Mortgage has just gone done from 100%LTV to 75%. Gulp!

I may be walking away from white tower as well..

And the WT completion date has been put back yet again.......now they want me to sign a further FPC amendment to end-September paying only 500 Czk per day compensation.
By then they might be losing more than that per day in value.
This is rapidly going "tits up".

What worries me now is staying in....if everybody else is pulling out.

Chris - If it is any consolation I have decided to stay in White Tower, although I am also a bit concerned about their inability to complete.

ChrisO

Re: White tower

How come you have been asked in June to sign another FPC? I got mine in feb regarding the extra penalties etc. and asked

"What happens if this is not signed? Would the developer have to refund the exchange fee and nullify the contract?"

and was told...

"You have already signed the amendment no.2. The amendment, which is enclosed, is the same with respect to the completion´s dates but it states compensation for you in addition. It means, that if you do not sign it you will not get the compensation."

...So I signed.


The latest deadline I believe I have signed was

"2) Developer´s obligation is to complete the units within two months after estimated completion date at the latest, i.e. by 30th April 2009."

So I believe that we can renegotiate the terms of the contract to our lking or pull out with the full deposit.

Can someone from PS/IPA please comment as I have already asked the lawyers to confirm we can pull out two weeks ago and not received a reply.

My mortgage offer has now expired and I'm not sure what to do.

DaveM, this is a further amendment because the 30th April date was again missed.

The new completion date is now 30th September, which would give total compensation of Czk 129,560.
I haven't received the latest amendment yet but have been asked if i would sign......so i've asked for them to also cover the expenses of meeting another mortgage application and notarising because mine will have expired as well.
Am awaiting a reply.

According the lawyers...one Client who signed no amendment has already filed court proceedings.
Some others have decided to pull out and have requested return of deposit and payment of damages, including the return of the payment made to the Agent, AAA, for assignment of the FPC. AAA refused to pay this so they've asked the Developer to reimburse.
Letters have been sent out, that's all i know.

It would be useful for PS to comment because they can see the bigger picture of all Clients.

Just found the email in my junk folder!

Rather conserning that oour despoits have somehow become non-returnable!

I've asked for details of their legal services to see if I can recover this money. I've also spoken with PS about their renegotiation service but oliver is out of the country until next week.

I heard that all the banks now insist that a mortgage offer must be signed in person in the Czech Republic, either at a bank or at a Czech notary. Is this still the case? If so, a new application would mean a new trip out to Prague.

Sorry, I'm hoping to get an extension on the drawdown period. It's another fee but hopefully will be OK and can be done using POA.
I understand i'll have to sign for the drawdown in person when it eventually happens.
Not had any other updates for a few weeks and nothing from i-PA....I don't even know if they're still progressing with the build now....last summer the builders "went on holiday" for about 3 months.

White Tower.
Has anybody received anymore useful information from iPA or the lawyers about this?
Has anybody received the latest amendment to the FPC that they'd like us to sign?

Thanks in advance.

I am looking to pull out of White Tower. Can anyone else also doing this please contact the lawyers and that way maybe we can split the cost of the court action.

I contacted PS to request a members contact details but received no reply therefore it would appear all communication will have to be via the lawyers.

The White Tower contact is Jana Sedláčková at Marek Hoskovec

tel : 00 420234095754
email: office@ak-hoskovec.cz

As usual please post your thoughts on this.



Jason