Is anyone aware of a UK Solicitor or Law Firm who would be prepared to take on a case on a no win no fee base against a Land banking company which misinformed its Investors?
Hi guys, Stevie here from singapore too.
I really appreciate the wealth of talented and insightful people sharing and warning netizen of the potential risk of Land Investment.
Now for my story, I have a very very close friend of mine who was actually approached by a Singapore based UK land investment company (its one of those that MAXIM had listed).
My buddy was sold on the idea and was just sharing with us how he came to know about this investment. This is where it felt weird, it was almost identical to the "sale tactic" posted on the front page.
My buddy told me about this just a few days ago and seems eager to commit 16k SGD into the piece of land.
If im not wrong the area for development is Cohcester. Apparently the sale staff did a good job in painting an excellent picture and was a brit too which doubly increase my bud confidence in the company. The promised return is 350% for a period of 5-7 years.
I had my doubts therefore here am I doing my due dilligence on his behalf. What i found was certainly not very assuring.... My finding how contridict with our newletter release on a gov website which seems to be promoting Land Investment in UK citing promised gains.
I find it neccessay to share the link with you guys so as to shed more truth or whatnot about this article.
(as i have not chalk up euough post i cant post a link)
I only hope I can get my friend in time to see this site before he make a decision..
Here is your link.
The housing market is a bit slow in the UK but Iím no expert Iíll leave that to them to explain the authenticity of this document.
I think this paragraph at the end says it all:
You will end up waiting for ever. The only hassle being that you will be unlikely to ever get your money back.ďThis investment is hassle-free in so
much that you put the money in and
just wait. Itís not an investment that
needs to be tracked on a day-to-day
basis like stocks, which some people
are more comfortable with and others
less so and thatís fi ne,Ē says Mr Purr
I just glanced through the rest of it to be honest, but I personally cannot think of a single reason why to even consider land banking as a worthwhile and credible investment opportunity.
The rest of this thread has already reached the conclusion that you need I'm afraid.
Mousse from a bowl is very nice, but to put it on a person is demented!
Earlier I mentioned that a developer requiring investment for a project might make sense. You can see how they're incentivised to work for a Win-Win outcome. You just need to check to contract and ask why they're offering investment opportunities.
Singapore has very strict defamation laws (I hope i wonít get sued for saying that). Overly fair balance is often applied and its almost impossible to express a public written opinion that wont get you in some kind of trouble. A spade is not represented as a spade in Singapore without the spades opinion that it is a sophisticated sensitive earth mover being included. Breast enhancement creams were regularly advertised in the mainstream press when i was there. UK Land Banking plots are as useless as breast enhancement cream and a lot less fun to rub on your partner.
A Land Banking company was advertising 250% 3 year returns on mainstream TV when I was visiting Singapore end 2008 as world economies were falling apart. The UK press has commented on this but not in Singapore.
Since i know this site discourages naming companies I wonít but here are a couple of useful links that may give you information on how to find out more on Land Banking in Colchester or other areas.
You can openly ask the UK local council about any claims made. You can see an example of formal public discussion of a Colchester land banking planning application here and here. The same site featured in a Guardian article here. Both applications failed and if you read some of the comments on the application you can see the purpose of the applications was understood. There is a newspaper item from 2005 on another Colchester site here which is amazingly still being advertised in 2009
What if you suspect the council arenít being completely open or responsive ?
Submit a freedom of information request as happened here. Far from showing corruption this shows the internal frustration and limited resources of a local authority at having to answer the same question over and over again . Also their politeness when responding to a question about ďtell me if I should be investing 250K Pounds tomorrowĒ. If you have to ask.....
Against this kind of clearly documented information the Land Banking salesperson may verbally claim inside information for fast track approvals that the local authority and general public is not aware of. The same tactic used is in pump and dump scams. Of course this shady wink wink nudge nudge conspiracy information will remain undocumented and is blatantly untrue. Land Banking does not cure cancer and Gordon Brown does not own 10% of the site.
As anywhere else in the world there is occasional corruption and insider dealing in the UK planning system. However why would a commission based land banking salesperson in an Asian shopping centre have unique access to that information worth millions of dollars when apparently nobody in the UK is exploiting it?
My simple piece of advice is to look in the yellow pages for your area, and see if you can find UK solicitors who well experienced. You can also search online to find reputed solicitors. This will give you the specialization from the solicitor who knows all the laws.
There are many of these type of companies still operating in the UK despite the FSA clamping down on them and trying to close them down. They have tried to circumvent the collective investment scheme problem, but it is still a rip off, if it looks like a dog and barks like a dog, it is a dog. They have to stop all of theses scam operators from trading and taking huge amounts of money off poor unsuspecting people.
I have recently been approached by another company by the the name of Quadra Land and Property based in London selling land in near Liverpool and Burnley, trying to sell me a small plot of land, for ten thousand pounds, valued at a few hundred worth absolutely nowhere near the amount they are quoting, with the promise that it will get planning permission, absolute rubbish!! Do not be tempted and give them your hard earned money. They are taking people for millions and need to be stopped!!
BE WARNED DO NOT BE TAKEN IN BY THEIR LIES!
The land Banking company that was offering 250% returns on hounslow and colchester UK land plots in Singapore TV adverts for 4 years or so is now under investigation by the Singapore commercial affairs department and has put onto the monetary authority of Singapore investor alert list. The inevitable victim support site has been set up. Sadly though the vultures circling and a UK law company is contacting all investors and offering for a fee of only 100 UKP to confirm their land registration documents. A quick look at their web site shows they offer wealth management services and no doubt they will be trying to line these poor suckers up with yet more "alternative investments" to absorb the rest of their spare cash.
I used to work for Asset Land Management in Mayfair, but when a number of us realised that it was a scam we left. Plots of land where purchased from a church, when they were split into plots it only cost them £100 per plot but they are selling them for in access of £13k. They sell them and get people to sign contracts and say that they will not have to pay a penny going forward and that whatever their plot sells for they get it all. But all the people who have purchased the plots have to group together to make a managment team for when it comes to applying for planning, obviously this will cost. Nobody at Asset Land expects it to get to this point and if it did sell the church who sold the land is intitled to a rather large share of the profits and nobody is aware of this fact when they are buying the plots. I am not legal and I don't understand the contracts, but I do know that all the managment are aware of what they are doing and can sleep easily at night while people have essentially lost their life savings.