From: "Doug Ramage" 
Newsgroups: uk.finance
Subject: Re: Property deal offered to my mum - any thoughts?
Date: Sun, 10 Oct 2004 09:43:36 +0100


"Troy Steadman"  wrote in message 
news:b7611b05.0410092345.26b1a43f@posting.google.com...
> Ronald Raygun  wrote in message 
> news:...
>> Troy Steadman wrote:
>>
>> > I wish Raygun or Ramage or another "proper" accountant were here to
>> > explain this, I can't get my head round it.
>>
>> What makes you think I'm an accountant, never mind "proper"?
>
> It's not something you qualify at, it's something you are *born* with,
> the ability to look at the big picture. People like me can understand
> each of the bits of a puzzle but a "proper" accountant looks at the
> *whole* puzzle first, then at the bits.
>
> FWIW I think the scam in this scheme is:
>
> 1) Flats are bought at market value and demolished.
> 2) Problems beyond anyone's control prevent rebuilding work going
> ahead.
> 3) After a few year resident have died or given up or frittered away
> the cash.

I am not sure it's a "scam" - but the proposed deal does seem to be slanted 
towards the developer.

I would think it could be done without involving a developer (and his profit 
margin).
-- 
Doug Ramage

[Watch Spam Trap]