The SELECT thread...

[Dubai_Steve]

Originally Posted by Dubai_Steve

Not sure if this contradicts schedule 11 at the end of the original agreement which contains a form of prepayment notice which allow for over payments or early settlement at a reduce figure per the LPP pre-payment table. After submitting this notice with payment, the seller must give a revised payment schedule or confirm full satisfaction of buyers obligations.

However, should Torch Select sell on the LPP (allowed under the addendum and looking likely) then this schedule 11 may be invalid as it is directed to Torch Select specifically. However, the financial entity taking over the LPP may also allow for over payments or early payments but this is not guaranteed.

MANUTD, did your lawyer check out this issue for The Point?

[hawki]

Originally Posted by thetorch

Hi Foxy

I have had exactly the same addendum and SPP and I have already wrote back to Mr Brady refusing to sign this version of the First Addendum, for the following reasons;

1) I will not sign a Buyer's Release of any further responsibility by Select Property. The developer continues to have responsibility under warranties.

2) After employing Louise's company as my snagging company and carrying out snagging back in September, approved and signed by the Project Architect in October last year, to my (or Louise's) knowledge, nothing on the list has been addressed. Furthermore, my snagging company is not allowed access to check on progress!!

3) Select Property have no legal rights to implement any Addendum to the Sale of Purchase Agreement, unless both Buyer and Seller agree, as per section 18.4 “No variation of this Agreement shall be valid unless it is in writing and signed by each of the parties or their authorised representatives.”

4) I have had no letter in writing on letter headed paper, advising me of completion, which is in breech of compliance of the Agreement.

5) We have had no signed proof issued that the Project Architect has signed off the building, which I have requested.

6) We have had no signed proof that RERA have signed off the building, which I have requested.

If anyone is considering signing these Addendums, particularly if it releases the Seller from any further obligations, they must be ****ing stupid!

I certainly won't be doing this and if they refuse to give me the keys, I will start charging them rent on my apartment through my rental company that I will create, as they are effectively then in breech of contract under sections 10.1, 10.2, 10.3 and 10.4, whereby they MUST handover the property between 20 and 30 days after completion announcement, assuming the Buyer has met all his obligations under the original contract.

There, this is clear cut, don't sign it, but continue to meet your obligations and make the final payment. That way, you have met all your obligations under the contract and Select Property have no rights to with hold keys. If they do, I suggest you can sue them for damages incurred, including loss of rental income.

The Torch

I have been reading this forum since investing into this project and i must say that this post is probably the clearest most sensible thing ive read to date!!! Who do Select think thay are- I for one am tired of their constant greedy attitude , please dont sign away your rights!

[ab31]

Originally Posted by Rider

If the other board members have no connection with Select, why can't they just outnumber Brady when it comes to voting?

Could you tell us what else was decided at the meeting? Are you stuck with them for another 12 months?

So long as Select own a number of units, or , have the votes given to them when people sign the addendum , you will be stuck with Brady or some one similar on the OA.
One of the highlights of the meeting was when a sizeable leak suddenly appeared through the ceiling causing a large pool of water.
Selects answer to these on-going problems is that they have all developed since handover, [ yeah right ].
One good point, Brady is having to work with a bunch of people who hate the sight of him, and we are gaining in numbers all the time. His working conditions with us leave a lot to be desired. Perhaps we can hold the next meeting in our leaking pumproom.
We did make it clear we are no longer prepared to put up with sky high service charges and crap suppliers. We are going to have a long, hard fight on our hands.
Sadly guys, all this crap is coming your way.

[Dubai_Steve]

Originally Posted by hawki

I have been reading this forum since investing into this project and i must say that this post is probably the clearest most sensible thing ive read to date!!! Who do Select think thay are- I for one am tired of their constant greedy attitude , please dont sign away your rights!

What happens if you don't sign and fail to complete before 30 days of receiving the notice as per the original contract signed? MANUTD said his expensive lawyers advised that you have to sign or loose your apartment. I am worried that by not signing we would loose all right to our property before having a chance to go to court or whatever. Also note that DEWA and air con will be shut off from your apartments from 1st May so you may get condensation build up / mold etc. if left for months on end empty without power.

