MRI Overseas Property review: help....letters needed please about MRI... 22

In case you missed my last comment, since this site seems to have not accepted my registration, I agree with most comments as I cant get replies to emails, cant complete on sale as assured mortgage not forthcoming, paid over odds for apartment and furniture, and they now demand double the default fee stated in the contract. At 62y.o. and following heart attack last year this is not good news. Stand to lose daughters inheritance plus the property. Gordon Brown's disasterous sterling nosedive hasn't helped either.

i bought a studio apt in Aspen Golf and have never been so dissapointed in my life. I had been contacted by MRI in NOV 07 to say that if i gave them 1300 euros they could start letting my apt out immediately for the whole skiing season. Stupidly i paid the money but when i went over to Bulgaria the following June 08 the apt was not even finished, have never got my money back despite promises from them am now living with the latest story that the only person who can arrange this is off ill ( 4 months).i was told management costs would be 25 euros per month am now being asked for 700 euros plus for year.Paid excessive amount for funiture package again a year in advance only to be told that items would have to be left out because kitchen area was so small they couldnt fit them in (strange considering they were the designers from start to finish) again no refund, when i asked for money back due to apt being not ready on time allowing for the six months overrun allowed for in contract i was given all sorts of different reasons why it wasnt there fault again strange as they advertised themselves as sole developer at time.When i went to pick my keys up for the first time i was asked to sign a form first stating that i was happy with the standard of workmanship and would waiver any rights to complain about snagging.When i got in the apt the sink flooded water all over the floor, the extractor didnt work above the cooker, woodwork hadnt been screwed into place, the flooring had been laid too tight to walls so was buckling and the fridge had mysteriously failed to turn up.In the early stages of advertising they lied about how close it was to the gondola lifts and kept selling apts as though were on the edge of golf course even though they now knew other hotels were being built right in front of there building.This company has consistantly lied to me about almost every aspect of this project.

I'm in a similar position and have setup a personal webspace with some info ...

http://myweb.tiscali.co.uk/number5/web1.htm

Alison,

Who is this law firm you mention above?

All

Please raise your voice and account of your experience with the Serious Fraud Office. I have also been a victim of their scam with commiting to buying a off plan property through them, I now want the Euro 45ooo of staged payments I have made to date as a result of them breaching the purchase contract, according to the contract they must refund me my money, however they are not doing so.

This fraudulant company who hide behind many names/faces:
MRI
MacAnthony Realty International Ltd
MacAnthony Realty International
MacAnthony Realty International Construction 1 (or 2 or 3)
MacAnthony Realty Construction 1 (or 2 or 3)
DCC Properties

They have deveived many UK investors and with falsefied information and ruined the livelihood for most, I will be raising my concerns with the SFO and also looking to get the government involved. Everyone should do the same and raise the profile of this, it has gone on long enough.

I need help alison regarding MRI

Can you please help me Mary_silk@hotmail.co.uk.

Regards

Mary

I agree with all tha comments above. I need help to get my deposit back.

Regards

Mary

To everyone who is having problems with MRI.
We have set up a group in an effort to get everyone together as one, and to get as much evidence as we can.
If you go onto eyeonworldwide.com you can send me a private message. You can also go into Palazzo, bulgaria (the one with many postings on it, as there might be two Palazzos).
You can also see from this that I am a genuine buyer who has grievances with MRI.

Hi I have looked at your website and have decided to write a comment about my dealings with MRI. We went over to Paphos In Cyprus back in 2007 to have a look at propertys available to purchase. We were met over there by a girl who took us to a 5 star hotel and said that in the morning a rep would meet us to take us to look at some propertys. A guy turned up and for the first few hours or so proceeded to complain to us about how he had been in and out of hospital all night with toothache. After about 3 hours of looking around and taking us to a few property (all of which were way over our budget) he got another rep to meet up with us and he went home.. We spent again another few hours being taken to sites that were well over budget and not at all what we were looking for. Having been to Cyprus before and having made friends with some of the locals, we were put in touch with a developer who took us out to show us properties that were within our budget and also were told about the most lucrative areas that would give us some good rental... the areas that MRI were recommending were not the best areas for rental even though they had told us on many occasions that they were… whilst away from MRI and their reps we went into many estate agents and letting companys and talked to many people about the laws and rules of buying a property in Cyprus. After two days of being given the hard sell we looked at a property that was being built by Aristo developers. We were told by MRI that there were planning applications in for a bowling alley, cinema and a new shopping centre close to our apartment, we have since found out that this wasn’t the case and that the so called planning application was for more apartments. We were subjected to an hour of being couped up in a meeting room with two people trying a hard sell and we told them there and then that we weren’t going to sign anything nor were we going to give them a deposit.

