Hi

I received an odd email from PS on Friday saying it was time for me to consider a mortgage or other ways of funding the purchase for the Platan complex. Odd as I was under the impression that payment was due in the next couple of weeks on handover.

A couple of basic questions please...

When is the final payment actually due ?
In light of the above, do PS realistically expect a mortgage offer to be signed sealed and delivered within this timeframe (whatever it is this week) ?

I would have to say that I am getting more than a little fed up that basic information such as this is not available and seems impossible to obtain. I have had a cash sum standing by as 'emergency' cover for 6 months now. If I knew, even which month, it would be required this could have been invested in a fixed short term account in order to achieve a better rate of interest.

Also in spite of twice verbally indicating to ipa what I as a customer would find useful I am still no clearer exactly what decisions ipa will be sending out, when, and for roughly how much. The ability to do basic financial planning would be helpful in my case.

Any PS comments welcome

Rgds
Mike

Hello Mike,

The email you are refering to was a general email sent to clients who have invested in property that is due for completion within the next 6 months. Regardless of the development. As a general reminder, it's purpose was to refresh investors memory to begin the process as in most cases, we are all living hectic lives and sometimes, these things are delayed behind other things.

Its other purpose was to introduce myself and my role within PS. As a general point of contact regarding finance issues, i am here to make sure the european brokers are doing their best to continue your applications with speed and to a high standard.

A quick reply to my email is all that is needed to bring us both up to speed and to confirm if you needed any help or details of who may be of use to you as investors.

Obviously, with a time scale of a few weeks, a mortgage for Platan Complex would be a very tall order, but hopefully with investors on our database with more than one investment property, it may have started the thoughts of finance on other developments. I can only apologise on behalf of PS for the delays but as i am sure you will understand, delays in development can happen and we do our best to keep you informed of any up to date information.

If this email inconvenienced you, please accept my apologies.

Kind Regards,

Lee O'Connell

Having questioned Lee's original email it seems only fair and consistent to question the latest email from I-Property Assets.

With 12 days unitl the final payment is due I received a similar email from IPA. Now is the time to consider my financing options. I also received an email from Rednet Finance offering a quote two hours after the ipa one.

On the basis that neither ipa and Rednet would not be wasting my time with offers that could not be delivered I have filled in the mortgage quote form on the website - let us see what happens...

How have other investors found the mortgage process with Noble and Rednet ?

Brgds
Mike

Hi Mike

There's lots of posts on the forum re. applying for Polish mortgages so plenty of references. I contacted Noble and went to Krakow to personally apply for my mortgage last year. I had everything signed sealed and delivered in 3 days as I had brought all the required paperwork with me. I dealt with a guy there who spoke very good English Lucaz Osman. I could probably have got a more competititve rate but wanted it all sewn up as quickly as possible due to time constraints. The process involved having certain documents translated and notarized.... much simpler if you are there in person.

Obtaining the mortgage was the easy part for me. The difficulty came with those parties involved in the handover process dropping the ball and not following the correct procedures re. handover... You need to monitor this closely otherwise you will find yourself with a large penalty bill (mine was 1200 pounds which was reduced to five hundred by my own actions). I was under the impression I had paid the solicitors involved to interpret the legal jargon in the Purchase Contract with regard to deadlines but apparently the purchaser is responsible for his own 'translation' .
I-PA have investigated but we are in disagreement as to the 'mechanics' and 'responsibility' for the 'errors'.

I also received a notification well after the payment deadline had passed requesting if I needed assistance with a mortgage? There appears to be a lack of coordination between certain IPA elements.

Some ten months on after arranging my mortgage and 8 months after paying it I still have not taken possession of the apartment. It could be a long drawn-out process for you be warned.

Thanks Palmtree

Looks like I did well to receive mine pre-handover !

Credit where it is due, pleasantly surprised that both Noble and rednet got back to me by close of play today.

Noble suggested four weeks to process. Rednet suggested Raiffeisen Bank with a decision in three days once all the documents were assembled. Sadly it came in at 7.45% which seems a little over the 'as low as 3.82%' in the original email but nevermind.

Noted re the delays. I think the most sensible option would be to do cash as planned and refinance later when all the land registry business is sorted and I can arrange travel over there to sort out the documents in person.

Good luck with the handover, expect I will be joining you in the IPA fan-club once there is someone around to look into my pending complaint :o)

Brgds
Mike