Hi
I am buying an apartment and expected to have moved in months ago!
I had access to the following info from my research and used it to negotiate what I think is a really good price;
Common areas not transferred to management company--the developer went to the wall in 2006 so couldnt be done in 2011, Management Company have employed a legal team to instigate the legal process to do this which I understand needs to be through the courts but due to MUD act has to be done
Claim pending against homebond--building defects identified and claim lodged against Homebond which is ongoing, I have seen the building estimates supplied by 4 companies who were invited to tender, not excessive amount and I personally have more than adequate funds to meet if claim not successful---the sale price was reduced to factor in the information I provided,
Anyway just before what I thought would be drawdown my solicitor wrote to AIB notifying them of these issues and asking for confirmation that they as mortgage company were in agreement with these conditions on title.
Therein began the long wait....this is with them 4 weeks, the call centre is hopeless I get a different update every time I ring, even being told funds would be released in 2 days when in fact solicitor cant request them as she doesnt have their confirmation this is ok,
The current state of play seems it is with their panel solicitor, anyone any experience of this how long does response take,,or is it how long is a piece of string??
Any thoughts on whether AIB are likely or not to accept these conditions?
Surely going forward when a new apartment is sold the common areas wont be transferred as this wont happen tilll last unit sold, is this likely to be an issue on all apartment sales?
I was so pleased the management company had figured out all that needed to be done and presented costs to owners I would have thought this was well ahead of a lot of apartment blocks.
The whole complex (very small) is fantastically maintained including the common areas
Any thoughts on whether AIB will or wont accept, solicitor not commenting either way so I dont know if thse would be considered major or minor items
Thanks in advance,
D
I am buying an apartment and expected to have moved in months ago!
I had access to the following info from my research and used it to negotiate what I think is a really good price;
Common areas not transferred to management company--the developer went to the wall in 2006 so couldnt be done in 2011, Management Company have employed a legal team to instigate the legal process to do this which I understand needs to be through the courts but due to MUD act has to be done
Claim pending against homebond--building defects identified and claim lodged against Homebond which is ongoing, I have seen the building estimates supplied by 4 companies who were invited to tender, not excessive amount and I personally have more than adequate funds to meet if claim not successful---the sale price was reduced to factor in the information I provided,
Anyway just before what I thought would be drawdown my solicitor wrote to AIB notifying them of these issues and asking for confirmation that they as mortgage company were in agreement with these conditions on title.
Therein began the long wait....this is with them 4 weeks, the call centre is hopeless I get a different update every time I ring, even being told funds would be released in 2 days when in fact solicitor cant request them as she doesnt have their confirmation this is ok,
The current state of play seems it is with their panel solicitor, anyone any experience of this how long does response take,,or is it how long is a piece of string??
Any thoughts on whether AIB are likely or not to accept these conditions?
Surely going forward when a new apartment is sold the common areas wont be transferred as this wont happen tilll last unit sold, is this likely to be an issue on all apartment sales?
I was so pleased the management company had figured out all that needed to be done and presented costs to owners I would have thought this was well ahead of a lot of apartment blocks.
The whole complex (very small) is fantastically maintained including the common areas
Any thoughts on whether AIB will or wont accept, solicitor not commenting either way so I dont know if thse would be considered major or minor items
Thanks in advance,
D