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 Post subject: Latest updates to report
PostPosted: Thu Jun 25, 2009 4:27 pm 
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Dear All,

I have just had a phone call with Mohamed from El Riad. He is adamant that he is putting the whole development in the hands of the court to decide who owns it and to sever the contracts between ER and WWDE, going off recent incidents with the Egyptian laws I'm not feeling very confident. If he wins and as we know there is every chance they could he is going to reclaim all apartments and resell and there will be nothing you can do if granted by the courts.

I have offered him the 60% payments that we have outstanding (or the ones I know about) but this only amounts to around £206,000, he wants £3m, as I have mentioned before it seems there is going to have to be an extra payment from those that have paid 100%. Going off what they have been charging so far it looks as though they have worked on 10% of the purchase price but masked it as utility bills and extra payments. I am now becoming increasingly frustrated with all this as no doubt you all are as well and we seem to take 1 step forward and 2 back. I have told him to give me a few days and he wants me to email him our offer to pass to his solicitor (probably UL) and see if they will accept, the money however will be paid to the bank and NOT to El Riad, and he has agreed to this.

I want to ask you all if you are happy to pay your final 60% direct to the bank and for those who have already paid 100% if you are prepared to pay an extra 10% direct to the bank, this will all be overseen by the solicitors and of course there will be a legal fee of a few hundred pounds each BUT you will be ensuring you have your apartments. I will also add as a compromise from their side that all maintenance is handed over to the owners and have this written into the contracts. I know it is not going to get him all the money back but I intend to show they will make up any losses on DP2 and CSP by not having to pay any commissions out of the final 60%. What I suggest is also the people that have been out and paid extra already then they don’t pay anything else and we tell ER that’s the extra 10% and I want to have the utility charges reduced right down to a sensible amount.

That was option 1, here is option 2, as some have read on the forum there is someone else on the scene who is trying to do a deal with the bank and Taamir mortgages so he receives 20% of the outstanding revenue and for those having paid 100% he has proposed you pay a further £13,000 each and he takes a 10% cut of that. Now we can wait to see what happens but unless I can go back to El Riad with an offer quickly that they accept then I am afraid I have no idea what is going to happen. PM from LAW is trying to do something like I am and I have given him the contact details for the finance people at the bank but I believe he has charged his clients a fee. If I can get DWS to do the negotiations for a set amount and a smaller one due to volume it would work out considerably cheaper, I would need to confirm these amounts depending on how many people come back to me.

These are just my ideas but I need replies ASAP because there is only so much time I can carry on doing this, I spend hours every day and it has to stop eventually so please come back to me with what you want to do, thank you.

Best Regards

Neil Hollingsworth


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 Post subject: Re: Latest updates to report
PostPosted: Thu Jun 25, 2009 6:10 pm 
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Hi Neil

Thanks for all of this effort, just to confirm, does the message above only relates to DP1 purchasers?

Thanks
Sarah


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 Post subject: Re: Latest updates to report
PostPosted: Thu Jun 25, 2009 8:38 pm 
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bailey1972 wrote:
Hi Neil

Thanks for all of this effort, just to confirm, does the message above only relates to DP1 purchasers?

Thanks
Sarah


Hi Sarah, it does for the payments yes but of course there are going to be negotiations with the parties involved to get new contracts issued.

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Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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 Post subject: Re: Latest updates to report
PostPosted: Thu Jun 25, 2009 11:19 pm 
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Neil

I have just been looking for accomodation in Hurghada and came accross Desert Pearl Hotel 4star self catering. Please look at this website http://www.travelrepublic.co.uk/Hotels/ ... 7942&aid=1


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 Post subject: Re: Latest updates to report
PostPosted: Fri Jun 26, 2009 6:50 pm 
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Location: Huddersfield, West Yorks
Hi Neil,

Do we have any idea on timeframes for DP1 owners to find another 10% of purchase price?
Timing is the issue for me- ive just been told i'm being made redundant today!,


I do appreciate all your efforts, really i do and feel somehow i will have to secure the 10% funds somehow as opposed to loosing the whole lot

Thanks
Sam
West Yorkshire


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 Post subject: Re: Latest updates to report
PostPosted: Fri Jun 26, 2009 7:43 pm 
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samib38 wrote:
Hi Neil,

Do we have any idea on timeframes for DP1 owners to find another 10% of purchase price?
Timing is the issue for me- ive just been told i'm being made redundant today!,


I do appreciate all your efforts, really i do and feel somehow i will have to secure the 10% funds somehow as opposed to loosing the whole lot

Thanks
Sam
West Yorkshire


Hi Sam, at the moment i don't even know if they will accept the offer, if they do we then need to work on the legal paperwork so it won't be for a few weeks yet, if not longer.

