and find a house at a reasonable price. The question is not how much do you spend on a home. Because hopefully, you can buy it below fair market value. The question is would the location of the home support the cost of the sticks and stones it is made from. If it does and you pay 40k for it you have found a really good deal and sometimes you get one of these.
     
  18. Thirstydog

    Thirstydog New Member

    My claim via MCOL was rejected by Elliot Group's lawyers as apparently they are not the party with whom Victoria House investors have an agreement. So I am now trying to find out who exactly the correct party is! Meanwhile Elliot Group continue to invest millions in new developments whilst refusing to pay their small investors what they are owed. Absolutely disgusting.
     
  19. Thirstydog

    Thirstydog New Member

    Done a bit of digging and the entity Victoria House investors have an agreement with is Baltic Developments Ltd, registered in Mahe in the Seychelles, presumably to avoid UK tax and legal issues. Elliot Lawless of Elliot Group is listed in the Panama Papers as the ultimate beneficial owner of the company.
     
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