i have followed this thread with much interest since i first picked it up last week. i found a link to the thread when i googled property hotspots worldwide. i have previously put posts on a property forum voicing my concerns about phw to try and warn other investors only to have them removed by the forum moderators. I posted information online a long time ago with a link to the directors disqualification register to confirm that indeed Andrew Harris is disqualified as a director.
I do have a positive for some of you investors. if you have invested on regency beach then as i understand it all monies are being held by LAW LTD and have not been released to the developer. while things are still at this stage you should have no problem getting your money back from LAW LTD. Contracts have not been issued yet (due to problems with planning & other issues that are not allowing LAW to complete their due dilligence checks) and therefore you are entitled to a full refund of monies paid. You will however be liable for some solicitors fees which you will need to pay to LAW direct. This process will be the same for anyone else who has bought on Regency developments that hasnt exchanged contracts as your money should not have left the solicitors client account. LAW LTD are members of the uk law society and are therefore regulated by UKLS. if you are having problems then you should direct your complaint directly to the uk law society on 0845 608 6565
In my opinion (and i must stress that it is only my opinion) those buyers who have real cause for concern are those who have bought on regency towers as this is phws only development that is nearly (but not quite) complete (it is taking a very long time to finish off and it appears that there is a shortage of cash to get the place finished - what other reason can there be for the place not being finished long ago) Therefore these people will have handed over most if not all of their money, here is the first problem. Andrew Harris does not own the building - fact. The building is actually owned by an egyptian man who is waiting for his money from the units PHW have sold. Here is my concern. What happens to all the people who have bought on this development IF PHW suddenly ceases to exist? The Egyptian owner will say where is your contract? I have sold you nothing. If you have your contract I would check who you are buying the apartment from. If you are not buying it from an Egyptian then I would be very worried. If for example it says on your contract that the seller is phwor 1st Leisure or Andrew Harris then the contract I would summise is VOID as none of the above are the actual seller. We have a close friend who nearly bought on regency towers but throughout the course of doing his own due dilligence he discovered this discrepancy and decided it wasnt safe to proceed this was over a year ago so maybe by now the contracts have been changed in which case there is less cause for concern. Our worst fear for the buyers on regency towers is that they have bought a unit from someone who cant legally sell it to them, this person/company then disappear and the real owner arrives on the scene, the people that think they own in fact do not and are left with nothing while the company/person that has taken all the money is crusing off into the sunset.
the more me and others look into Andrew Harris and PHW the more bad feelings are uncovered
so not wanting to go on even more at this point i wanted to give all existing and potential investors some advice. Make sure you carry out your own due dilligence on any property you are going to buy, go and see the build or build site, go to the local offices and find out who owns the land, get the contracts checked by an independent source and never presume that what the vendor tells you is true (someone made a good point earlier about vendors telling you there will be a golf course and then when all is said and done low and behold there is no golf course and nothing in the contract) check everything out that they tell you and if it is a major contributing factor in the purchase insist that it is written into your contract.
if you have already paid monies over to LAW LTD for your regency purchase and you no longer want to go ahead then put your wishes not to proceed in writing and give them a 7 day notice period in which to return your monies. If they do not comply report them to the uk law society on the number above.i hope this will help any potential buyers to make a wise choice and give the head start to those who have already purchased, good luck to everyone who is tied up in this mess