Sorry to hear about losing your job.

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Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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 Post subject: Re: Latest updates to report
PostPosted: Tue Jun 30, 2009 2:03 am 
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Location: Australia
Hi Neil,

This is my first time on here as I have just found this site. I have an apt in DP1 (I-102) I have paid 100% and have a Jason Morgan contract. I appreciate all your efforts and hard work, it seems to me that the people that have paid 100% are going to come off alot worse as we would have paid 10% more for the apts compared to those who have paid 40% and then a payment of 60%? I feel it should be divided more fairly ie. people have paid 100% pay an extra 5% and the people that still owe 60% pay 65%.
Surely this is a more fair and even way? Like Sam I am going through a difficult time aswell and feel this is a more comfortable payment I can meet.

Kind Regards

Matt
Western Australia


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 Post subject: Re: Latest updates to report
PostPosted: Tue Jun 30, 2009 6:52 am 
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If an additional payment has to be made,all owners should be paying the same amount.If the outstanding 60% deposits had been payed earlier,it may have helped EL with their cash flow.Therefore leaving us all in a better position???Sounds to good to be true i know.
What ever the outcome is,it has to be fair on all parties.I have also paid 100%,this was done in May 2008.
I dont want to pay any more money,as i feel i have paid what was asked of me...ie:- the purchase price.
If there is additional payments for some reason,we should all have to bear this additional charge.




mattmarshall wrote:
Hi Neil,

This is my first time on here as I have just found this site. I have an apt in DP1 (I-102) I have paid 100% and have a Jason Morgan contract. I appreciate all your efforts and hard work, it seems to me that the people that have paid 100% are going to come off alot worse as we would have paid 10% more for the apts compared to those who have paid 40% and then a payment of 60%? I feel it should be divided more fairly ie. people have paid 100% pay an extra 5% and the people that still owe 60% pay 65%.
Surely this is a more fair and even way? Like Sam I am going through a difficult time aswell and feel this is a more comfortable payment I can meet.

Kind Regards

Matt
Western Australia


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 Post subject: Re: Latest updates to report
PostPosted: Tue Jun 30, 2009 8:29 am 
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Hi jwd/mattmarshall, i am open to suggestions, i will send an email out and see what the feedback is. Obviously if everyone paid 10% extra the offer would be too good to be turned down put if you all just wanted to pay 5% i will see what i can do. If anyone else has any suggestions please feel free to make them.

jwd wrote:
If an additional payment has to be made,all owners should be paying the same amount.If the outstanding 60% deposits had been payed earlier,it may have helped EL with their cash flow.Therefore leaving us all in a better position???Sounds to good to be true i know.
What ever the outcome is,it has to be fair on all parties.I have also paid 100%,this was done in May 2008.
I dont want to pay any more money,as i feel i have paid what was asked of me...ie:- the purchase price.
If there is additional payments for some reason,we should all have to bear this additional charge.




mattmarshall wrote:
Hi Neil,

This is my first time on here as I have just found this site. I have an apt in DP1 (I-102) I have paid 100% and have a Jason Morgan contract. I appreciate all your efforts and hard work, it seems to me that the people that have paid 100% are going to come off alot worse as we would have paid 10% more for the apts compared to those who have paid 40% and then a payment of 60%? I feel it should be divided more fairly ie. people have paid 100% pay an extra 5% and the people that still owe 60% pay 65%.
Surely this is a more fair and even way? Like Sam I am going through a difficult time aswell and feel this is a more comfortable payment I can meet.

Kind Regards

Matt
Western Australia

_________________
Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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 Post subject: Re: Latest updates to report
PostPosted: Tue Jun 30, 2009 11:35 am 
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let us 1st get an agreement that additional payments will secure all our apartments and then decide what the total additional amount will be required and we all divide it equally amongst ourselves. The most important thing to decide is if all parties will come to an agreement with or without additional payments


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 Post subject: Re: Latest updates to report
PostPosted: Tue Jun 30, 2009 12:55 pm 
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Hi ,

Yes i agree we need to secure first that in principle they are even happy to accept an offer to ensure the decision is NOT passed to the courts to make the decision.

