Banks squealing and throwing trantrums at developers and banging desks looking for their money. I have heard quite a few stories of ugliness in the regional branches in Eyre Square recently . The Galway price cutting season start in early March .
If it is, this could be a nice little earner for a sharp solicitor, the demand is already growing quickly judging by the representative posts on aam.
There has to be something in most of them if you dig deep enough, some creative thinking would surely find a loophole for many cases?
Interestingly the IT article says that the “30 buyers who have already placed deposits at St.Edmunds will also benefit from the price reductions” and that the decision to adjust prices was taken to “meet what the market will pay”
Jesus I’d love to see the legals turn on the builders and fillet their one sided contracts.
Is it going to happen…no
Any really smart legal eagle has his money made. The only ones who will be financially forced to take this type of case are the johnny come lately thickos who thought they could make 200k a year off conveyencing forever.
It is crazy in this country. The amount of people that will be stuck in negative equity for many years is quite horrendous considering the bulk of housing was sold since then to those to get on the ladder.
God help those stuck in apts who plan to ahem meet their loved one and move on.
Buying off plans imho has been a very risky adventure during the boom, not least because of the negative equity part but because of the poor standard of build in may developments.
Why buy off plans when it can take up to 2 years max maybe to build the friggin thing and then the price goes down?..the mind boggles
I think there will be plenty of keys thrown away. Take a couple who bought to get on the ladder recently. They bought a 1bed shoe box miles out.
A few years down the line and the place has dropped 50% in value - which I think will happen - and the biological clock is ticking and they want children.
They both need to work to keep this bullshite of a 40 year mortgage going for a place thats worth nothing that they cant sell, that if they could they would owe the bank big time.
They weigh up the options.
I think throwing away the keys becomes a real option then. When it comes to life altering choices such as spend your life living to work for a shoe box or skippin off to bankruptcy land and gettin housing from the state so they can have a family?
Maternal instincts AND paternal instincts coupled with common sense.
Who the fuck wants to spend 40 years or even 30 years BOTH working to pay off a mortgage on any “starter” box?
Lads these 35 and 40 years mortgages they just wont work.
People are going to get sick both physically and just generally sick of their state of affairs.
Alot of people jumped into this not knowing better and they will want out vowing innocence to the consequences.
Do most solicitors charge conveyencing based on a % fee of the value of the house? I know some have a flat rate system. Excuse my ignorance on this by the way. Conveyenving must not be a great gig right now with feck all sales going through.
You hit the nail there.
Agreed except the throwing away keys thing as our bankrupcy laws don’t allow this!
Considering most of the FTB’s in last what 3 or 4 years are young(sub 35) that will be stuck in negative equity in a longgggg time due to buying new off the plans in most part, the consequences are huge for an economy that relies of them to spend!
Once these are locked into places they don’t wanna stay, then we rely on the next batch of buyers to buy as FTB’s who are fewer in numbers to buy to sustain the spendthrift youth of the economy, it really is bad.
I was reading during the week (I forget where) that circa 30% of buyers in the Dublin area are immigrants. Now there is a bunch who could throw the keys in to the bank and leave the bank to pick up the tab. The banks will be screwed trying to chase them!