anyone signed contracts in island-key D3? what now? help!!!!

18 months ago i signed contracts with developer of island key dublin 3.
i’m currently selling my own home for approx €100k less than it was worth then, therefore am short approx that amount . contract expires may 2009. if the apt is ready before that…i just cant afford it so i don’t really know what to do.

is there anybody with any info concerning this please ?

Get a good solicitor

find one who will help you back out of the deal, get a good surveyor, for ditto, hope the developer goes bust and or the block isn’t finished before may 2009.

do you think the developer might cut me a deal on a lower price due to my circumstances rather than take me to court?

assuming its ready before may 2009…

You should get a good solictor you can trust and get him/her to have a good chat (negotiation) with the developer. Maybe they could negotiate you a deal. Also get him/her to go through your contract with a fine tooth comb to see if there is another way out of it.

I have heard of that happening.

You need to play hard ball, plead poverty, cry, weep,

and get a good solicitor.

needs to be your mantra…

then let him sue you…

Do you own any other property? Was this one a BTL investment? If yes, then I would imagine that it could be difficult to walk away. Were you buying as a single person or married? If married, and the two of you signed the contracts, consider how bankruptcy might affect your future prospect of owning your own home. If single, and you genuinely can not pay, then get very good advice on bankruptcy. Do not be worried about bankruptcy or any social ‘stigma’ attached. There will be many thousands in the same boat and better to take the opportunity to start again. Deal with this issue head on, answer all communications, get assistance in dealing with it, and don’t let it all get to you.

I would not recommend considering bankruptcy unless you are desperate as the laws in Ireland are draconian. … endocument

You can only ever be discharged as a bankrupt by the courts.

Negotiate with the developer if the property completes soon. It the contract “expires” you may have a better case to get out but it will take a court to decide.

Two years ago when I had just started dating my wife to be she signed a contract for an apatment at Island Key. I was just a guy she had gone on a few dates and marriage or living together was not on the agenda. She intended to live in Island Key. However she soon realized what a great guy I was! I too bought a house and soon afterwards we moved in together, then got engaged and recently got married. And now the completion notice has come for the apartment in Island Key and the original mortgage provider is unwilling to lend her the money because it would now be an investment property and they don’t want to give her a mortgage on that basis. And as well as this she would also have to pay stamp duty, which she would not have had to pay originally. It’s unlikely that another bank would agree to finance the apartment as an investment for the original purchase price. So we are in a bit of a bind too. We are talking to our solicitor and to our mortgage broker. Our first preference would be to be for her to be allowed to pull out losing the deposit. Our second preference would be for a deal to buy the apartment at a lower price that a bank would be willing to finance. Fortunately my house is in my name and is safe even though we are married.

best of luck
I would hold out for A…

luckily your house is safe… so worst case scenarion just tell the developer your wife will be forced to go bankrupt if they take you to court and everyone loses.

they can’t get blood out of a stone .

Just to repeat the important advice:

  1. Get a good solicitor / get on to the one you have NOW.
  2. Get a good architect.
  3. Get a good surveyor.

If you start pleading then it may colour a court’s view of any subsequent claims you make that the builder did not comply with the contract. Your solicitor if your first port of call.

The rich get richer.

Interesting. Sign a contract. Have to get a solicitor.

Renege on a contract. Have to get a solicitor.

I’m adding another one to the list…

Snakes, Ladders and Solicitors. Actually, are they the Snakes holding up the ladders? :nin

Is the apartment actually ready to move into? or are they trying to squeeze you into buying it before the May deadline passes. I’d go and have a look at the place to make sure they are not in breach of contract for not properly finishing it on time. I’d want to see all common areas complete, i.e. no scaffolding or others things that indicated its still a “site”. Water and electricity should be working. any extras she signed up to in contract should be there, ie underfloor heating, fitted kitchen etc.

If it ain’t complete, then I’d say you may have a breach of contract from their side on your hands.

They get you going up and they get you coming down :wink:
If the solicitor in this case could get the person out of the contract or could prevent bankruptcy then how much is that worth??? There’s no such thing as a free lunch. Get your cheque book out.

There certainly isn’t.

Hence the French revolution, solicitors would want to be careful of the karma they are building up here. For every civil rights lawyer there seem to be a thousand more prepared to sell their clients into financial penury for their private benefit.

