NAMA and uncomplete schemes

S

Stupid Boy

Registered User
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Something that's been playing on the back of my mind for a while is...

How does NAMA affect developments that aren't complete as yet, as the developers loan is transferred to the Department of Finance, do they take over the responsibility to finish the scheme... if there are issues with the scheme i.e. defects, does this mean that the onus to make good is brought to the Department of Finance or are the tenants or owners levied?

There are so many unknowns about existing properties
 
NAMA has the same obligations as the banks involved. They do not take over the liabilities of the property developers.

If there are defects in the houses, the owners can sue the builders or the sellers. They can't sell the lenders, so they can't sue NAMA. If NAMA appoints a receiver to the property, the owners would be creditors just like other creditors.

Brendan
 
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