Keystone Asset Management Ltd – Voluntary Administration

Keystone Asset Management Ltd – Voluntary Administration

18:12 PM, 25th January 2015, About 9 years ago 69

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Keystone Asset Management Ltd - Voluntary Administration

On Thursday, 22 January 2015 I received a call from Keystone Asset Management Ltd to tell me that the directors had requested that the company be put into Voluntary Administration. They main issue here is that Keystone Asset Management Ltd were operating a number of HMO’s in and around Barnsley & Rotherham for their clients on a guaranteed 12% return.

I now have a 4 bed HMO in Rotherham and need help to gain knowledge of the tenants and manage the property.

Can anyone help?

Many Thanks

David Davies


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Comments

Ian Murton

17:54 PM, 7th February 2015, About 9 years ago

In response to David if you haven't done so you can contact Claire Kay at Mulberry Home Let (PHONE NUMBER REMOVED BY MODERATOR AS THIS IS IN BREACH OF HOUSE RULES). I am in the same position and she is taking over the running of my 4 bed HMO in Barnsley.

Alice I am also in the same position as you. David from Keystone took the trouble to drive over 400 miles to come to meet me yesterday with a proposal as to how he will finish the refurb of a 5 bed HMO bought from Keystone last May. I suggest you just speak to David as he is a very reasonable man who is devastated that this has happened to Keystone and its customers. You might be able to go down the legal route but why bother when some face to face human contact will sort the problem out

David` Davis

18:14 PM, 7th February 2015, About 9 years ago

Reply to the comment left by "Ian Murton" at "07/02/2015 - 17:54":

Ian, is there a way I can contact you?

Ian Murton

18:17 PM, 7th February 2015, About 9 years ago

Reply to the comment left by "David` Davis" at "07/02/2015 - 18:14":

Why would you need to?

David` Davis

18:36 PM, 7th February 2015, About 9 years ago

I would like to know how David Frisby explained himself. As director he should have known shat was and was not being done at the company, especially as he led the building work.

David` Davis

18:36 PM, 7th February 2015, About 9 years ago

To hear how David Frisby explained himself.

Adrian of Leigh

12:50 PM, 8th February 2015, About 9 years ago

Reply to the comment left by "Ian Murton" at "07/02/2015 - 17:54":

Hi Ian,

I'm really pleased to hear that David from Keystone appears to have provided a satisfactory solution to your situation, so, as another customer 'in the same boat' (HMO bought but not delivered), I'm really looking forward to meeting him on Tuesday.

And, as I like to be as prepared as possible for any meetings or decisions, are you able to outline what that solution involves? And / or, tell us whether there was just the one proposal, or a realistic choice between 2 or more?

Best wishes, - Adrian

Alice Leyland

14:07 PM, 8th February 2015, About 9 years ago

Reply to the comment left by "Ian Murton" at "07/02/2015 - 17:54":

Hi Ian

It's reassuring to know that there might be a solution to the situation but I am assuming it will involve more costs.

I do not necessarily want to go down the legal route but can't really see how the outstanding refurbishments can be done by Keystone when they haven't been able to do them in the last 13 months.

Hopefully all will be revealed next week at the meeting.

Regards
Alice

Alice Leyland

14:24 PM, 8th February 2015, About 9 years ago

Reply to the comment left by "Robert Mellors" at "06/02/2015 - 09:46":

Hi Robert

Thanks for your reply, and interesting solution to the problem. It's certainly worth considering. I am not in quite such desperate circumstances or facing bankruptcy with this property but it is a couple of hundred miles away from where I live and it will be difficult to manage all the refurbishment and lettings from a distance and, as you say, there are a lot of sharks out there who are happy to take your money and not deliver.

I will see what options, if any, are available at the meeting next week and take it from there.

Kind regards
Alice

Ian Murton

16:09 PM, 8th February 2015, About 9 years ago

Reply to the comment left by "Adrian Brown" at "08/02/2015 - 12:50":

Hi Adrian.

David has other property assets which he will be selling. The solution involves placing the money needed to refurb the property with a solicitor(you will need to raise this) and then holding a charge over David's other property for that amount. Once it is sold you will then receive back the money you put in.

I also had a £10,000 retainer held with the solicitor only to be released when the property was finished as it isn't the after the meeting on the 11th I will ask the liquidator to contact the solicitor and release the funds back to me and use these to refurb. Perhaps you did the same. If not the first option would appear to be your best avenue.

Once the refurb is complete you can still get it tenanted and managed by Mulberry Homes. They deal with LHA clients and will source the tenant, collect benefit from the council and help to ensure that the tenants pay the top up rent charge.

Hope things go well at the meeting.

Ian

Adrian of Leigh

18:28 PM, 8th February 2015, About 9 years ago

Reply to the comment left by "Ian Murton" at "08/02/2015 - 16:09":

Hi Ian,

Thank you SO much for sharing that info; I certainly would never have guessed any process / solution like that one. More importantly, thanks to you I am indeed far better prepared in terms of questions to ask at this week's meetings, and the way forward generally, than I would have been if that had all come as a surprise, which it otherwise would have.

Kind regards,

Adrian

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