AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valuation

Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

that is the problem with the posters on this thread, we have already signed contracts and WILL lose our deposits if we pull out that is why I am trying to explain our options, your point is correct though homeboy!
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

behrajan said:
It seems that there is no room to maneuver when it comes to dropping the actual affordable price that they are charging us and the only area they can/will help out in is with reducing the clawback percentage. From looking at other threads on this site it appears that this is the case.

It is very unfair as you would think the whole idea of an affordable housing scheme would be to provide houses/apartments at an affordable price for those that meet the criteria but unfortunately for any of us that signed contracts over the last year and half or so, we have not really benefited from it and in reality we are paying close to open market value as it currently stands.

The way it looks at the moment is, if you have been made an offer and accepted it you can either:-

· Walk away, lose your deposit and wait for another offer as the prices of new developments will be more realistic or the scheme will collapse.
· Take the reduced clawback and close the sale.
· Buy on the open market which is a lot more viable now in the current climate which still will mean losing your deposit.


Personally I am going to go ahead with it, it is a lovely apartment in a great area and when we ever get out of this slump and property prices stabilize Marrsfield will look a good investment down the line when all the work on this project is completed.
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What is unfair? You originally got a deal that was close to 100,000 EURO off the price private purchasers paid at the time. You were very happy to sign the contract to lock in that good deal. You benefited to a massive extent over open market purchasers at that time. You thought it was very affordable at the time. Why is it suddenly not affordable now? If the value had stayed the same I guess 90% of people here wouldn't be whinging.
But I agree with one thing, the affordable housing scheme just made it affordable for one group, the builders.
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

mainasia said:
What is unfair? You originally got a deal that was close to 100,000 EURO off the price private purchasers paid at the time. You were very happy to sign the contract to lock in that good deal. You benefited to a massive extent over open market purchasers at that time. You thought it was very affordable at the time. Why is it suddenly not affordable now? If the value had stayed the same I guess 90% of people here wouldn't be whinging.
But I agree with one thing, the affordable housing scheme just made it affordable for one group, the builders.
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Mainasia, looking at your history of posts you seems to be a fountain of knowledge in all areas of financial matters so excuse me for showing empathy towards individuals who are not in a position to finance and purchase their properties based on the current LTV of their apartments.

I am sure with your wealth of wisdom you would list reading as a skill of yours and you therefore can see that I said I am happy with this but thank you for pointing out that if the values had stayed the same that people would not be "whinging" (not sure what that means must a British terms you learned from studying the works of Cromwell) as they would be happy to purchase their apartments because they could then "AFFORD" to finance it.

Feel free to reply as I can see myself having great fun ripping you apart!
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

just reading the threads and some of you seem like you'd like to pull out of buying in Marrsfiled and I thought some of you might like to know....

A friend purchased in Marrsfield through the affordable housing scheme. she paid deposit of 3,000 and then 5,000 and signed contracts etc. (which were legally binding). She decided for various reasons this property was not for her and wanted to pull out. Anyway, she phoned DCC and was told no way, she wrote to them pleading her case stating several reasons why, and she has been informed that they will allow her to withdraw from contract and will also refund her some money (not all but a good portion of it).

I know other friends who where purchasing privately and signed legally binding contracts and were allowed withdraw. I am aware it does not happend in all situations but if you really felt you wanted to withdraw maybe it is worth a try.
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

You brought up the issue of 'fair' into the discussion. The contract that you signed at the time was '100,000' euro or so 'fairer' than private purchasers.
Now it is not so beneficial, I am sorry about that, really. But there is no 'unfairness' about it to you at all. You didn't need to purchase. You think losing money is unfair just because it happened to you. I'm no financial expert but I can make my point quite clearly. Now that you are losing money you suddenly think it's unfair, FAIRNESS comes into the equation, that's what gets my goat.
Of course you could have got a 100% mortgage at the time and purchased privately, how unfair do you think that would have been? You my friend are still lucky.

The AH scheme is not a good scheme and is broadly not beneficial to both taxpayers and it's recipients. It just props up developers pricing.
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Hi, I just got word that my de-snag is complete and I should be wrapping this all up next week so it looks like I will be moving in very soon.

Anyone else in the same boat?

Come on guys lets get as excited about Marrsfield as our friends over in Newbury Wood (or is it Woods) :)
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Ha Ha! Thats great news enjoy! My apt is fully snagged and waiting for me but based on my new valuation cos it has dropped 90k I cant get full loan approval anymore..can only get 230!

So I have to wait for AHP to sort something out! Enjoy!
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Hi Marrsfield AH buyers!
I was told last week by Pierse that I couldn't get in to snag my apt because of safety reasons and rang AHP to discuss what was going on, mentioning that there were more than a few of us displeased and they told me that they were in talks with Pierse Homes to renegotiate the price of our apartments so our clawback could be reduced. Anyone else hear this? No clear time frame or updates given even though it's been 3 months now since I got my pre-completion letter!!
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

mainasia said:
You brought up the issue of 'fair' into the discussion. The contract that you signed at the time was '100,000' euro or so 'fairer' than private purchasers.
Now it is not so beneficial, I am sorry about that, really. But there is no 'unfairness' about it to you at all. You didn't need to purchase. You think losing money is unfair just because it happened to you. I'm no financial expert but I can make my point quite clearly. Now that you are losing money you suddenly think it's unfair, FAIRNESS comes into the equation, that's what gets my goat.
Of course you could have got a 100% mortgage at the time and purchased privately, how unfair do you think that would have been? You my friend are still lucky.