Very Dickensian.

It would seem logical to suppose that the solicitor failed to protect the interest of his / her client in this instance or at the very least, failed to appraise the client of the material consequences of her decision.

Surely, the contract should be upheld if the solicitor (and all other things being equal) had done his / her job properly in the first instance?

It cannot be both ways Sir.

Unfortunately, Solicitors in Ireland are not allowed to give financial or investment advice. That is because they are not qualified to do so. In any event, it seems the OP is only too aware of the consequence of his/her actions. I am sure many solicitors do point out that clients were taking on onerous responsibilities and that the long stop closing date added uncertainty. I am sure many clients listened. I am also sure that many clients were primarily concerned about cost and speed and told their solicitor to hurry up before the EA withdrew the offer. The prudent solicitor was not always prized for his legal ability.

Your point about the drafting of the contract is not well made. A contract is not a structure with weaknesses. It is the expression of the obligations the parties take on. Sometimes, the stronger the contract the easier it is to get out of it if the other side dowes not fulfil its obligations. That is what our OP needs to hope for here.

In any event, solicitors are not exactly coining it now so they are unlikely to be subjected to the ire being poured on bankers. In fact, the only good thing about the recession from solicitors’ point of view is that it has distracted people from the activities of Michael Lynn and others. I expect they are hoping that this will be enough to keep them out from under the guillotine blade.

In the meantime, the OP should go to a solicitor so they can at least explain the consequences of bankruptcy.

Game over then. If either solicitor was at his/her game, I’d presume it’s the builders.

Might even have had a healthy interest in the property game a la Michael Lynn… :laughing:

I think that a rather simple point is being missed here.

The developer promises to complete a contract by May 2009 and that means that they must deliver a building that is compliant with the contract and with building regulations and planning permission .

If the place is not ready to be handed over like that in May becuase it is incomplete then a good lawyer can open the escape hatch and even get the deposit back ( minus their cut) . This would be the specific performace argument in contract law , the place is not delivered on time . You will hear crap about the bad weather etc but stick to your guns .

If the place is ready to be handed over but is not habitable or breaches planning or building regs or both then a Consulting Engineer or Surveyor or Architect must examine it and detail these breaches . Then the builder must be given a week to fix them . A week is perfectly reasonable nowadays as it is easy to get a sub contractor in to fix them .

After that the Consulting Engineer or Surveyor or Architect visits again and then and if is still non compliant as they usually are somehow they furnish a report to the Solicitor on these breaches which form the basis of a Breach of Contract case for breaches of planning and building regulations. It is generally cheaper to let you escape than to fix them :slight_smile:

My favourite one from Galway this year was when the engineer arrived at certain apartments he never even went inside but inspected the sewers minutely and found 10s or €1000s worth of naughty things in there . The place had a lovely coat of fresh tarmac that would have to be dug right up you see …and that’s before the sewers were fixed . Contract voided and deposit returned .

A full battery of professionals could cost you €4k to €5k but I suspect the deposit is at least €10k . Consider it an investment in your future OP , the money you get back will pay for 6 months childminding in future 8)

As negative said basically what you do with these things is ask what did the builder have to do under the contract and has he done it.

I am aware of a number of these types of disputes, one relates to a large south county development (possibly backed by Snoop Dogg given the name) which doesn’t look finished to look at and basically the general thrust of the purchasers arguement is that the “estate” rather than the unit itself wasn’t completed when the developer called on them to close. If that is proven correct the purchaser will be entitled to rescind the contract entirely as the 21 month completion limit (in that specific contract) is already up.

To a certain extent proving the premises, or the overall development, wasn’t complete isn’t winning the war.

That is a rather thin argument where you have say Blocks 1 to 4 , the purchaser bought in Block 1 and Block 1 is now finished along with the access to Block 1 .

It is even an thinner argument if the purchaser knowingly bought into a single phase of a phased development without enquiring as to the completion time for the other phases and their sequence .

And one purchasers building site is actually a builders little pile of rubble in the corner .

Another good one I heard concerned windows. The advertisement stated that the windows had a 10 year guarantee but the engineers discovered that the company that sold them was out of business . Touché .

Another contract was voided because certain windows were too small to function as fire escape windows even though they were 4 floors up and there was no actual fire escape.

Building regulations are Building regulations .