Sam


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 Post subject: Re: Latest updates to report
PostPosted: Tue Jun 30, 2009 1:43 pm 
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Its good to be positive. I welcome that. But we have to becareful that if we pay more money we actually get something back for it. I mean I'm not keen on sending more money off and being left further out of pocket.

I think there are two camps regarding this situation, both valid, my take on it is : if I had paid 100% I might be in the position of thinking its better to throw another 10% (or 5%) at this and walk away with my apartment rather than not doing that and having nothing to show for it. On the other hand the people who have paid 40% may wish to cut their losses - painful I know, no one wants to lose money but what alternative do I have. Go chase the loss and lets say the worse happens and ER go to the wall what happens then? Too scared to proceed and too scared to walk away!! A no win solution. Terrible for everyone this is!!


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 Post subject: Re: Latest updates to report
PostPosted: Tue Jun 30, 2009 1:57 pm 
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johnnetplus wrote:
Its good to be positive. I welcome that. But we have to becareful that if we pay more money we actually get something back for it. I mean I'm not keen on sending more money off and being left further out of pocket.

I think there are two camps regarding this situation, both valid, my take on it is : if I had paid 100% I might be in the position of thinking its better to throw another 10% (or 5%) at this and walk away with my apartment rather than not doing that and having nothing to show for it. On the other hand the people who have paid 40% may wish to cut their losses - painful I know, no one wants to lose money but what alternative do I have. Go chase the loss and lets say the worse happens and ER go to the wall what happens then? Too scared to proceed and too scared to walk away!! A no win solution. Terrible for everyone this is!!


Hi John, i agree it is a terrible time for everyone BUT we are possible closer now to a solution than we have been for the past 5 months. I agree that people should not pay more money and you are paying for bad business releationships however if you could guarantee to get your apartment and be trouble free would it not all be worth it. You have all stood together and put across a proposal based on a group decision rather everyone fighting individually. I have not got round to emailing yet but the suggestion above for everyone to pay an extra 10% to keep things fair should almost guarantee a YES from all parties. I am going to try and call Mohamed again and see if i can get something out of him that if everyone pays an extra 10% he will accept, the bank have already said they will work with us and on the proviso you get control of the maintenance and management.

Is this a sound decision for the group or do i need to be doing something different?

_________________
Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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 Post subject: Re: Latest updates to report
PostPosted: Tue Jun 30, 2009 5:57 pm 
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I would like to say that as someone who has paid 40% to WWD (spit) and 60% to ER, with the facts as I understand them at present, I am not happy to pay another 10%.

For one thing, I havent got any more money.

Did anyone ever find out what the original split was between WWD (spit) and ER for the apartments? With my 60% and some money that I understand WWD (spit) did pay to ER originally before thay stopped payments, I would guess that ER have done just fine out out of me already.

This premise of it being 'fair' that everyone pays 10% extra seems to have come from nowhere and does not necessarily seem fair to me.

The people who have been shafted in all this are 100% buyers and ER and, sorry to be blunt, but cooperation between these parties is fundamentally where a resolution needs to be made to fix the hole in the finances.

What the hell is this £3m mortgage for? Is it money lost to WWD (spit) basically through 100% buyers? (or some other mismanagement?) If so why should I be paying more even if there but for the grace of god go I.

Anyway, I wanted to make my basic point in case of the lucky event of all parties starting to communicate and a plan being 'agreed'.


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 Post subject: Re: Latest updates to report
PostPosted: Tue Jun 30, 2009 9:21 pm 
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The situation is not fair for anyone and no one wants to pay any more than they agreed at purchase. The fact is that as the situation stands no one will have any apartment. So to break out of this unfair situation the only compromise out there is for all to pay extra 10% and all will be done legally to ensure that your apartment is yours. If we do not agree the alternative to getting apartment is to go through eqyptian courts and this will probably cost more than the 10% extra and can take years and there is no guarantee. So the only viable compromise is the 10% extra for all. By coming up with 10% hopefully your legal ownership is established and you will then you have option to sell it if you are financially stretched and pay off loan, or indeed let the place out. Without your ownership being established all the money that has been invested is in limbo, so in these unfair circumstances 10% extra for all may be a small price to pay!