As for the proposed press campaign, I am not sure how that will get select from dropping or modifying the addendum in a matter of weeks.

The court case filed is interesting and may prove a test case if successful but could be a long way off yet?

ps. I am hoping the leaks that the point suffered from will not happen with the Torch as they had much more time to sort problems out with the torch and we even know that some apartments have been cleaned since original inspections.

With the point they did inspections in March/April and handed over on 1st June. Power was only connected 1 week before handover. The Torch inspections were in August and has had DEWA since December.

[Psofos]

Originally Posted by foxy

Well I am doing 2 things. 1) I am going to wait till Friday before signing anything and 2) I will be sending an eMail to Mr Galiati asking him why he seems so powerless to control Select.

I sent a letter to Mr. Galiati but never got a response!
Psofos.

[Dubai_Steve]

He won't reply as he does not know what to reply.

[Mistermark]

Originally Posted by hawki

I have been reading this forum since investing into this project and i must say that this post is probably the clearest most sensible thing ive read to date!!! Who do Select think thay are- I for one am tired of their constant greedy attitude , please dont sign away your rights!

I would agree - IF the legal system in Dubai was up to recovering your losses. Since it isn't, I fear the only solution is to create such a stink in the UK media that the Dubai government pays the developer a little visit...

[Mistermark]

Originally Posted by Dubai_Steve

What happens if you don't sign and fail to complete before 30 days of receiving the notice as per the original contract signed? MANUTD said his expensive lawyers advised that you have to sign or loose your apartment. I am worried that by not signing we would loose all right to our property before having a chance to go to court or whatever. Also note that DEWA and air con will be shut off from your apartments from 1st May so you may get condensation build up / mold etc. if left for months on end empty without power.

As for the proposed press campaign, I am not sure how that will get select from dropping or modifying the addendum in a matter of weeks.

The court case filed is interesting and may prove a test case if successful but could be a long way off yet?

Every owner will have to make their own decisions re the addendum but personally I think you may as well sign it. Currently the developer has possession of almost all of the purchase price of the apartments, plus the apartments themselves. The only way to get the keys is to sign. So sign.

The black ops PR campaign will not get rid of the need to sign the addendum. However, if enough of us participate, it will bring about a state of affairs under which the Government of Dubai tells the developer how it can and cannot behave going forward, including telling it not to rely on the addendum.

As for the court case, it has been moved to Dubai. 'Nuff said.

[torchowner]

Originally Posted by hawki

I have been reading this forum since investing into this project and i must say that this post is probably the clearest most sensible thing ive read to date!!! Who do Select think thay are- I for one am tired of their constant greedy attitude , please dont sign away your rights!

God almighty with a voracious appetite for your money as they can get away with anything.

[MANUTD]

Originally Posted by Dubai_Steve

MANUTD, did your lawyer check out this issue for The Point?

I had a customer for my POINT property BUT SELECT WOULD NOT transfer LTPP -- LOSt MY CUSToMER THEN _ but still rented out !!

[ramzy]

Originally Posted by MANUTD

I had a customer for my POINT property BUT SELECT WOULD NOT transfer LTPP -- LOSt MY CUSToMER THEN _ but still rented out !!

Does that mean you could not sell it?

[NickBoyC]

All,

Signing these addendums and losing voting rights is one thing as far as I'm concerned. What I would like clarification on is being on the LPP is if I sign these addendums and in another years time I have the funds to pay off what I believe to be the settlement figure after say 6 years of being on the LPP are Select Group going to tell me I ower them the figure that they would have received as if I continued the payment plan for the entire 15 years.

It's like taking out a 25 year mortgage here in the UK. Paying it off after two years and the bank says, 'hang on you owe us the next 23 years interest to settle this'.

What's the thoughts on this? This would be a reason for me not sign. What are our options for getting a Dubai based mortgage and getting this paid up now? In theory negating the need to sign at least one of the addendums.

[ab31]

Originally Posted by Dubai_Steve

What happens if you don't sign and fail to complete before 30 days of receiving the notice as per the original contract signed? MANUTD said his expensive lawyers advised that you have to sign or loose your apartment. I am worried that by not signing we would loose all right to our property before having a chance to go to court or whatever. Also note that DEWA and air con will be shut off from your apartments from 1st May so you may get condensation build up / mold etc. if left for months on end empty without power.

