Lending Institutions withdraw from AH in Dublin Docklands

(Hi Starky, gwysocka et al. I've started a new thread as I think this is an interesting and depressing development and if it all does fall through we might need to harness some voices to begin to make noises publicly about what is going on!)

Well, looks like there is bad news on the way folks!

I have just been told by my mortage adviser in the Bank that all the major lending institutions have not been able to come to an equitable agreement with Dublin Docklands re: the wording on the deeds and as a result have decisively pulled away from the scheme and will not be offering mortages. (For those interested in more reading re the deeds problem there is more info in the thread titled different equity scheme for AH in DD )
The last remaining lending institution still in talks are EBS. Last week EBS signed off on some aspects of the wording of the contracts, (probably what your broker was referring to gwysocka) but overall they still have some major concerns to be resolved. EBS Finances are meeting with EBS Mortages on Thursday week, 1st? May, the agreements they have managed to negotiate with DDA will be discussed and a final decision made as to whether they will be offering mortages to people offered AH in the Docklands developments. I gather they will not be returning to the DDA for more talks.
Although the person I was talking to was informed by higher office that it was 50/50 as to whether it would be approved at that meeting, they didn't seem particularly optimistic that EBS would run with the deal.
As the Dublin Docklands are insisting that not only are they put on the deeds of the property, in itself highly irregular, but also they are listed first on the deeds of the property, EBS are concerned if a purchaser defaulted on the property or ran into any one of a numerous of financial irregularities and the property needed to be sold or repossessed then Dublin Docklands would be first in the list of creditors (as it would be listed first on the deeds) and then the EBS. Obviously that is enough to send shivers of financial insecurity down the spine of any lending institution! Enough of a shiver, according to my advisor, that every other lending institution has actually decided it is unacceptable and withdrawn.
With the current climate re:interest lending rates and uncertainity about property values and the fact that all other lending institutions have withdrawn the person I spoke to in the Bank was of the opinion that EBS would also withdraw from the scheme.
Which means that no one will be offering us a mortage!
Kinda <expletive deleted> up isn't it!
Does this mean that the onus will be on DDA to come up with their own mortage scheme for those who have been offered a property down in the Docklands. Can you imagine the deal they will want to negotiate with us! If indeed it is a possibility at all. Feels like a bit of a stalemate.
So, here it is six months after the initial offers were made and it looks like this could drag on for many more months yet and still have a potentially unfavourable outcome.
I, for one, am going to resume reconsidering my plans and options for emigrating as this was pretty much my last chance for getting on the property market in Dublin.
Feels like a phonecall to the Joe Duffy show might be in order!

Hi,

Find this absolutely shocking!!
Have you tried ring DDA?? I havent got chance,but I will try tomoroow. Looks like we might end up with nothing. I cant belive the way we are being treated as we are the ones that are gonna have mortgage around our necks. Seems like DDA wants to get the best deal out of this!!! I agree that we should start to make this PUBLIC!!

Hi Guys

I am in the same boat ,offer in longboat and waiting on EBS and DDDA to agree terms .Do you know if it all falls through will be be taken off the AF list ?

Samk said:

Hi Guys

I am in the same boat ,offer in longboat and waiting on EBS and DDDA to agree terms .Do you know if it all falls through will be be taken off the AF list ?

Click to expand...

I'm also waiting on Longboat, I just got an email from DDA, saying that the banks are "not cooperating" with them on the legalities of the contract.

Why are DDA going down this route, as opposed to the regular AH contracts.

Would we have a legal comeback if this falls through, I know we only put down holding deposits, but it' seems grossly unfair that they can play with people lives this way.

Plus, I got approval from Bank of Ireland, no one in DDDA has said I can only go with EBS.

What to do, what to do !

I was wondering Freshtea if you could let us know what the DDDA said in that email. I have received no correspondence from them and the head office appears to be on permanent voicemail. Did the email give any indication as to what would happen next or are they just saying that as the banks are not cooperating their hands are tied and nothing is going to happen?

Thanks.

Hi again

We have not heard anything from the DDDA either ,and have also been trying to contact their office but as you guys have found out they are always away from their desks .
This is very frustrating and they don't seem to care about the people they have offered these properties to , would make you think if this is the way they treat you now what is down the line if all works out .You would think they would have sorted out the Terms with banks before offering house .

I spoke with Tania from DDA today and I asked her whats is going on with the banks - why they are pulling out, etc?
She was assuring me that contracts with bank are nearly ready and i dont have nothing to be worried about.
She told me that information I have is definitely some kind of missunderstanding.l also was told that both IIB and EBS will defenitely work with them.
I havent spoke with head office, just with her. I am wondering now if she is just keeping me sweet??why is she claiming that everything is going in the right direction?

gwysocka said:

I spoke with Tania from DDA today and I asked her whats is going on with the banks - why they are pulling out, etc?
She was assuring me that contracts with bank are nearly ready and i dont have nothing to be worried about.
She told me that information I have is definitely some kind of missunderstanding.l also was told that both IIB and EBS will defenitely work with them.
I havent spoke with head office, just with her. I am wondering now if she is just keeping me sweet??why is she claiming that everything is going in the right direction?

Click to expand...

I propose we all go down there with pitch forks and flaming torches and smoke them out of the place.

