This is still unresolved as our investors turned out to be far too greedy and failed to honour our agreement.  Over the years we had purchased eleven properties at a total cost of 2.5 million pounds including all management, lawyers' fees, and planning costs. 

The basis of our agreement was that the investors provided the funds and we negotiated the purchases, organised maintenance, security, and the planning applications that were all charged at cost, the investors did not have to do anything. 

Once sold they would all get their funds back first and then we would share the profit. 

It took much longer than we thought, because the planning department kept changing their minds and moving the goalposts, in addition we had an added problem of a dangerous professional squatter (a known criminal with a gang of thugs) in our largest property. 

Our lawyers were unable to get them out for over a year.  Stupidly, when we eventually had the opportunity to sell for 7.3 million pounds representing a substantial profit, our investors refused to accept the sale (claiming they could get more).  They never did!   Jewellery-Quarter+R

We now believe that they had no intention of honouring our contract and instead devoted their time in finding ways of cheating us from our share all from quite early on.  The first method was one of them constantly failed to pay their share of the maintenance and planning costs.  Causing us some serious cash flow problems. 

I specially flew back to Birmingham and arranged a meeting to try to resolve everything and I was really relieved, as we did all come to an agreement on how to proceed.  Yet within a day of my return to Spain they had changed their minds!  I held three meetings with them, and each time having achieved an agreement before flying back, the same thing happened yet again! 

My last attempt was to offer to buy them all out, I was sure we could get the funds, but although my offer would have given them a particularly good profit (nearly as much as they would have received had they accepted the 7,3 million offer) but they refused to sell.  Since then, I have done my best to forget about it!  No more news to date, except there are now lots of large redevelopments going on all around our land and the Jewellery Quarter is now considered a desireable special place to live. 

After this I decided to let them do whatever they like, as I knew that sometime this area will be redeveloped and my property would have to be bought, so I would wait and let any developer come to me. 

Quite soon after they turned down the offer, the property market slumped, and the Investors fell out with us, and we suspect with each other!  
jncohen.net/current


Retirement and Selling Our House

There were three reasons why Trudy and I decided to sell our home; (1) the value of houses in our road had suddenly increased tremendously, (2) having 5 bedrooms for just the two of us was far too much, (3) I was ready to retire. 

There were a lot of traumas involved, we had so many viewings and thought we had a buyer several times, then at last a deal was done.  But our buyer delayed the completion date a few times, making us feel uneasy.

 

<                   Page 41                   >
Contents