As for the proposed press campaign, I am not sure how that will get select from dropping or modifying the addendum in a matter of weeks.

The court case filed is interesting and may prove a test case if successful but could be a long way off yet?

ps. I am hoping the leaks that the point suffered from will not happen with the Torch as they had much more time to sort problems out with the torch and we even know that some apartments have been cleaned since original inspections.

With the point they did inspections in March/April and handed over on 1st June. Power was only connected 1 week before handover. The Torch inspections were in August and has had DEWA since December.

Some interesting points here but remember Select have allowed no further snagging since the initial one back in September.Is this because they have done nothing about the outstanding issues?
Don't presume that because the water has been turned on for months that Select/DCE have bothered to test for leaks.
If your apartment is empty and the one above you is occupied then get your apartment checked regularly to see what is leaking through the ceiling or growing on the walls.
At the Point there is no waterproofing below the floors or behind the walls.
As the Torch is also built by DCE why should it be any different?
You were told the same stories as we were, the 5 star finish, the top of the range appliances etc.The reality is that your standards seem to be virtually the same as the Point.
As for going to the press you are quite right in saying nothing can be done before you are faced with the decision regarding the addendum.
Your problems will not end when you get your keys.Select will continue to extract money from you at every opportunity.
Regardless of what you do about the addendum, don't let Select get away with it .The more of you that write to Tony Hetherington, the more chance we have of him grasping the true picture and driving a stake into the heart of the vampire that is Select

[MANUTD]

Originally Posted by ramzy

Does that mean you could not sell it?

Correct, could have sold it twice if SELECT GROUP would have swpped LTPP to another person - as it happens my circumstances have changed and I dont have to sell now -- but SG to my mind could have made it easier to sell my apartment at the time and chose not too !

[Rider]

Originally Posted by NickBoyC

All,

Signing these addendums and losing voting rights is one thing as far as I'm concerned. What I would like clarification on is being on the LPP is if I sign these addendums and in another years time I have the funds to pay off what I believe to be the settlement figure after say 6 years of being on the LPP are Select Group going to tell me I ower them the figure that they would have received as if I continued the payment plan for the entire 15 years.

It's like taking out a 25 year mortgage here in the UK. Paying it off after two years and the bank says, 'hang on you owe us the next 23 years interest to settle this'.

What's the thoughts on this? This would be a reason for me not sign. What are our options for getting a Dubai based mortgage and getting this paid up now? In theory negating the need to sign at least one of the addendums.

You'll need to move fast if you want this to happen. The notice of completion documents were all backdated to 31 March even though we didn't get them until mid April. I imagine they will hold you to 30 April as 30 days notice.

If you can do it within the next few days then Select should in theory issue you with a revised statement of account and you'd then be in the same position as SPP buyers in that only one addendum should apply.

I think you could still follow the same approach even after signing the second addendum. If the SPA provides for early settlement of the entire capital amount then the second addendum should in theory become void as you would no longer be on the LPP and would be in the same position as a SPP buyer. The addendum may prevent your from selling without their permission but does it prevent you from re-mortgaging and removing yourself from the LPP?

[Dubai_Steve]

its 30 business days, so docs have to be with them before mid may.

[Sheltie]

Still haven't got my couriered papers. Is anyone else still waiting?

[foxy]

Yep I'm waiting too.

[Qasim786]

What a mess, just been catching up on the previous pages. Please could anyone on a LPP help explain to me in simple English, what the heck they want from us. Do these people in Select have no mercy. I know they want to make money but there's making money and there's making money. I am trying to get out and sell up but, if I do today it looks like at a loss. Can't afford that, especially with a mortgage in the uk, a wife and a child to support.
My apartment is on the 75th floor, with great views. All I want is what I put in, anyone interested please pm me.

Sorry I know this isn't a forum to put your apartment for sale but any help anyone can give would be extremely helpful......I am sooooooooooooooooooo Stressed.

[Free Time]

Originally Posted by Dubai_Steve

its 30 business days, so docs have to be with them before mid may.

Is this just the deadline for getting signed stuff and payment back to them or do we also have to physically take possession of property by then as well?