DFL005 - Arboretum, Land with PP - SUSPENDED

Not sure what Lendy are planning, but it looks suspicious, because it is subject to regulatory review before it can be offered to investors. If there is a certificate of Practical Completion then it could be there is some snagging to be completed, but that's for the contractor to complete.

From:  www.designingbuildings.co.uk/wiki/Difference_between_practical_completion_and_partial_possession

"Practical completion

The contract administrator certifies practical completion when all the works described in the contract have been carried out. This is when, leaving aside minor items and/or snagging, the works are considered to be complete.

Once the certificate of practical completion has been issued, the client takes possession of the works for occupation. At this point the contractor no longer has exclusive possession of the site, and their obligation to insure the works and their liability for liquidated damages for delay comes to an end. Depending on the type of contract, at this point the contractor usually becomes entitled to half of the retention.

Practical completion signifies the beginning of the defects liability period, during which the contractor must make good any defects that become apparent. It is important to note that the defects liability period is not a chance to correct problems apparent at practical completion, it is the period during which the contractor may be recalled to rectify defects which appear following practical completion. If there are defects apparent before practical completion, then these should be rectified before a certificate of practical completion is issued."

A rose by any other name

I assume that this is the place, clearly needs lots of work finalising before they can make a dime out of it.  Makes me wonder just how many sheds this was propping up before it nosedived.

I think everything is fine here and the update has been poorly constructed by someone not wholly familiar with the matter. (Some mingling / mangling of events at DFL019, I suspect.)

I've only visited, but the finished development looks as good as the brochures suggest and warrants the 4.5 stars on TA, in my opinion.

By no means an expert in these matters, I'd expect the purchaser of the Freehold to have ensured something as fundamental as a PC certificate (not to mention all of the myriad other documents) were in place before handing over their c. £2M.

No adhoc update received yet as expectations set in the last update

I emailed them this morning at 9am to give them a gentle reminder. There response was:

“We are awaiting information from our external partners, so we can provide a meaningful update.”