Northumberland Living Developments: Allegations and Challenges

Northumberland Living, In West Chevington Farm, Druridge Bay, is a development poised for completion. Only to be stalled by an apparent unforeseen historical conveyancing issue. The repercussions extend beyond construction delays, with disgruntled purchasers raising concerns about alleged delayed interest payments. This scenario, unfortunately, mirrors another development: Ashbrookes. They also use Castle Trust Management and Services as a trustee, helmed by Director William Jackson and co-Director Tony Hughes.

Issues at Northumberland Living:

Northumberland Living, spearheaded by William Jackson, is grappling with financial challenges. Notably, there are reports of at least six clients experiencing delays in receiving interest payments.

Contrary to initial explanations from Northumberland Living, about a contractual clause allowing a three-month extension, it has become evident that more than three months have passed for several investors, rendering them in default. In response, Northumberland Living has ceased all interest payments and imposed a maximum 180-day extension for repayment.

Revelations and Allegations:

William Jackson, Northumberland Living’s owner, claims the absence of a trustee, as Castle Trust Management and Services has been liquidated. There are concerns about the independence of the new trustees, given their affiliations with Alfa Director Mark Anthony Kidd and Sonali Craddock, who is a director of Intelligent Distribution, responsible for administering loan notes. Allegations also suggest lapses in Anti-Money Laundering (AML) procedures. With capital and interest payments diverted to accounts not associated with the loan note holders.

The situation has raised suspicions of falsely created problems, such as the legal issue with Northumberland, potentially providing a pretext for default. There are fears that a similar strategy might be employed with Ashbrookes. Notably, Northumberland Living denies direct contact with solicitors for verification. They have also refused evaluation of loan note security in the absence of a trustee.

Person Y, an individual purchaser, is facing a £450k deficit with investments in William Jackson-associated companies and New Capital Link’s introductions. Of this sum, £50,000 is tied to Northumberland Living, while larger investments are associated with Aventurine Climate and Ashbrookes Group.

Legal Action on the Horizon:

Amidst the financial uncertainties, reports indicate that legal action has been taken. Lawyers are preparing to file claims against Northumberland Living and its directors, which emphasises the gravity of the situation.

The allegations and legal challenges surrounding Northumberland Living and its associated developments raises concerns. As purchasers await further developments, they must grapple with the implications of such situations on trust and credibility within the off plan property purchasing sector.

If you are a purchaser in any of the companies mentioned in this article, or any off-plan property development, and are experiencing delays in payments. Please contact us now at investigations@insolvencyandlaw.co.uk or call us on 02075041300.