After returning home we were plagued with phone calls regarding the property, but once at home we did some research on Aristo Developers and found that they were a reputable company. We went ahead with the sale and signed a contract with MRI and paid our deposit. Within a couple of months MRI had sorted out our mortage with a company called Eclipse without going through any of the details of the mortgage ie: repayment clauses and then we were told that Eclipse had been sacked, we were then left to deal with the bank in Cyprus and Solicitors ourselves. In hindsight this was much better for us cause we had the intelligence to deal with it but for people who were relying on MRI it could have been disastrous….. Im pleased to say that the building of the apartment was all completed on time but this was down to Aristo Developers and nothing to do with MRI

Because we were told how good they were at renting out the propertys we decided to enter into a rental agreement with them in November 08 before flying out to our apartment for the first time. In doing so they took 1100 Euros off my credit card 600 for the rental management fee and 500 for the deposit for any breakages which we were told we would get back once the agreement had been terminated. We flew out to Cyprus on 7th November and the service and handover of the keys was disgraceful. We had paid for a clean by MRI and the place was filthy so we had to clean it again from top to toe. We visited the office to tell them about keys for the rental side but when we got there we were told that all rentals were handled from Spain and there was no rental office based in Cyprus which is what we were told.

When we came back to the UK we voiced our concerns and cancelled our rental agreement. We were told we would get our 500 euros back for the deposit but have since been told that we will only get 150 euros back as they were taking an administration fee.

This is 6 months after we cancelled. We have since been back over to Cyprus amd have found that the old MRI office has turned into DCC Property which after speaking to locals we now know that this is also MRI. I cannot believe that they have been able to get away with this kind of conduct in business. We are one of the lucky ones the actual building of our apartment was dealt with by a reputable developer and the solicitors that MRI used were in fact half decent. The location of our apartment was ideal and also we negotiated hard for all the white goods and the air conditioning which were dealt with mainly by the developers. We lost 1100 euros plus the 250 euros when they tried to act as though they had cleaned the place and also they tried to force us into buying their furniture package but I sourced that myself ended up using their supplier direct at a much lesser price of 11000 euros rather than the 13500 they quoted. I would never recommend MRI to anyone they are robbing cheating fraudsters and they should be ashamed of themselves.

We have stupidly purchased 3 properties through MRI 1 in Cyprus which when we purchased we were told we would easily be able to pay our mortgage on the basis of the income coming from summer rentals, WRONG! The furniture pack they supplied to the villa was substandard and sold as luxury.

We purchased 2 other properties in Bulgaria, what a mistake. This morning I have received a letter from the First Investment Bank which MRI and CFP recommended telling us the property has been devalued by just over 1, 100 Euros, not a lot but they want us to remortgage the property for 11, 000 Euros. I am now having to get my own financial people together here in UK to try and sort this out. What a mess.

Has anyone else had any letters?

I have read hundreds of negative stuff on MRI. It's all true. My apartment is ASPEN GOLF BANSKO, it's been a long saga of loss and disappointment.

However I think each apartment complex must gather its own residents/owners and get together. The lack of this knowledge makes each of us weaker.

We may, in some cases, get a refund and in others it's unlikely.

For others it'will be about taking true ownership of the apartment and passing control of it to reputable companies to market and rent it. We all have different issues.

For the irish/english gang, maybe we could agree to meet for a weekend / night in, say 3 months time. In the meantime we work hard to get as many contacts as possible. In that way we might get to know the specific people who share the same concerns as ourselves.

Please let me know what you think. I visited Bansko last week and MRI were talking the usual nonsense but I did manage to insure my apartment independently for half the price, made some contacts and found marketing agencies for half the price also. I have nt made any decisions but I am trying to finally act independently.

I think one of the best arguments to use is that people choose MRI because they promise the best, professional advice on investing in property. They are the experts. It is on that basis you buy with them.

Math is great because it does not lie. MRI built all around Pirin Golf. The course is private, but MRI says it will be open to the public soon. So first they give investment advice on speculation.

Do some quick math. Tee of 4 people from 7am to 5pm every 10 minutes. There are two 18 hole courses (not yet, but should be). You can only fit 480 people a day on the two courses. Balkanstoy the owners/developers have 1000 apartments inside the golf, and own 5 other resorts/hotels with over 1000 units in Bansko-Razlog. At about 20% occupancy with half the people playing golf, the two courses are full. They don’t need to open to the public.

Then MRI builds over 2000 units (330 aspen golf, 300 aspen heights, 300 aspen suites, 300 aspen valley, 1000 silver mt; figures approx) Given this simple math, not including the other 4000 units around the golf, how can it be said they gave good advice? The entire investment premise is rubbish….

And if you want to ice the cake, even though it needs no icing, go to the Aspen Golf web site. If they are the great specialists, why does the web page say (paraphrased) “sorry, this resort is not for rent, and we are taking no bookings. We will be happy to refer you to a hotel” ?
If so many thousands had not lost so much, it would almost be laughable….

want more info? completionassist@yahoo.co.uk

Hi Alison,

I could also do with help from you and anyone else you has purchased in Italy, manily Sunset Tropea II.

