statusassign
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(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of a shiver, according to my advisor, that every other lending institution has actually decided it is unacceptable and withdrawn.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re:interest lending rates and uncertainity about property values and the fact that all other lending institutions have withdrawn the person I spoke to in the Bank was of the opinion that EBS would also withdraw from the scheme.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!
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!