Titanic Quarter Apartment buyers seek legal help

[Andrew Clarkson]

A group of potential buyers at another apartment block development are seeking legal advice on contracts they signed at the height of the property boom.

Around 30 prospective purchasers who signed for homes in the James Clow development at Clarendon Dock in Belfast have formed an action group.

It follows legal threats by some developers to bring buyers to court.

Many new homes which are nearing completion are now worth much less than the prices agreed in 2007.

Two bedroom apartments in the development are thought to have been originally priced at up to £250,000.

Earlier this month it emerged that the developers of the Ormeau Bakery apartments in south Belfast had issued writs against people who had failed to complete the sale of homes they had booked.

PBN Property Limited, who built the Woodlands Manor development at Stockman's Way in the city, is also suing clients who have not completed on contracted sales.

Around 100 people who booked apartments in the Titanic Quarter in east Belfast have also joined forces as the completion date for their development approaches.

The Titanic Action Group is being coordinated by Brian Speers of CMG Solicitors.

The James Clow development consists of a 135 apartments in two blocks.

It is understood that the prospective purchasers there have come together to examine their options as their payment date approaches.

Source: http://news.bbc.co.uk