Dear all

Investors who exchanged contracts on off-plan properties which are now scheduled for completion are having exactly the same problems up and down the country. One major developer in London has 17 developments completing this year and has sold every apartment to investors. New build BTL mortgages are almost impossible to secure at present and it is likely that the developer will go into Administration or Liquidation; they just don't know it yet!

I have had some success in renegotiating contract prices in line with current valuations on various developments; I am a Barrister by profession. Further, I have also included the developer's funders in the negotiations and have been able to achieve mortgages from them by submitting that they spread the bank's lending risk as between individuals as opposed to the developer...so it can be done.

What is needed is a group effort by purchasers on a particular development. If proposals can be properly evidenced and submitted on behalf of say 40 individuals, the developers will generally consider the benefit of genuine multiple completions.

If any of you on the Flint Glass or any other development are able to co-ordinate a group, then such an effort may be worthwhile.

Regards