You arrived at this page by selecting:A Place in the Sun or a hole in the pocket (YEP 01/05/08)
I was interested to read a letter which was sent to me recently concerning overseas property exhibitions and companies who specialise in developments abroad.
Glossy mailshots look particularly inviting to those people who want to retire abroad or are looking for an investment. The salespeople who work for these companies certainly tap into and sell the dream. With the back up of professional looking marketing material and scaled models it would be hard for anyone not to think they were engaging with a professional and credible company. Cooling off periods are verbally mentioned and littered throughout the literature therefore you could be forgiven for thinking you've nothing to lose. But have you?
I'm not saying that all these types of businesses are unscrupulous I would just like to make you think before parting with your money. The sales pitch is geared around getting you to commit to a property there and then. After all when you have had time to reflect you may change your mind. Scaled models or plans allowing you to choose a particular property seem very inviting. The threat of losing that property from so called 'long waiting lists' can push you into a decision you might not have otherwise made. Are you certain that your chosen property location will not change? What concrete assurances are you being given? When salespeople talk about 'fully refundable deposits' and 'cooling off periods' it is easy to think that you have a way out if you want one. But under what terms are you entitled to a refund and just exactly when does this cooling off period start and stop? The company may have different ideas to yours.
All I will say is that various tactics are used to ensure you don't back out of these deals. While I realise the pull of the dream may be a strong one it pays to just take yourself away from the situation and think about it looking at the documentation before you make a decision. You should always take independent advice too from a good solicitor. Do your research on the companies behind these developments. Even if you think you are legally entitled to a refund actually getting it from an unscrupulous company might be almost impossible. Remember you do not have to use a solicitor that is in partnership or recommended by these companies. In fact I would advise against it as they might not necessarily be as independent as you think they might be.
I mentioned recently the new laws relating to unfair commercial practices which come into force May 26th. When they do come into force some of these marketing practices used by companies like this will come under question. Lets hope they take some notice of them.
Ask for a Free copy of our unique Price Guide.
- Look out for my column which will be weekly from now on.
- My colleagues and I regularly provide FREE speakers to local non-profit club and group meetings. Any donations received are automatically given to charity.
- You can read all past columns on our website www.LawOffice.co.uk
- If you have a legal query that you think might be interesting to other readers too please send it to me at Horsforth Law Office, New Road Side, Horsforth, LS18 4QE. T: 0113 258 6888 or email john.wilson@LawOffice.co.uk