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I was going to purchase a property through YPC in Manchester. They pulled out of the deal after taking a reservation deposit and finders fees from me.They now tell me that the company who was building the print house has sold the company on and there any assets to cease to pay clients. They are now in discussions with the company who has bought the company but they are based in Singapore.In addition they won't return the finders fees and have offered me to use the finders fees against another property.
I looked at a few threads posted on here where I could get advice but it doesn't seem they can help.
Can anyone help as to what my rights are?
I asked a panel of solicitors and they advised that there is a litigation case here due to the unfair contract term and conditions as in they can't take money for nothing.
Hi Sam,Sorry to hear of your plight. You should be entitled to a full refund of your reservation and finders fees because nothing has been delivered upon. This is why we constantly warn here at Property Tribes NOT to pay big fees upfront. As you are discovering, once these companies have your money, it is very hard to get it back! Offering a replacement deal when you have lost faith with them is not acceptable.If your loss is in excess of £15K, I know of a no win/no fee option for this.If you paid on a credit card, you may be able to get a refund under Section 75.See - MBNA vs. Malouf Also have a look at:How to get your money back from unscrupulous companies Good luck and let us know how you get on!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Absolutely agree it has left a bitter taste in my mouth.
It was £7,500, (£2,500 reservation deposit and £5k finders fees), was paid by way of online transfer.
So neither the credit card or > £15k solutions will help. I look back at so many things I should have done but too late. They pulled out within 8 days of me signing a contract with them.
I will look into that other link you have provided.
I have just discovered this site.
I have a lot to say about YPC, nothing good though.
I bought 3 properties from them in 2009/2010.
They are great when you are looking to invest but should something go wrong they ignore you and hope you'll go away..
For 2 of the properties, there was actually bricks and mortar which is a pretty good start but there were many problems even with those which I will not go into here as it's the 3rd property I want to discuss.
I paid finders fees for all properties.
The 3rd property was supposed to be completed in 2012. This date came and went and I have been fighting to get my money back since then.
I have paid about 8,000 between a 5% deposit and finder's fees for this property. There were many lies told to me in the buying of this property, information retrieval has been really difficult since and solicitors and YPC and very distant and almost impossible to get email replies from.
YPC informed me that they had a good relationship with the developer and had dealt with them before.
I managed to contact the developer in 2016 and he informed my that this was the 1st dealings he had with YPC. He also said he had to pay a large part of the deposit to YPC and he has very little of the deposit left and he would return it to me. He has not done this and several follow-ups.
I have asked YPC to return the finder's fee which they gloss over and answer with something else or just in 95% of cases just do not reply.
So I am in a dilemma...
The solicitors seem to be also dealing with YPC as well as me which surely is a conflict of interest.
I have paid YPC Finder's Fee + 1000 Reservation Fee (3423.83 + 1000)
5% less 1000 reservation fee = 3502.90 so 7,926.73 TOTAL
You will not believe the amount of emails etc. I have sent to pursue this but I keep getting fobbed off or blanked. I am really annoyed with this.
Some important information please.
1. What do you mean by a print house?2. Is YPC regulated by the FCA?3. I am guessing that the property was offshore and off plan?4. When you paid the deposit and finders fee, where did that money go?5. Was this to be an investment of any kind?6. How did YPC Manchester represent themselves? As an investment adviser, or middle-man to connect property developers and sellers? This is very important.
Hi Peter,Thanks for your contribution.Re: No. 6. I assume you are angling at YPC being members of an Ombudsman scheme which they need to be by law?Sam should try and find out if they are a member of an independent redress scheme, as this may be a route of redress.If they are not a member, Sam should report them to her local Trading Standards.I have also just found this thread from January 2015, which makes for an interesting read:
nio 26 Jan 2015 at 06:11
I wish I read this thread before parting with my fund. I would advise extreme caution to anyone considering doing business with Your Property Club and Brett Allegre Wood as I too had a bad experience when attempting to purchase a property through them. Apparently he has been selling the same story that the developer plugged off the the deal. Each time I call his colleagues at YPC they claim he is in Singapore, I have sent numerous emails he never replies and my funds are still with him. It is my hard earned money and would go to every extent to get it back. we should collectively put an end to his atrocities. The last 2 months has been a nightmare. Noone is above the law! i would not rest till I get my fund back!________________It would be interesting to know if this person managed to get a refund. You could PM him or ask on the thread.
Thanks guys. I wish I found that thread before parting with my money in September 2015.
The Printhouse was the property name in Manchester and YPC were acting like the middle man connecting buyers and sellers that's what they do. The property was off plan.
I have looked at the property ombudsman website and they don't appear to be a member. I will call them to be certain. If not then I will report them to trading standards.
The deposit was paid to absolute living developments who was the developer and finders fees to YPC direct into their account.
Let me know if there are any other questions.
I have contacted Clifford Tibber to see if Anthony Gold Solicitors can help.
Please let me know if you know anyone that has been successful in getting their fees back.
I have contacted Nio via message as the thread won't come up on my phone version. I will let you know if he was successful in getting the money back.
*moderator content removed*. It is a grey area in terms of property sourcers/property clubs.
I would read through your T&C and then speak to a solicitors about small claims court
Thanks Reg. I just spoke to Property Redress Scheme as they are registered with them. I will now raise a complaint.
When I had an issue 3 months ago they told me they were not registered with them *moderator content removed* NOTE this company is registered with an ombudsman.