The AH scheme is not a good scheme and is broadly not beneficial to both taxpayers and it's recipients. It just props up developers pricing.
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Our issue is that it is the Councils that will eventually make a profit out of our sales based on inflated prices, which would be fair enough if it not for the fact that this "affordable" housing scheme is no longer affordable to us based on what's happened in the market and our position with the banks that previously approved us for loans, some of which are now looking for a 40K deposit from us. If we could afford to save 40k for a deposit in this city we obviously wouldn't need affordable homes. It's not just about the devaluation, it's about not being able to afford our affordable home. We are also taxpayers, by the way.

Your very limited understanding of our situation and presumption that we are only complaining because of the price drop and current value is rather irritating.
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Well said Wonka!! I fully agree we are not "whinging" for the sake of it at all! My point exactly was If I had 40k lying around in my bank account I defo would'nt be on an affordable housing list and would be living in a nice house by now!!

And NO I did'nt exactly hear that same information from AHP. I have been dealing with a woman there and a while back she said they were reviewing all cases and having meetings with Pierse to renegotiate the price. And
"she was remaining positive there would be a positive outcome from this"
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But then about 2 weeks ago she said they were'nt happy with the builders response and they were goin back to them again, working hard on a better outcome for us. But she would'nt say to much and give away to much info away, saying at this moment I would'nt be at liberty to say. And they also requested my new valuation and approval in principle from bank stating what I can get based on new valuation.

So thats were I am at the mo! Waiting to see what comes from this.
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

hi guys,

Accordingly to DCC they will not/can not change the actual affordable price of a unit the only area you may get changed is potentially having your clawback reduced.

Have you actually been told that they might be able to lower the price on your offer?

I really hope they help you out with this but it is going to be very difficult to change the price because from everything I have heard they just do not budge on the price!
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Wonka said:
Hi Marrsfield AH buyers!
I was told last week by Pierse that I couldn't get in to snag my apt because of safety reasons and rang AHP to discuss what was going on, mentioning that there were more than a few of us displeased and they told me that they were in talks with Pierse Homes to renegotiate the price of our apartments so our clawback could be reduced. Anyone else hear this? No clear time frame or updates given even though it's been 3 months now since I got my pre-completion letter!!
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hi wonka,

Have you not done your first snag yet?

Do you know what the safety issues are?

I have done two snags already so I should be closing soon.
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

hey there

in relation to the apartments at Marrsfield, i have been told over the phone on two occasions by the Affordable Housing Partnership that they are working on reducing the price of the apartments with Pierse Homes but Pierse Homes are not budging at the moment. the apartments are just not worth what they were valued at. to be honest, i am losing hope about a price reduction and am thinking of looking elsewhere as prices have dropped so much for private buyers. fingers crossed though Pierse Homes will see sense as i would say a lot of people may just be revising their opinions on Marrsfield.
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

oh and meant to ask bejaharan

have you been in touch with the affordable housing partnership because the more of us that ring in about a price reduction than the stronger our case will be? have you gotten your apartment re-valued?

the bank is now revising my mortgage loan offer based on my new valuation and i am not sure what the offer will be now and if i will be able to obtain what i need for Marrsfield. the affordable housing partnership are trying to collect as much data as possible from potential buyers of Marrsfield so that they will have a stronger case to present to Pierse Home
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Hi,

Haven't had first snag. Had a guy lined up but then it all went pear shaped when I tried to get him in and I've been holding on ever since.

AHP said they were looking for a reduction in the price from Pierse so that they in turn could reduce our clawback. Again, all very vague!!

I've contacted my solicitor and asked that she write to AHP to get outline of exactly what is happening and what the timeline for me moving in looks like at present. Reckon we're better off trying to get something in writing. This is my third month of waiting after being told my apartment was ready!
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

no update on Marrsfield on clawback decrease or price reduction. fingers crossed we will receive some positive news soon
 
Re: Marrsfield

dubc123 said:
rondon
I had to get letter from bank saying what they currently valued property at (290 compared to 382 last year!) how much they were originally going to lend me and the reduced amount they'll now lend based on the lower valuation. This went to AHP's solicitor. Apparently AHP need it to try to negotiate with the council. Waiting to hear back now. Will post when I hear anything
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hi again havnt been on in a while and its interesting to see all the comments. We still havnt heard anything and dont expect to hear much anytime soon as our block is still invisable. Spring 09 is our date, and sadly we have paid up our 8 or so grand.
WE are strongly thinking of what to do next and the only thing we have on our side is a bit of time to keep saving and see where we are when it finally is ready, but to be honest i think i would rather loose the deposit, 8grand is alot of money but so to is 80grand??down the line.
THESE GUYS ARE GREEDY B******s. our country is in a state now where they should be glad of people like us willing to take on a place- the chances of them selling them for what they want is near zero.
I hope no matter what i/or people decide what to do next, that the people are looked after in the correct way. I disagree with DCC lowering the clawback because it still leaves people with a mortgage that should be lower than what it is.
Reduce the prices to suit the market- end of story,
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Ironically it's the AH scheme that is making developers not reduce their general price faster as they believe the council will offer them a better price, if they just hang on long enough they believe the budget will put in a special loan provision to cover their a%$ses. Since the council signed up at previous prices they are also reluctant to lose money (as you know the government is broke and they don't have any more money anyway).
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

tell you what with all your dollar you can just make up the difference for all of us that are left in this situation, thanks.
thought u left ages ago!!!
 
Re: AH Devaluation (esp Marrsfield,Clongriffin) Banks only offer 80% of current valua

Hi,
I too am buying in Marrsfield. I got a letter from Pierce about 3 months ago about snagging in four weeks and then nothing since. Rushed out and bought furniture and everything. Anyway I was on to the AHP today and they told me that they are trying to make a case to present to the builders for a reduced price. They have apparently written to buyer's solicitors to advise their clients to talk to their bank and get a new valuation on the property and information on how much they will offer. The lady I talked to did not sound hopeful that things would be resolved soon.
 
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