Pan Peninsula buyers "don't know which way to turn"
Pan Peninsula buyers admit they "don't know which way to turn" as they strive to pay for their homes.
Ballymore has advised purchasers that speaking about their plight may be "counterproductive" to their bid for finance, creating a "negative hue" around the luxury Millharbour development.
But would-be owners claim they have been unable to reach the company for several weeks to discuss a solution as completion dates loom.
Apartments in Pan Peninsula were snapped up off-plan over two years ago by buyers wooed by facilities such as a spa, gym, private cinema and cocktail lounge.
Units cost between a quarter of a million for a studio to £12million for a penthouse at the time, but The Wharf reported on March 19 that the property downturn had wiped between 10 and 30 per cent off the value of units, resulting in the withdrawal or alteration of many mortgage offers.
Ballymore has pledged to "assess each individual case" to determine the scale of problems. But it reserved the right to "sue for any losses suffered" in a letter to residents in February, saying contracts were "not exchanged on a subject to mortgage basis". Some have already forfeited their deposits and face legal action for missed payments.
Nearly half the 762 units are now part of the Pan Peninsula Buyers Association, which hopes to get Ballymore to the table to discuss a solution.
However, Ballymore's group director for strategy and communications Paul Keogh told The Wharf this week that buyers would not benefit from being PPBA members or contacting the press.
He said: "There is little advantage in buyers being members of Pan Peninsula Buyers Association as everyone's individual financial circumstances are different.
"Some members are large property investors, others are one-off property investors and their motivations for being involved are different.
"Ballymore has to assess each individual case and take a view as to that client's level of difficulty in being able to complete their legal obligations to Ballymore.
"I do not think they are benefiting by constantly approaching the media.
"In fact, it may be counterproductive to be constantly going to the media about Pan Peninsula as it creates a negative hue around what is undoubtedly the best place in London to live at the moment.
"It will all hamper their efforts to get finance. My advice is to talk to Ballymore individually, outlining their individual financial difficulties and we will listen and advise accordingly."
Mr Keogh again referred all buyer concerns to new group sales and marketing director Michael Meanley, who would be "handling each case one by one". He also added that full-time staff based at Pan Peninsula would be "available to help with individual queries".
However, the chairman of the PPBA, who asked not to be named, confirmed that many had been unable to get hold of Mr Meanley since his name was first mentioned in The Wharf three weeks ago.
He also claimed that only around 20 per cent of buyers who had already been served with completion notices had done so.
He said: "We've tried contacting them on several occasions and have had no responses, or we've been told we'll get a call back and nothing's happened.
"At this moment in time, there are quite a few people that are not in a position to complete.
"People don't know which way to turn. We're all professionals, and we're not being dealt with in a professional manner."