Dear Dam,

The rental guarantee was a unique offer made to investors that bought through propertysecrets.

i-PA clients will have a update on thier my investmetns page within the next hour.

regards

Oliver Watts

and so am I.

As confirmed, if the delays are longer than 6 months, we do have a right to our money back from the developer. I'll have to speak with a solicitor with regards to the "finders fee" situation. Had hoped for clarity here from PS.

I guess as the contract is not completed as agreed, you have a right to a full finders fee refund as goods haven't been delivered.

Dear All,

My understanding is that the service provided by Property Secrets is to bring you together with a developer. The point at which this is deemed complete is when you sign an exchange contract. .

PS go to great lengths to ensure that the preliminary contract that you are offered is as secure as can be in the markets in which you are buying. The due diligence offered is second to none and provides you with the right information for you to invest wisely.

I will request a response from Deborah Le Goff who will provide a clear statement from Property Secrets.

If you are an i-PA client you will be made aware of the delivery status and the contractual obligations of the developer and any impact via your regular updates in your 'My investments' page.

regards

Oliver Watts

"My understanding is that the service provided by Property Secrets is to bring you together with a developer. The point at which this is deemed complete is when you sign an exchange contract"

So what in the case of Spirit Wharf, when almost a year after paying a finders fee to Property Secrets there has been not even been a reservation contract supplied, and none of the deadlines set in the original documentation met. Property Secrets refusal to return the finders fee is pretty lame.

These matters are of great interest to a large number of Forum members.

I hope that Property Secrets don't try their usual ploy of closing down an awkward thread by stating that they will inform individual clients off line.

Oliver,

I have checked the finders agreement and you are indeed right. We are all xxxxxxx. I do feel a little troubled by this as I would have hoped that PS would have taken a more pragmatic approach to the situation investors find themselves in, through no fault of their own. It was you that put us in touch with this developer!!

As you say, your job is to find the developer and do an extremely high level of due dilligence by means of the prospectus report. That, as you say, is what we pay for.

With this due dillligence in mind, can you inform us of how the investment is doing against the predicted 23% increase in value by Oct 2008? Also, by next October 2009 and according to the prospectus, the value will have climbed by another 15%. This is a compound 41% increase in value and is why I made an investment here along with the rental guarantee. Interested to know how this is progressing as the facts I got from CPP were somewhat different to this.

In addition, the prospectus states that all units secured for PS will face the private park. This makes sense as the resale value would be a lot lower if it faced the other way. Can you confirm that this is the case for all units, particularly mine? I have got feedback from CPP, when I went to see them, that my unit was infact the other side and therefore less valuable. I guess they MUST have this wrong? I can't imagine with the due dilligence you have put in that this could ever be the case??

Before you start shouting down investors, remember we have all put in over £5K for a finders fee + legal costs, arranging mortgages etc. I personally had to fly to Prague myself to find out what was going on here. I informed on this thread about the extra delays. I informed about the mortgage costs being bourne by CPP because of this delay. I informed investors about their rights for money returned. This is NOT my responsibility but, in my opinion, yours.

It cost me £73 for the flight and a days time and effort. With all the £5K's you have in your account for this development, prehaps it may make sense to spend £73 per month on flights to avoid investors having to do their own "due dilligence". I shouldn't have to be responsible for this.

I await your comments as I'm none too happy (particularly after the horrendous situation I had on rentals at Kosik, both in time taken and the greatly reduced predicted rental income - in your "dilligent" prospectus).......

Dear John,

Due Diligence is critical to investing, from both Property Secrets and you in your selection of where to invest your money. The investment report and the work conducted by the investment team has been provided and you have made your decision. You have subsequently rejected the continuation of our support services and therefore should expect the additional costs, time and confusion that comes with your DIY approach.

I have paying clients that are my responsibility. If you wish to pay for the information that you request then I would gladly offer you our i-PA services. However, it would not be fair on my existing clients to service you for free.

At the end of the day, the development has had a small delay but is being delivered. The market still has great potential and will be a solid long term investment, so PS have done a good job in providing you with this investment opportunity.

There are always bumps along the road when investing in property, particuarly when it is in a different country. That is why we needed to create the i-PropertyAssets support services.

Come on board and we will bend overbackwards to help you.

I will ask Property Secrets to place a post that I believe will bring this conversation to a close.

regards

Oliver Watts