I went to a law firm and they introduced me to FMI. FMI helped me get a consultancy for the best price and secure a payment schedule. The lawyer then took the consultancy report which was included in my 3+ Market Report from FMI and started to negotiate as a mediator on behalf of myself and the new developer.
I finally got my settlement by using professional consultants. They provided me with valuable information about the price and the best payment schedule, the lawyer then reviewed all the terms of the contract to protect me from all aspects and mediated between myself and the developer so I didn’t have to deal with the headaches of tough negotiations with the developers.
I would certainly recommend FMI to anyone facing the same issues as myself, they have helped me come to a resolution that at one point I thought wasn’t possible.
My developer changed. After getting the address of the new developer from the land department I went to see the new developer. They asked me for a payment which I made, suddenly after a couple of months again the new developer stopped the construction, I am now back to square one.
I was checking on website blogs where all investors in the same building as me were discussing the same situation, one of them provide us with the contact details of Freehold Mediation & Information.
I visited Freehold and after a quick chat they asked me to register. I told them that I had already seen a similar booklet that one of my friends was given and he gave me the name of the lawyer. I wasn’t sure what additional information I could get if I was to register. The registration officer then explained to me the execution part. The lawyer selection and the case studies from the lawyers depends on so many different factors which were all included in 3+ Market Report. She explained that for example 2 clients may have 2 units of one bedroom – same type of unit – same price, same payment schedule – one has paid as per the payment schedule till up to date, linked to the construction level and another client was behind on the payment schedule linked to current construction level. So the second person was already in default and any legal notice without knowing the current status of the client could have negative impact on the client. Law firms sent a legal notice to a developer bases on project has been delayed for more than 3 years from anticipated completion date where a developer keeps client –even a defaulted client- for future cash flow and just to save himself and defend himself, start to send cancellation notice to the client so because client defaulted the payment. Secondly she explained me that the commercial profit that I could gain if I signed with the lawyers through FMI due to the cooperate agreement they have with the lawyers. Thirdly a follow up and status report of the case which will be sent to me.
All of these benefits for a small registration fee seemed reasonable.
I recommended FMI’s services to all my friends with similar property problems and would do so to any others experiencing these issues.
I was out of the country for 3 years which meant I was unaware of any developer progress updates. When I came back to Dubai the project was close to completion. I went to the developer’s office but didn’t find anybody there. I then went to the Land Department and they told me that the developer had changed and they gave the new address to go directly to them. I then found that the new developer had cancelled my investment and sold my unit !. He gave me a copy of my cancellation which they apparently sent to my old address in the UK last year, and obviously I was never there to receive it..
I didn’t know what to do, or where to go, Land Department ? Law firm? I was frustrated, and ended up going to the broker agent who sold me the unit. I was lucky they were still there, and they put me in touch with FMI. They asked me to register and I did. Then they provided a book which included a Market Report. After reviewing the market study part I found out that the project is not even close to what I was expecting it to be. I purchased the property to be my vacation home. There were so many promises made that there would be a lot of facilities in the community which is still far from completion. I was told this area was going to be ready but still the roads, shopping mall and many other facilities that were planned are not there. Even if it was not cancelled I wouldn’t want an apartment in this area. I emphasised that I am no longer interested in getting this property back plus I never actually got my cancellation notice or a cancellation letter. I asked FMI if they can exchange my investment to another property which would suit my investment criteria. An apartment close to the beach in a well-developed area. They said they had to send my 3+ Market Report to all the developers and wait for their response. After 3 weeks they contacted me and told me that 2 developers were willing to accept my credit and they each had one offer for me.
One of the properties proposed was exactly what I wanted, in the area that I liked, with easy access to the beach, shopping malls, public transportation…. A perfect holiday apartment for me and my family.
I would recommend Freehold to anyone in my situation and can’t fault their ability and determination to find a resolution for myself and my family.
Situation Analysis
Included in the 3+ Market Report clients will:
- See the status of their project
- Get an updated market value for the property
- Be able to categorize their investment: i.e. Does the project, in respect of the court status and market value, still suit the investors category of investment as “short term”, “long term” or “end user”
Option Analysis:
Providing consultancy for best settlement options dependent on:
- Price: Current market study and period of construction delay
- Payment Plan: Initial payment plan, Construction status, Maximum security for clients and required cash flow for project
Execution:
Providing a list of mediators dependent on:
- Experience with the Developer
- The value of investment
- Level of construction
- Location of the project
Organising meetings with mediators and providing updates
Situation Analysis
Included in the 3+ Market Report clients will:
- See the status of their project
- Get an updated market value for the property
- Be able to categorize their investment: i.e. Does the project, in respect of the court status and market value, still suit the investors category of investment as “short term”, “long term” or “end user”
Option Analysis:
Providing the 3+ Market Report
Execution:
Providing a list of Law Firms dependent on:
- Experience against the Developer (successful cases )
- Value of the investment
- Level of construction
- Location of the project
Organizing meetings with law firm and providing updates
Situation Analysis
Included in the 3+ Market Report clients will:
- See the status of their project
- Get an updated market value for the property
- Be able to categorize their investment: i.e. Does the project, in respect of the court status and market value, still suit the investors category of investment as “short term”, “long term” or “end user”
Option Analysis:
Providing a list of options for Asset Relocation including :
- Names of the developers willing to accept clients credit
- The project name
- The unit details
- Agreement and payment terms
Providing the Market Report for options of relocation
Execution:
Facilitate meetings with investment advisor for:
- Matching clients category of investment with selected units
- Approving payment capability of the client in relation to the payment plan
- Reporting the counter offer from clients to developers