A bit of my story below

Went on an inspection trip in August 2007, saw the plot for a 1 bed apartment (Sunset Tropea Phase II - Italy), I paid about 40k Euro for the deposit. Last week finally got the call to say no work has started (is supposed to be completed in July 2009). I couldn't make the meeting which was on Saturday 13 June and have heard nothing since and today came across this site which has now got me really worried! I had an insurance policy for the deposit which I thought I would get back as they work hasn't started and will not be complete, but my Italian lawyer has told me that 'the system of Bank guarantee of security bond does not exist in Italy' and the insurance on covers me if the developer goes bankrupt and the deposit was paid to the develop back in May 2008. Has any else had issues in Italy with MRI?

Any and all help appreciated.
bhawnaganatra@hotmail.com

Hi, there is now a large support group for mri investors. The website is mri-sg.org You can email mrisg2@gmail.com but DO NOT go to mri-sg.com as this is an mri set up. Most investors stand to lose between 25000 and100000 euros each by the look of things, over developments in several countries and quite a few developments. I am in the over 38000 euro bracket and have been shocked by the stories I have read. There are over 350 in the group already I think but remember it is .org NOT .com for the website. Good luck to us all..

Could anyone out ther help us or advise us.We have lost our apartment and our money in suuny beach Bulgaria.Guess what, we bought through the notorious MRI.Please please help us.
Neil and Maria
[protected]

hi my mum is in a similar situation and is set to lose a lot of money due to the overpriced property and there not being mortgages available as the property is not worth the original purchase price. she is buying in aspen heights. she has already paid around £30K deposit paid for all furniture pack now cant complete as the rest is needed by mortgage. can anyone help me and my mum in this situation. is there a way to get back the deposit?
my email is:
leefletcher100@yahoo.co.uk
thanks

We need help, we have signed up for a property in Romania city residence but have been informed by MRI (face to face) that they don't think that it is viable, we have the option of 1) they build anyway 2) we can go for a propery in Aspen suites and pay & extra €6, 000 although it is cheaper than romania and 3) have credit note if after the extra money, they won't give us our money back or even walk away. Can anyone help! hodsonhe@hotmail.com

I have to agree with hindsight 100% - we (the owners of aspen golf appartments) have to try organise ourselves to gather information and be able to take control of our investments. MRI have really tried to screw us over with various bills for this and that. The latest one was for an electricity bill, but we had to send the money before they sent the bill! You couldn't make it up.
With the worldwide property market as it is, it will probably take quite some time for us to make our investment back. My concern is if we don't band together that the resort (and it is a fine resort) will go derelict over the years as people get sick of MRI and stop paying. I'd much rather us be in control over our investment than that shower of crooks. I'm fully behind the idea of organising - who else is in?

yes, I would like to take control of my property. Might consider going out to bansko next june, could two or three go together? Have family comittments so wont be able to agree a date for a while, keep in touch

We had a terrible experience with MRI, has anyone out there bought in Sania Plage, Morocco? My husband wants to go out there and see what is happening but has anyone else been lately?

We paid 82500 euros in 2006 but are unlikely to see the development finished and want our money back. MRI has pulled out. They tried to con us into buying in Bansko Bulgaria, they said they would transfer our original deposit to Bankso which would go towards the cost of the apartment. Trouble was we had to pay 6000 euros immediately at a meeting there and then otherwise they couldn't do it, and then they wanted another 100, 000 euros on top of this. My husband went out there to see for himself, on his return he cancelled immediately.

We have since tried to get the 6000 euros back but letters go unanswered and phone calls refer the caller to their web site.

Don't know which solicitors to trust as MRI introduced us to the one we used.

i had been conned out of cash by mri too they just tell u lie upon lie telling me i could put down a 10% mortgage when i was supposed to put down 30% later then demanding i put down the 30% please go to my page and reply its time we all got our money back

Has anyone bought an apartment through MRI, in the Marina Holiday Club, Pomorie, near Bourgas in Bulgaria?

We have had endless problems, including one bedroom being smaller than expected, light fittings in the wrong place, no guaranteed 2 year rental income, which was included in the contract, therefore apartment has not been rented out, very little help from the solicitor ( recommended by MRI
of course )
No help from MRI at all and obviously cannot get hold of them now.

Suzanne.wain@blueyonder.co.uk

Hello everyone
I work for a company who resolves problems such as yours and if there was one piece of advice most of you need, it is: get an independent lawyer and get it in writing that they do not represent any of the companies involved and have never worked as a consultant for the law firm you are currently using.
Also, do not assume that because a law firm is advertised on your Embassy or Consulate's website that they are reputable - we have found some that are not once we vetted them!
If you have bought through MRI you WILL be using THEIR lawyer. Aside from complaining about MRI you can complain to the relevant Bar Association about your lawyer's behaviour.
Lawyers have a duty of care to their clients and are bound by the law, and their own regulations, to act in their client's best interest and to not do so is professional negligence or worse. They also have very large indemnity insurance as standard. We are going to see a lot more lawyers as the defendants in the next few years. It has already begun in Spain and Cyprus and it is long, long overdue.

nicola@bsnlegal.com