I know we have discussed this before.
Just thought it was coincidental coming at the same time as the drop in Homebond registrations (discussed here thepropertypin.com/viewtopic.php?f=4&t=27383)
Are they related perhaps ?
I know we have discussed this before.
I genuinely feel sorry for the poor unfortunates caught up in this affair.
Their properties have not only collapsed in value far beyond the normal market, but are effectively unsaleable.
If I found myself in this scenario, I think I would just post the keys back to the bank and emigrate.
Not good news, but I can’t say that I’m suprised.
this is an utterly terrible affair - I have friends caught up in this who are now finding their place too small for them following the birth of twins - they were already in serious negative equity but the pyrite issue has effectively made their place worthless.
IMO these guy’s should start by stopping paying the mortgage and save everything they have for their future - they are gonna need it !
In nearly a similar boat myself.
I simply didnt realise that it effected so many properties, this is horrendous.
Concrete built, etc.
I’ve a mate who is into one of these apartments… Menolly, etc. They are looking at going down the legal route but neither the developer or homebond will have the readies for compensation one would think.
As ever the only thing on the books re: the bubble was the mortgage debt. For the time being anyway.
The taxpayer’s always good for a bailout, form an orderly queue behind Twink.
you couldnt make this stuff up…
Every few months we get some new Story coming out to put another nail in the Casket of the property mkt…
The problem can effect timber frame houses as well TUG. Pyrite (Iron Sulphide) contaminated backfill or hardcore seems to be the principal cause of the problem.
Menolly is of course the lovely Seamus Ross. When he built his first residential estate in ‘West Dublin’ The for sale signs led you all the way past the Foxhunter up the slip road and back by a flagged route about 4 miles to Ronanatown/Neilstown.
When the postal address proved problematic he slipped the wonderful Liam Lawlor 40 grand to have it redesignated as ‘Lucan’ The two women in the showhouse actually kept a copy of the letter from An Post which declared the development to be in Lucan and were always very keen to exhibit it to potential buyers.
It was one of the first estates circa 1996 to be a mix of first time buyers and BTL and flippers. First Christmas they were occupied ( or rather not occupied) Local Guards in Lucan recorded complaints that about fifty per cent had been burgled -but had to refer these ‘Lucan residents’ back to their local Garda station… in Ronanstown.
Pyrite is of course is more commonly known as ‘fool’s gold’ and I course do wish Mr Ross that fine supporter of the turf and the Party all the very very…
Do we have any timberframe houses in Ireland?
Its the frame thats timber, hence ‘timber frame’. When the CIF start building houses with timber foundations we’ll have reached the bottom.
Oh yes we do have timber rame houses -(Barrack Homes -Newbridge thread).
Certainly the ‘Meadows’ in Newbridge are timberframed.
How can 20000 claims be made to Homebond and with nobody hearing about it until now.
Mennolly are themselves remediating some 100s of properties with Pyrite in north Dublin …along the M50…as we know. Nothing like 20000 though and with no recourse to Homebond.
Where are these, are they all built from aggregate from that quarry in Meath that supplied Mennolly ???
I don’t believe Menolly are remediating any homes at the moment. They stopped until they get indemnity from Lagan which looks like it may take another 5 months if they even get it and then the home owners may have to wait until the appeal goes through the courts.
Typical fucking Ireland the homeowners have to wait to get there houses repaired while the law firms get rich and the developers try to figure out how not to correct there massive fuck up.
I might just stop paying my very large mortgage but then I’d go to fucking jail wouldn’t I.
Menolly were remediating up to last year, maybe they have stopped. Up to 750 of their homes are affected according to their claim
How this spread to 20000 homes though That is a whole Galway City of houses
Gosh now wouldn’t it be an awful shame if tens of thousands of properties had to be done away with creating a shortage of accommodation.
Is there a Consiparcy forum on the Pin
Who would pay for the rebuild? I doubt the incompetents in government will have any loot left by the time these houses are knocked (not that it would take much to reduce my one to a pile of rubble and plasterboard).
What really pisses me off at the moment is the judge steadfastly refusing to allow us to take a case against menolly (even though we’ve been trying since 2007) until they decide if liabilty should rest with Lagan. I didn’t buy the fucking house off Lagan. I’m not suing Lagan. I don’t give shit if there liable to Menolly. I want the guys I bought this heap of pish off to rectify the glaring defects in it so that me and my family can sleep at night without wondering if anyone is trying to get in the partially open Windows or the Door that won’t close properly.
Is not part of consumer law that if I bought a Telly that was broken my recourse is against the person I purchased from not the manufactuer of the faulty parts?