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 Post subject: Re: Latest updates to report
PostPosted: Wed Jul 01, 2009 8:25 am 
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There is no need for us all to start arguing with each other because the apartments can be released individually from the mortgage and from El Riad. If people don't want to pay they can continue to fight ER and the bank on their own that is not an issue. What i wanted by having a good backing is it brings in enough money to be able to get all parties to agree that this way is better than going to court and costing thousands in legal costs with no guaranteed outcome for either side.

I have had a very positve response and as long as we have the majority, the others can carry on and go to court if they wish as long as i can get the apartments secured for those that want to try and move forward :)

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Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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 Post subject: Re: Latest updates to report
PostPosted: Wed Jul 01, 2009 10:57 am 
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It is imperative that we put some sort of closure on this issue of extra payment, our company bought DP1 apt outright through Neil @ rivermead whilst we are not happy to dig into our pockets again, we understand that it is very important to get a deal signed and sealed with El Riad and the bank.
We will not get anywhere with people who drag their heels in delaying decisions because of money; the most important issue right now is to move forward with Neil and support him in every way we can.

I too know how difficult raising extra cash can be in this current climate, lets just go with the flow maybe Neil can negotiate structured payments to the bank over a period of time in order to reduce your anxieties and pressures of finance.
If we get legal ownership of all our apartments, their are ways of recouping this extra cash by letting the property out.
We have the keys to our apt and it is fully furnished and ready to go since July of Last year, we have been across three times and each time we have gained access without problem.
The frustrating thing for us is we cannot generate any revenue from it as it was a long term investment.
So we all have our issues in one shape or another; it is imperative that we all put them aside and get this f--king problem sorted.

Thats my rant for the day.


Best regards

Steve McGarrigle


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 Post subject: Re: Latest updates to report
PostPosted: Wed Jul 01, 2009 10:26 pm 
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well said
MCGInternational wrote:
It is imperative that we put some sort of closure on this issue of extra payment, our company bought DP1 apt outright through Neil @ rivermead whilst we are not happy to dig into our pockets again, we understand that it is very important to get a deal signed and sealed with El Riad and the bank.
We will not get anywhere with people who drag their heels in delaying decisions because of money; the most important issue right now is to move forward with Neil and support him in every way we can.

I too know how difficult raising extra cash can be in this current climate, lets just go with the flow maybe Neil can negotiate structured payments to the bank over a period of time in order to reduce your anxieties and pressures of finance.
If we get legal ownership of all our apartments, their are ways of recouping this extra cash by letting the property out.
We have the keys to our apt and it is fully furnished and ready to go since July of Last year, we have been across three times and each time we have gained access without problem.
The frustrating thing for us is we cannot generate any revenue from it as it was a long term investment.
So we all have our issues in one shape or another; it is imperative that we all put them aside and get this f--king problem sorted.

Thats my rant for the day.


Best regards

Steve McGarrigle


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 Post subject: Re: Latest updates to report
PostPosted: Wed Jul 08, 2009 10:07 am 
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Please read the announcement "El-Riad new Information: response needed"


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 Post subject: Re: Latest updates to report
PostPosted: Mon Jul 13, 2009 11:45 am 
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I have had a reply from the solicitors with a brief plan of action and as i have mentioned somewhere else on the forum it all depends on how the other parties react but they are prepared to contact whover they need to either sort this out or highlight to the authorites.

Dear Neil:

Thank you for your note. Our plan is to contact the owners of the property, and if necessary the bank, El Riad, authorities, ministries and real estate department in order to try settle this matter in a comprehensive manner. This may include multiple trips, meetings and a settlement agreement. Obviously, I hope we can settle the issue in a relatively short order without the need for protracted negotiations.

With kindest regards,
J. Michael Lacey

We have had a few £300's in but not as many as we need, this is the final step so come on get on board and let them sort this out for you once and for all.

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Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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 Post subject: Re: Latest updates to report
PostPosted: Wed Nov 04, 2009 6:16 pm 
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Dear All,

I am now the point of contact between the HRA and Grant Thornton and have had a very promising conversation with GT today with the aim being that GT will write to the investors they know about for the fated developments to advise of the efforts of the HRA. This will hopefully swell our ever increasing membership.

