I found Freehold through some other property buyers who I met at the Land Department. I registered with FMI and they provided me with a booklet detailing options for Settlement, Litigation and an Asset Relocation. I chose to go with the option of settlement.
Freehold provided me with a list of Mediators that had a successful negotiation history for clients in similar cases. The Mediator started negotiating with the developer and at the end they were able to retrieve 100% of my investment. The developer offered me a completed property and I paid the balance, now I own my dream home in Dubai as was the original plan !
I would recommend FMI to anyone that is looking for a quick, effective solution, and with minimal expense.
I bought an off-plan property in 2007 which was supposed to be handed over in 2009. In 2015 I realised that the Land Department has cancelled the project.
I was referred by a friend who had also purchased a property in the same building. Freehold referred me to a Law Firm. After choosing the appropriate Law Firm I was told by my lawyer that there was no advantage in opening a case. They were impartial and fair and they showed me the right direction to take without thinking how they could get the maximum amount of money from me. They advised me to register with the Dubai Court and request for a refund / reimbursement. They handled the full process of registration in court for me.
I believe I was able to save a lot of money and time by finding the right direction. If it was not for FMI and for the lawyer that they referred me to I would have insisted on opening a case and consequently dragged myself into a long, exhausting and costly legal battle ultimately with the same result at the end.
I recommend Freehold Mediation and Information to all off-plan property purchasers and investors who are stuck with on hold projects.
The property that I bought in 2005 was delayed at first for a number of years. I was not in contact with the Developer for many years after that and decided to make a visit to the Land Department. The Land Department then informed me that the project had been cancelled.
I was looking for information about similar cases on the internet and there I found out about Freehold Mediation. I explained to FMI how important it was to me to own a property in Dubai, to which they advised me that at Court proceedings the Court would set the action to put the project up for auction and sell to the highest bidder. The accumulated money would be distributed to each investor or property purchaser according to how much they had paid but the process may take some time and require patience. I asked FMI if there was anybody who was willing to take my documents, deal with all those headaches, and get the money back from the developer through a court order and provide me with a another property instead. They referred me to an investment group who owned various properties all over the UAE and who also provided facilities to exchange my apartment. After studying my 3+ Market Report they accepted half of my initial investment as a down payment for an already completed property and provided me with a flexible payment plan.
Judging by what I had heard from other investors who had invested money in off-plan properties it was not certain if or when I could retrieve my money. Further to that, my new property was completed and there was no way I could have found in house finance from any other seller or developer.
I would recommend FMI to anyone that finds themselves in the same frustrating position that I did. I can honestly say that without their help I would almost certainly be still in the same position.
Situation analysis
By providing 3+market study (provided in PA research book)
Clients will:
- Will see the status of their project
- Will get an updated market value
- will be able to categorize their investment ie does the project in respect of court status and market price still suits the investors category of investment as “short term” , “long term” or “end user”
Option analysis:
providing consultancy for best settlement options (provided in PA research book):
- Price : depends on current market study and time of construction delay
- Payment Plan: initial payment plan, construction status , maximum security for client and required cash flow for project.
Execution:
Providing list of mediators
depends on :
- experience with developer
- value of investment
- level of construction
- location of project
Organising meeting with mediators and providing update
Situation analysis
By providing 3+market study (provided in PA research book).
Clients will:
- Will see the status of their project
- Will get an updated market value
- will be able to categorize their investment ie does the project in respect of court status and market price still suits the investors category of investment as “short term” , “long term” or “end user”
Option analysis:
by providing update information from previous litigation cases (provided in PA research book)
Execution:
Providing list of law firms
Dependant on:
- experience against developer (win cases )
- value of investment
- level of construction
- location of project
Organizing meeting with law firm and providing update
Situation analysis
By providing 3+market study (provided in PA research book)
Clients will:
- Will see the status of their project
- Will get an updated market value
- will be able to categorize their investment ie does the project in respect of court status and market price still suits the investors category of investment as “short term” , “long term” or “end user”
Option analysis:
Providing list of options for asset relocation (provided in booklet)
Including :
- names of developers (whom will accept the credit )
- project name
- unit details
- Deal and payment terms
Providing market study for options of relocation (provided in booklet)
Execution:
facilitating meeting with investment advisor for:
- Matching client category of investment with selected unit
- approving payment capability of client due to payment plan
- reporting counter offer from client to developer
