Far East buyers beware rush for London homes
WHEN Hong Kong businessman Mr He paid a £35,000 deposit on a four-bedroom apartment in the UK, he believed it was a 40-minute walk from central London, his lawyer claims. In fact it was a 40-minute journey by high-speed train.
The £350,000 home was in Lincolnshire. He sued the developer for misrepresentation last year, getting his money back before the case got to court in what his lawyer said was an attempt by the developer to avoid its marketing material being splashed around a courtroom.
He was told his flat was 40 minutes from central London at a face-to-face meeting with the developer, said David Linklater, head of litigation at law firm Alan Broadhurst, who represented He. Broadhurst declined to give his client’s full name or the developer’s identity.
“Lots of people go to the fairs in Hong Kong and get a sheet of paper with a picture of Big Ben. You think you are going to be the Queen’s neighbour when actually the Queen has a great big garden with a big wall around it,” said Linklater, who deals with 20-30 unhappy overseas buyers a year.
Sold at exhibitions in plush hotels, many properties are not in the most desirable London neighbourhoods despite the prominent pictures of Harrods or Buckingham Palace. Details of exact locations tend to be omitted rather than inaccurate.
A brochure advertising 375 Kensington High Street, a luxury London scheme marketed in the Far East claims the development is “a short walk from the luxury shopping available at Harrods”. In fact, the world-famous store is a 50-minute walk.