GT were not aware of the deal that has been agreed for DP1 and conceded that this is the best deal that has been tabled (and agreed) for purchasers in Egypt. I commented that surely they have an obligation to advise all of their investors of this deal to give them an opportunity to decide if they want to proceed.

Up until now, GT have been unwilling to work with the HRA however they can no longer ignore the progress we have made and the fact that we are the largest group fighting for our apartments in Hurghada.

More information is in the HRA Members Only area - the thread in this area can be used to direct queries for GT which I will collate and provide updates as appropriate.


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 Post subject: Re: Latest updates to report
PostPosted: Thu Nov 05, 2009 5:15 pm 
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Report this postReply with quoteRe: Letter from GT
by ang3367 » Thu Nov 05, 2009 6:07 pm

Dear All,

My enquiries to date have involved me obtaining a list of creditors of WWD - The Statement of Affairs is a public document lodged at Companies House so I paid a fiver to get copies of some of the docs that I thought might be useful.

The list of creditors of WWD was somewhat astonishing, there are 45 in total ranging from utilities, to a member of staff of WWD, to agents such as our good friend Neil - what there was NOT was a list of people (like me and you) who have paid good money to WWD and do not have our goods to show for it.

I have to admit, I did not know that GT need a questionnaire completing for each creditor so I have only just done this. By completing this, you should be on the creditors list, recieve updates from GT and be on the radar. My sister however, completed the form ages ago - she has heard nothing from GT, heard nothing from Peter Morris or his cronies and she is not on the list. I have raised this with GT to ask why but also to comment that if Peter Morris is such a good chap in their eyes and is looking out for our interests, why hasn't he contacted my sister?

Can I ask you if you have not already done so to complete the questionnaire (I will try to upload) and e-mail it to Claire.Javeleau@gtuk.com to ensure that you are on the radar with GT. If you have already done this, I can assure you you are not on the creditors list so please feel free to e-mail Claire to ask why not?

GT have clearly backed the wrong horse, so we are trying to show them as a group that we are focussed in our aims to implore them to help us - can I please ask all of you to direct additional questions for GT through me at this thread.


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 Post subject: Re: Latest updates to report
PostPosted: Thu Nov 05, 2009 5:16 pm 
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Questionnaire for GT - copy and paste into a word doc / e-mail!



Questionnaire for potential creditors of Worldwide Destinations Limited

1 FULL NAME:________________________________________________
2 ADDRESS:__________________________________________________
_____________________________________________________________
_____________________________________________________________
3 NAME OF DEVELOPMENT YOUR PURCHASE RELATES TO:
_____________________________________________________

UNIT NUMBER: ______________________________________

4 PLEASE LIST THE FULL DETAILS OF THE SELLING AGENT AND ALL SOLICITORS INVOLVED IN YOUR PROPERTY PURCHASE:

________________________________________________________________________

________________________________________________________________________
5 DO YOU HAVE A COPY OF THE CONTRACT FOR YOUR PURCHASE? Y / N
(If yes, please provide a copy)
6 HAVE YOU TAKEN POSSESSION OF YOUR PROPERTY? Y / N
(If yes, when and under what circumstances?)
________________________________________________________________________

________________________________________________________________________
7 WHEN IS THE PROPOSED COMPLETION DATE OF YOUR PROPERTY?
______________________________________________________________
8 WHAT WAS THE TOTAL PURCHASE PRICE OF YOUR PROPERTY?
______________________________________________________________
9 HOW MUCH HAVE YOU PAID TO DATE FOR YOUR PROPERTY?
______________________________________________________________
10 WHEN AND TO WHOM WAS THIS PAYMENT MADE? (Please provide any supporting documentation)
________________________________________________________________________
11 DID YOU PURCHASE A FURNITURE PACKAGE FROM D'ELISE DESIGN INTERNATIONAL LIMITED? Y / N
(If yes, please provide details of who, when and how much you paid? Please provide a copy of the contract and/or invoice.)
________________________________________________________________________
________________________________________________________________________
12 PLEASE INCLUDE BELOW ANY OTHER RELEVANT INFORMATION.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________


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