PS - Anybody home ? Nobody got anything to say ?

Rgds
Mike

Hi Mike

I thought I should give you a brief re-iteration of our telephone discussion yesterday.

I do understand your concerns in relation to the dates moving and the communication that you have been receiving from iPA. The dates shown on the tracker are subject to change. We gain our information from the developers/partners connected with development. With events such as Handover, if these are moved by the developer these will then impact on other events such as Kitchen Pack Delivery through to Installation. It is our aim to find out why these dates have moved and to relay this back to clients as soon as possible via the update system.

As we all know anything relating to property (construction, legal issues, the weather!) is subject to and can be the cause for delays OR can bring the development ahead of schedule. We endeavour to inform our clients of these events as soon as possible.

We work closely with RedNet/Developers and all our other partners overseas to make the timelines for such events far more realistic, and not as hurried as they have been in the past, giving the clients more time to consider and plan their decision.

I do apologise the lack of response that you feel you have been getting from iPA, you now have my direct line and if there is anything that you would like to discuss please do contact me directly.

We are all now in constant communication with our Partners, including your dedicated Client Coordinator, which we think will make the relaying of information to clients run more smoothly.

Kind regards

Sarah-Jane

To Mike Welsh

Don't feel you're alone. I'm investing in the Tampa Gardens development in Brasov and the near completion dates on the i-PA website are unreal - and I get very little information from PS. Website says handover in June 08. The Romanian lawyers told me by email to expect final payment in October 2008. Can you make sense of that?

Regards
Richard

Hi Richard

Thank you for your comment.

The lawyers are right the final payment is expected around October 2008 as noted in the contract. This payment is due once the construction is complete and the final contract is signed in notarial deal. This is your contractual completion.

The completion of construction has been estimated as June/July 08.

I hope this helps to clarify the situation.

Kindest regards
Debbie

Hi Sarah

Thanks for your call and post. The main issues for me are understanding and communication which following our conversation I look forward to seeing the improvements !

Might be worth also mentioning that the update didn;t go out as intended due to staf sickness ? Assuming any of the other very quiet Platan investors were wondering !

Just for information, according to the lawyers handover is on 02/06/08.

krgds
Mike

Mike, watch out after completion, property secrets local completion service took 6 months to get my flat in Repy Czech Republic ready for letting. Will

Sarah-Jane (or PS generally),

Can you confirm that the hadover date for Platan is in fact today, I have been told a number of dates by the lawyers none of which have so far proved to be correct.

On the wider point about keeping customers informed, I don't understand why it seems so difficult to provide updates, do PS/i-Property not speak to developers and don't the developers keep and update project plans that show projected completion dates.

Given that we are only given 7 days to have the funds in a Polish account folowing notice of completion this uncertainty costs your customers significant amount of money to either have the funds drawn down and sitting in a bank for months or in penalty payments if you wat to receive notification before drawing down previously agreed mortgages.

Regards

Alan

Dear Alan

Thank you for your post. As you are aware updates are sent out on a monthly basis for those clients that have signed up for the i-PA services.

As for dates please be aware that there is a constant communiation with the developer, the property partner, and finally the lawyer to confirm dates.

As you appreciate each date is given as an estimate and not an exact. Why? Because these dates can alter as so many factors come into play. When we discuss the completion date this can change for various reason the main one being force majeure. With handover this is tied to ensuring that all permits, i.e. occupancy etc has been issued. Occupancy permit is somthing that is in the hands of the local authority. Sometimes the information given is that it is not expected for several months, then the next thing we know if that it has suddenly happened. This then causes various conractual factors to come into play, hence why sometimes 7 days notice is given.

Eventhough we all try our best to ensure that dates given are as close as possible. We must take into account the unexpected.

Kindest regards
Debbie

Another point to note is a technical issue.

For our date tracking system we have decided to tie every event for every unit to a particular day. However developers will project plan to a much larger time period and will often only quote the month for an event. We therefore plan for the 1st of the month (better to be early rather than late in our planning and coordination).

As many people know from working on their own homes, it is very hard to predict actual time frames for building work.

As Debbie has stated we draw upon all of our contacts to provide a realistic picture. Both developers and lawyers will openly quote the contractual date, but the skill comes in drawing out the true build schedule date. To pin point this with any accuracy, you need experience, a network and contacts on the inside that will offer information. Visiting the site as often as possible is also a benefit.

regards

Oliver Watts

Going back to the original issue of this thread, a key 'ready to rent' date changed by several months. This was not deemed important enough to tell anyone about through either a monthly upate or an alert. Incredible.

Do you have any idea when the next monthly update is likely to be available please ?

rgds
Mike