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#COMPLETED: THE TORCH, 84F Res, 338m (Dubai Marina)

3M views 18K replies 486 participants last post by  Burj Khalifa fan 
#1 · (Edited by Moderator)
Name: The Torch
Location: Dubai Marina
Floors: 84
Height: 345 m
Use: Residential

 
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#16,962 · (Edited)
Are the quarterly LPP payments counted as made in advance or arrears? If the former, then would that not give you 3 months to make the payment before Select or Standard Chartered can reposes your unit? and only fine you instead within that 3 month 'late' period? I know others here that only got fines for being late in payments.
 
#16,964 ·
Are the quarterly LPP payments counted as made in advance or arrears? If the former, then would that not give you 3 months to make the payment before Select or Standard Chartered can reposes your unit? and only fine you instead within that 3 month 'late' period? I know others here that only got fines for being late in payments.
Either way, how can any bank or company repossess property without a court order? I guess if you gift a penthouse that you can't sell, you can pretty much do as you please!
 
#16,965 ·
BUYER BEWARE!

They dont need to go to Court! They simply apply to the OGOOD Section to have the property de-registered!!!! Despite our written statement that we had the money. They just did it, that is why we will fight it. This was not repossession due to recession this was a scam. We were in contact with them all along. They knew we were struggling to find the one payment because of the high service charges that they had imposed. I believe the services charges are now lower?

It could happen to any of you on the LPP beware and dont judge when you dont know the facts.:fiddle:
 
#16,966 · (Edited)
Either way, how can any bank or company repossess property without a court order? I guess if you gift a penthouse that you can't sell, you can pretty much do as you please!
Because LPP buyers were forced into signing an addendum which says they can do so if payments are late. And another reason for Standard Chartered bank to snap up the finance and make Select cash rich. I guess Select took a dislike to fightback for some reason and took it back without discussion or late payment fines that others usually get for late payments instead. But we don't know fightback's full story, must be something more to it, perhaps a fight over not accepting handover straight away and service charges etc. :dunno:

ps. the penthouse gifted? :lol: Don't think Select give anything away for free :nuts:
 
#16,967 ·
The Torch is Officially the tallest residential building in the World as it is the only one taller than Q1 that is open for use. It will be for a few months.
Its amazing what one finds when preparing a case. Not got in in front of me now but the other day I came across the original letter setting out the reasons for the 'force majeure' Sept 09 from memory. One of them was that they were having trouble getting the plans/paperwork accepted as it was going to be the SECOND largest residential building in the world.

This was not 'force majeure' this was a new PR ego trip at our expense:banana:
 
#16,968 ·
Because LPP buyers were forced into signing an addendum which says they can do so if payments are late. And another reason for Standard Chartered bank to snap up the finance and make Select cash rich. I guess Select took a dislike to fightback for some reason and took it back without discussion or late payment fines that others usually get for late payments instead. But we don't know fightback's full story, must be something more to it, perhaps a fight over not accepting handover straight away and service charges etc. :dunno:

ps. the penthouse gifted? :lol: Don't think Select give anything away for free :nuts:
There is no need to second guess. Yes buyer beware - we were forced into signing illegal adendums but did not fight it at the time as we were anxious to get it let after paying for it for 6 years. Yes I also agree that they did it just to make themselves cash rich. No there was no reason or dislike just because they could? And they could do it to anyone who signed the addendums!

That is why we are fighting back - this is a scam - Paul Brady, Rahail Aslam we will continue to fightback and highlight our fightback.

Looking at this forum we see that investors were dubious about the handover dates set by them to keep us paying (led to believe that we were always just a couple of payments away from handover), well we BELIEVED IT. Mis-lead, mis-sold. What a SCAM! BY A BUNCH OF CROOKS!:eek:hno:
 
#16,969 ·
BUYER BEWARE!

Either way, how can any bank or company repossess property without a court order? I guess if you gift a penthouse that you can't sell, you can pretty much do as you please!

Our property was de-registered without going to Court. Select Group Legal Department will not and have never replied once to our correspondence and communications that is why we are being forced into arbitration. We are taking our time to look for a good independent lawyer in Dubai as advised by others who have been forced to change lawyers.

Dubai Steve is right, they just make themselves cash rich from the hard earned savings of honest investors. Rahail Aslam does not care, he did not reply to our correspondence either. Seychelles here they come!
:bash:
 
#16,970 ·
It is a bit confusing as to what the rules are for late LPP payments, I must say. Some people get fines others get repossessed. Is there a cut-off point, say toleration of up to 4 weeks with a fine then instant repossession. :dunno:

All LPP buyers here will need answers in case their payment goes missing!

Something does not add up here.
 
#16,971 ·
So if they can repossess without a court order then no one on the LPP is an owner. You are on a rent to buy scheme and are subletting if you currently rent out your apartment :)

Just think, you guys on the LPP paid Select about 50% of the sales value to "rent" an apartment while they were fecking building it. Scary stuff!!
 
#16,972 ·
Our property was de-registered without going to Court. Select Group Legal Department will not and have never replied once to our correspondence and communications that is why we are being forced into arbitration. We are taking our time to look for a good independent lawyer in Dubai as advised by others who have been forced to change lawyers.

Dubai Steve is right, they just make themselves cash rich from the hard earned savings of honest investors. Rahail Aslam does not care, he did not reply to our correspondence either. Seychelles here they come!
:bash:
How long you going to take?! :lol:
 
#16,974 · (Edited)
It is a bit confusing as to what the rules are for late LPP payments, I must say. Some people get fines others get repossessed. Is there a cut-off point, say toleration of up to 4 weeks with a fine then instant repossession. :dunno:

All LPP buyers here will need answers in case their payment goes missing!

Something does not add up here.

You are right again Steve, it does not add up does it! " Others get repossession". Many others could be out there not on this forum. I only found it after de-registration.

BUYER BEWARE!:eek:hno:
 
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