In my case ap posting on another website states that Merricks will not be ready until December 2012 not 31 December 2010 as stated in my contract. And full planning has yet to be obtained, so whether this date is correct is anyone’s guess!! And in the meantime I am getting no interest on my deposit and my contract only gives me a maximum of 5% compensation if there is a delay! The position will be worse for those investors who have arranged with Harlequin to pay the finance on the 30% deposit – they will have significant rolled up payments and interest to add to the eventual mortgage they will need. In the meantime, if the post is correct, my 30% deposit is floating around unprotected for the next approx FIVE years at MY expense, whilst Harlequin earns interest on my money and doesn’t pay it to me and in the meantime can do pretty much what it chooses with my deposit.

So – potential investors with Harlequin be very careful, particularly with the estimated completion dates, ensuring your money is protected (it should be on an escrow account managed by a UK solicitor or reputable overseas solicitor to maximise safety) and that you get full interest if there are any delays, not capped interest or no interest. If they refuse then look for another deal, I have found one (unfortunately AFTER I invested in Merricks!) which gives 25% interest in one year with funds controlled by UK solicitors and monies held on a UK escrow account and fully secured on land which is independently valued every 6 months.

This is after the Harlequin director reassured me that Merricks would be ready ‘early 2011′ in a meeting a few weeks ago!! Let’s just pray that nothing goes wrong with Harlequin over the next five years and that the predicted capital gains become a reality!