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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31861
Experience:  Over 5 years in practice
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Alex. We went into a jv with property developers to build

Customer Question

Alex.
We went into a jv with property developers to build cottages on our farm.
They paid off the existing Mortgage and promised funds to complete the build by selling property from their portfolio. It was to be a 50/50 split of profits- we agreed to transfer one of the two titles which make up our property. There is a separate title for the farmhouse and ancillary buildings. The developers emailed conditions, including -the money they paid is to be regarded as a loan to the Company by them. The joint venture was active for fifteen weeks weekly minuted meetings- they brought their own workforce and bought a static home for them to live in during the week. They took residence of a
cottage adjacent to the house and also as part of the agreement we
gave up our Cider and Apple Juice production, selling the machinery
so the production shed could be used by the joint venture company.
They pulled out, leaving the cottages open to the elements. We had it roofed at our expense.
They issued a claim in The High Court in February 2015. serving it
as an amended claim in May 2014. The case was heard 9th-12th May last.
They claimed subrogation to the rights of the Mortgagee over both titles- and won....
One of our "partners" has developed a brain tumour. The sum awarded to them was £950k plus costs. The house title has been valued by Savills at £1m. The Farm Title which incudes the cottages and land is valued at £1.4m
They have possession of both titles on 30th June. We have lived and farmed here for thirty years and have hosted a Four day Blues Festival for four days in June for the last 25years. Tickets are sold
bands booked and we physically cannot clear the barns etc let alone the house.
We have been heartened to be told that as our partners are not regulated Lenders they can not repossess our house- we have a separate mortgage on this in any event.
Alex- sorry it is so long winded- can you help us? This project was to be our retirement fund and we now have no income apart from what we can make from the Blues which is not hugely profit making.
We will have no where to live
Sincerely,
Julian and Kathy ******.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Thanks for asking for me, but sadly this isnt my area.One of my colleagues can help out. Thanks for thinking of me!
Expert:  Nicola-mod replied 1 year ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.
I am happy to wait for your professional.Thank you
***** *****s.
Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola