I THINK!!! you're understanding as to the amounts to be paid and by whom are correct but I don't know what the situation is regarding when you should pay your portion.

Maybe you should ask that of TGC (if you can trust them).

I have been told about the size related extra payments but haven't been told about my penalties yet. My mortgage bank have paid the 85% but not the 5% until the snagging protocol is received.

I am probably going to pay the portion I owe when I am asked for it.

So if PS deflect the blame onto the indiviuals for not reading their contracts, then surely the blame must go to the lawyers. First of all for not sending the contract initially which they signed on my behalf and secondly for not telling me that the T&Cs had changed from the original prospectus. The clue to their inept service may lye in their name "TGC Corporate Lawyers"!

They clearly have the corporate developers interest as priority and even though Ive paid them nearly a £1,000 for their services they cant even be bothered to supply a decent service!

PS investors were guided towards TGC and I duly followed PS recommendation in good faith, however it is pretty clear that TGC fall someway short of the mark for us individual investors!

Hi all, just a quick update. I received another communication from TGC today:



I have replied to TGC requesting the snagging documentation that the bank is waiting on for the final payment. Will update you all if/when I get a response to that request.

Has anyone else seen any updates on South Bank?

Dear Mr Glaze
The information regarding when the snagging was due to take place was available on the i-property-assets website for all those clients who have taken the service.
Once IPA receive a copy of the snagging report and english translation it will be uploaded on to the same website, these are usually available within the week.
The updates for this developement will be availble shortly, but if you need any further information immediately please do not hesitate to contact me

Thanks for your reply, Karen.

My concern is not really about the date of when the snagging will occur - I understand that that has been explained already.

The concern at this point is that we are receiving conflicting information: TGC is requesting the final payment now, while our mortgage brokers are telling us that handover documentation from the developer is required before the final payment will be made from the bank, according to the contract terms.

Given TGC's failure to communicate effectively in the past, I would be more likely to trust what the finance advisors are telling us.

Additionally, since we are dealing with these penalty fees due to delayed payment, and since it now seems that the delay is due to the developer being late on the documentation, something doesn't add up. Why should I be paying a penalty to the developer when it is in fact the developer who is now causing delays? Shouldn't the reverse be happening right now? It seems that these penalty fees we have been racking up should now be reimbursed at the same daily rate that they were accrued, until the developer fulfills their obligation to deliver handover documentation.

Any light PS/IPA could shed on the situation would be appreciated.

Thanks.

Also, FYI - here is some further communication back and forth between TGC and the finance broker. If anyone could translate this into Polish, it would be much appreciated. Thanks!

Thanks for the info GGlaze.

I'm not exactly sure why my last post has completely dissapeared here (forum database losing messages?), along with at least one other follow up post after that one - but I'll post again anyways.

I can probably dig up what I wrote previously (it was mostly just updates on correspondence I have saved anyways) if anyone is interested - just send me a message.

The jist of it was that I had some back and forth with the developer over the whole issue of "interest" charges resulting from the payment delays, and basically negotiating over how much of the delay was my fault. My argument was that about 25% of the delay was actually caused by the developer delaying with confirmation documents after the first payment was made, and so I was only willing to cover up to 75% of the interest charges.

I've received a response today (I won't post the message here, but happy to forward it to anyone who's interested). It basically says that the developer is not willing to negotiate on this, and that "payment delays from the bank" are out of their control - in other words, completely ignoring/misunderstanding/avoiding my point that a portion of this delay was actually caused by the developer, rather than by myself or by the bank.

Anyways, for now until I hear anything from RedNet or iPA, I'm going to just sit on this and let it simmer for a while.

Would love to hear from anyone else who is dealing with penalty interest charges, and how you've decided to proceed.

Thanks.

I decided that it was futile to go ahead and continue arguing a seemingly lost cause and so paid my penalties. The whole episode has left a bitter taste in my mouth though and PS have certainly gone down in my estimation, as have TGC. I think they were both complicit in this situation arising.

I basically didn't want anything holding up the handover of my unit and delaying me in renting it out.

I have one more deal on the go with PS and I'm not sure that any more will follow.