Hi i will try them when i am out there amnd also groupo gfd does anybody know where they are os phone numbers or have heard anything about them .

Hi Gary

I am also from Belfast , i have currently paid a 30% deposit for Greenfields Blue , but no luck with finance to complete , I was meant to go to a meeting yesterday in Belfast with the MRI Bosses , after reading a few statements on here im glad i just had a few beers and watched the footy, Did you meet them in Belfast ? , what did they say ? , Luckily i didnt buy any furniture from anyone and have just let my deposit go , although the developer has not cancelled my contract yet , What developments are MRI letting people transfer their deposits too ?

I believe Romania had to get a bailout from IMF last week. Does this look good for their economy in the future , dont know !

Might just be better to cut my losses.

Hi i did meet the bosses wit one thing on my mind the furniture they assured me it will be installed by 1st week in may they will send me an email saying this then i can go out and
get it organised for rental and get it managed ,i will have to pull out of the melbourn complex i am not even going to try and get a morgage at this stage ,i paid for the greenfields cash i hope this one works out i still believe there is a need for rental properties there Thanks.

I am in the same position as most on this forum. I have paid 30% deposit in Blue and cant get a mortgage to complete the sale.

I have taken some Independant Legal advice in Romania and the lawyer has advised me that he thinks he can get my initial deposit back due to the contract been nothing more than a gentlemans agreement. He says he has had sucess in Topaz developement. Has anyone had any money back from Deposits.

Also has anyone any info on Property Investment Expertise who are working on behalf of Impact. They have contacted me offering a finance package from the Developer. Has anyone else had this offered. Just dont know what to do for the best and wonder if its worthwhile paying any more money into this after reading this forum. Only wish I had read it a while ago

Any info is appreciated

Hi, this is very interesting... I haven't heard of anyone claiming anything back successfuly, but, of course, I'd be very interested, so please keep us informed.

I met MRI bosses in London last week and it was nothing but a sales meeting, basically waste of time... They tried to put me off completing in romania and sell me some property in portugal or bulgaria, which I wasn't interested in.

They mentioned though that he developer has problems completing green areas and no landscaping has been done in blue yet. Has anyone been there recently or have any information on that?

Also they told me there'd be problem with maintenance cost, as most people are pulling out from this investment and they expect no more than 40% of units to be completed in greenfields. I think it was only to scare you and make you buy elsewhere, but how things are is another question. Again: has anybody got any information on that?

One more point when I'm here: the VAT rate in construction in Romania has been cut down quite substantially at the end of last year (from 19% to 5%) but the developer doesn't seem to pass it on. When I first spoke to my lawyer (the one recommended by MRI) he said he didn't kow anything about it and when I insisted again, headmitted he heard of it, but the developer doesn't want to transfer this to foreign investors (without any reason) and, he said, they can prove the amount of VAT they paid. I just wonder if there is any way to avoid paying higher VAT. Has anyone spoke to their lawyer about it?

Hi Gary here i am going out there in May i will keep you informed i have a one way ticket i will stay there until i get it sorted hopefully only a few days i will check greenfields where i have an apartment completed hopefully it will be furnished mri sait the 1st week in may i will also look at the melbourne complex with south pacific
where i have put a deposit of 61000 euro into i will probably back out of that i cant see a way forward there i will keep in touch .

HI

I have just received this from the lawyer at Property Investment Expertise regarding the VAT situation.

I am writing to answer your query regarding new VAT provisions in Romania.

In an effort to provide social housing units, the Romanian government has reduced the rate of VAT from 19% to 5%, effective from 15th December 2008. However, this rate is subject from to very strict criteria:

· the apartment must be newly built

· the price must not exceed 88,000 Euros

· the apartment area must be less than 120 sqm

· the VAT reduction is applicable for one property only

Finally, the cut in the VAT rate is not available to overseas buyers and must be justified by the Romanian family purchasing the property. In terms of justification, the Romanian government will accept the following provisions:

· Apartments with subsidised rent for individuals or families whose economic status prevents them from owning or renting a house under market conditions

· Apartments whose intend use is as retirement homes for the elderly and retirees, orphanages and rehabilitation centres for disabled minors

Therefore I’m afraid that the VAT cut is not applicable in your situation or, when you consider the property size, price or target market, any of Impact’s clients.

Finally, we would like to make it clear that any suggestion that Impact is not passing on the VAT rate cut is demonstratably false.


Best regards,



Hope this helps

Hi deedle1975

Very interested if you could email me your lawyers details , as i would be very keen to chat to them about the possibility of re couping the deposit back , i have heard nobody has had any success on this front so far , but the claim they have had success in the Topaz block is very interesting.

Hi

I have paid an initial payment for due diligance on the contract and now need to pay another instalment for it to go to court. Obviously just concerns me that I could be throwing good money after bad. I was going to ask about the Topaz claim further and try and get to contact the client although I doubt I will get that information. But if I got my deposit back I would be on here shouting it from the rooftops.

You can see how you get on and what he tells you about the sucess rate and see if we get the same story.

Cheers

The agent appointed lawyer confirmed to me that only Romanian buyers are eligible for the VAT reduction.

I have a friend who happens to be a surveyor who will be going to have a look at my ONIX apartment this month to see if its improved from the sorry state it was in, in Dec at the 'handover'.

I'll report back if anything has been done ..