Neumans LLP is acting for several individuals who have lost out on over-hyped new-build property investments in London, Manchester and Reading. In some cases the developers’ sales pitches have been exposed as misleading, and in others, following the downturn in the housing market, prospective purchasers have been left high and dry with no mortgage funding, despite enthusiastic assurances from sales people that all would be fine. Not content with forfeiting deposits, developers are suing for lost profits. Neumans’ solicitor Stephen Bane was recently asked to comment about the situation in relation to Imagine Homes. Mr Bane pointed out that even where there is evidence of misrepresentation, where the developer had become insolvent, the purchaser’s chances of justice were much reduced. In contrast, the banks, which many see as being behind the downturn, were often in a secure position.
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