How can the Bank be held responsible for the collapse in the market?
mf
Youre having a laugh and joking with us all aint you mf1. Its because of the greed and complete mis-management of the banks that we are all in this mess.
The money to build was part of a mortgage that he's already drawn on. The loan offer stated the full amount he could draw down.
By drawing it down he entered a contract with the bank - which they later reneged on.
Does your brother have a contract that explicitly states that Bank of Ireland are required to make funds available to him, in order to complete his house?I think BOI has acted illegally in what they did
There was no delay on initial drawdown BJR. He took nearly 200K out of the approved 600K. Any delay in asking for the rest was down to Planning Approval. The bank started digging their heels in only after he got Planning Approval.This is the point exactly. Banks now a days are using their 3 months (or whatever it is) lapse clause to get out of giving the mortgage. For the bank to lend you must sign the loan acceptance and drawdown the money prior to the offer lapsing. If stage payments are agreed and form part of the special conditions then this offer becomes binding on first draw down and the bank are obliged to payout the rest.
The bank probably took the view that it was more of a risk giving you the money than a law suit occuring!
Dely is your only downfall here I think, but not fatal.
Let me put it this way - he had approval for 600K to buy the site and build. The site cost was 200K....what else was the other 400K for?Does your brother have a contract that explicitly states that Bank of Ireland are required to make funds available to him, in order to complete his house?
This is PropertyPin nonsense.Like Brendan said though, it looks like your brother sold his house at exactly the right time, considering the market declines.
There was no delay on initial drawdown BJR. He took nearly 200K out of the approved 600K. Any delay in asking for the rest was down to Planning Approval. The bank started digging their heels in only after he got Planning Approval.
Should he not be grateful to the bank? They effectively forced him to sell a property and prices have since fallen. He must be far better off in rented accommodation than having a mortgage.
I think he should compensate the bank.
Brendan
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?