I have taken on an investment with ipinglobal 1 year ago in a secure exit strategy where you pay a 30% deposit on 2 student units in leicester,they develope them over 3 years, they supposedly pay you 22.5% interest/annum and can sell them anytime up to the end of year 3. If they haven't sold them by then the devloper buys them back. I have recently have received an email stating that they have halted development since xmas and brought on a new developer because they cant agree on the end product??? which will alter the original contract. The deposit is covered by an insurance policy. The problem I have with the project is that I now think the units are overpriced at £75,000 for a pod with one room and a bathroom ,I have seen other companies market them at around £43,000 to £53,000 on other projects for a unit. I would like to take my money out if at all possible.Do you have any advice?The solicitor who drew up the contracts was Wilson solicitors in Horsforth(XXXX XXXX-XXXXX).The partnership was between the investor and Bridgepoint Ventures.
There are 2 student units ,1st unit deposit £22629.00, unit value £75,686.00
2nd student unit £21,806.00 deposit ,unit value £72,686.00.
Deposit returned with the interest of 22.5% once the units are sold ,this is in the contract