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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I bought an off-plan apartment from a 'property investment

Resolved Question:

Hi, I bought an off-plan apartment from a 'property investment company' and, through issues which have come to light, I believe they did no due diligence. They've said they have but have refused to provide any details to me. Also, despite them saying they bought apartments in volume to offer a discount, I think I paid about 30% above the market rate! My question is, if I serve a writ and take them to court, what information can I demand to see? Specifically can I ask to see what due diligence they did and at what price they purchased the apartments from the developer? Thanks, Matt
Submitted: 10 months ago.
Category: Property Law
Expert:  Ash replied 10 months ago.
Hello Matt my name is ***** ***** I will help you with this.On what basis have they refused please?Alex
Customer: replied 10 months ago.
Hi Alex, they've said that they have not done anything wrong so they see no value in discussing it with me. The apartment is in Kuala Lumpur and although the average price since I bought has gone up by about 35%, those in my building have gone down by the same amount. The main reason seems to be the lack of the new access road that was described as 'approved proposed access road' in the investment report. I believe this risk should have been highlighted in their due diligence process. They just say that they feel they did fair due diligence and won't discuss it further (and that I'm just moaning as my investment went down). They have since underwritten the building immediately next door to my building (literally a few metres away) and have made the same exaggerated claims about its investment potential despite knowing how badly my building has performed. When I've mentioned this they say it's not relevant to my case, which again I find ludicrous as it has now gone live and experienced exactly the same problems (rents 50% below their predictions etc).
Customer: replied 10 months ago.
Hi Alex, do you need any more background?
Expert:  Ash replied 10 months ago.
You need to write and ask for the details or say you will make an application to Court.If they dont provide it then you can issue proceedings for specific disclosure.You need to do this by completing form N244:http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n244-eng.pdfThe Court will list the matter for hearing and decide whether to give disclosure.If the Court does and they refuse, this could be contempt of Court which they could be warned, fined or sent to prison.But this should get the information you need.Can I clarify anything for you about this today please?Alex
Customer: replied 10 months ago.
Thanks for this information. I understand that you are saying that the Court will decide whether to give disclosure on a case-by-case basis but in general terms can people ask for a company's commercial information via the Courts? Thanks a lot.
Expert:  Ash replied 10 months ago.
Yes if they wont disclose it and you have asked, it may be relevant to any negligence claim then then the Court can order disclosure
Expert:  Ash replied 10 months ago.
Does that clarify?Alex
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
Ash and other Property Law Specialists are ready to help you
Customer: replied 10 months ago.
Yes, thanks for your help Alex.

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