I don't know the whole thing is starting to depress me. I've been trying to get a place for 3 years, finally I get offered a dream gaff and the feckers can't get it together.

They are just fobbing us off really, saying wait and see, the banks will sort it out eventually.

My impression is they are tightening the controls on ownership to prevent profiteering etc.

As result the banks have to review new deeds and contracts, something that used to be a formality

I think if we don't hear something back soon, we send a letter to the Irish times and let them write and article about how docklands operates.

That might kick start this process again

Sounds like something Joe Duffy might be interested in....

freshtea tell us what was in the e-mail - if you dont mind??

Looks like you are the only one who recived any written information from DDA.
I am very curious what exactly they said.
I was told one thing earlier today and you were told exactly opposite.
Let us know please.

Come to think of it I also received a letter some time ago saying that the ddda were in talks with a number of financial institutions and that a deal was imminent. The names of the institutions were not on the letter and when we phoned to inquire they said it was ebs and iib and that a letter would be sent in the next week or so to confirm details. That was about two months ago.

Hi.

i haven't been able to get through to the DDDA office, too busy in work and when I could get a chance to phone there was no answer.
All along this process I have received different information form the bank and from the DDDA. At the end of the day it is the information that the bank has been telling me that has been most accurate . . . so I guess I would listen to them, with a caveat, I think everyone has vested interests here so some sifting of the information is required.
Curious that the information Freshtea received re: banks "not cooperating" with them on the legalities of the contract and the the information gwysocka was told "banks are nearly ready and i dont have nothing to be worried about" though issued from the same office are actually in conflict with each other.
All of which leads to an uncomfortable feeling of being somewhat in the dark.

I agree with you statuasassign ,Our bank told us from the start that there was an issue with the Terms .The ddda always denied there was a problem until they sent us the letter.
its plane to see that because of the property slump at the moment that neither bank or the ddda want to get stung with being owed money .Sounds like they are preparing for a property crash to me .

statusassign said:

Hi.

i haven't been able to get through to the DDDA office, too busy in work and when I could get a chance to phone there was no answer.
All along this process I have received different information form the bank and from the DDDA. At the end of the day it is the information that the bank has been telling me that has been most accurate . . . so I guess I would listen to them, with a caveat, I think everyone has vested interests here so some sifting of the information is required.
Curious that the information Freshtea received re: banks "not cooperating" with them on the legalities of the contract and the the information gwysocka was told "banks are nearly ready and i dont have nothing to be worried about" though issued from the same office are actually in conflict with each other.
All of which leads to an uncomfortable feeling of being somewhat in the dark.

Click to expand...

steady on there, don't start "quoting me"

the email was vague and it was my interpretation was that they are not cooperating at an in pass with the banks.

I'm not going to state what was in the email as it was private correspondence.

But through emails and conversations with DDDA over the last few weeks. I get the "impression" that nothing is going to happen soon, as the banks are taking their time processing the legalities

At the end of the day, myself and everyone on this form is being kept in the dark as to what is happening, so we can speculate as much we like.

we just have to wait it out

Any more information on this would be much appreciated.

blobert said:

Any more information on this would be much appreciated.

Click to expand...

just been on to ebs head office. And was told its 50/50 if there goin ahead with ddda and they will have finaly decision early next week.

statusassign said:

I have just been told by my mortage adviser in the Bank that all the major lending institutions have not been able to come to an equitable agreement with Dublin Docklands re: the wording on the deeds and as a result have decisively pulled away from the scheme and will not be offering mortages. (For those interested in more reading re the deeds problem there is more info in the thread titled different equity scheme for AH in DD )

Click to expand...

For the banks to have made a collective decision on this may well be an illegal anti-competitive measure. Call the Competition Authority for advice.

Assuming the banks pull out, what happens then?

Would DDDA have to change the scheme (ie make it the same as the regular Affordable Housing one) or offer their own mortgages?

I'm guessing seeing as they own all these homes they have to come up with some way of selling them to people.

Hey There All, I am very disturbed by all this! It’s a total disgrace. I would also love to go public with the carry on, but I am not sure it will do us all that good. To all of us that are involved we all know how ridiculous we are being treated. The thing is people tend to have the attitude, “well your getting the place on the cheep aren’t you, what’s the problem? stop complaining”

I got the whole, “oh all is well” phone call from the DDA too. I really thought that all was well and that the legalities had been sorted out. Obviously I was being fed total bull. I just don’t know what to do any more.

There are 93 apartments tied up in this mess, by my reckoning that’s a serious amount of cash tied up in the apartments, so I really thought that they would sort something out. To be honest even if the banks did ok the DDA being first on the deeds, I am still not 100% sure that I would run with the deal. I of course would have to get legal advice on the implications of it.

I have to say I don’t think things are looking good at all. If the banks won’t touch the scheme what hope in hell do we have of getting a fair deal? Very little I reckon. I think we may have to all get together with the pitchforks ;-)

Does any one have any idea what we can do? I am away for a few weeks right now but when I get back I am going to be contacting my solicitor and finding out what I can do. Of course this will probably end up costing me money but I am really at the end of the line with all this and I can’t think what else to do.

I am with statusassign on the emigration idea, This was also my final attempt to get a place in Dublin before a permanent relocation some where.

And so it goes on …..

Emigration is the only option...

This country is a shambles, and the only reason I would bring up children here is so they might have a decent sense of humour!