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Kenny & Lynn if you go to the main forums and look under Buying a Property and Owning a Property you will find a whole lot of useful information.
Regards, Alan

Ken

It's normal for bank details to be provided for payment of community fees, but have they told you how much ?

Will

 

Thanks Alan will do

There has been no mention as yet at what the community fee is ,did email about it last week but as yet no reply.

Lynn Ken

As part of my fees there is aninitial payment to the community of 300 euros.  There is also a utility payment of 800 euros.

I think 220000 is about right looking at what the likes of Viva estates are selling for.  Also have to remember that 15-20% of the development have got views in front of them of another block.

Even so, we paid for a valuation six months ago and that came back at 260,000.  thats a big drop.  Hopefully, it is with regards to the bad running of the site and suspect things that have been going on, Although that should not really affect valuations, and also the market being so slow at the moment.

Apparently, there has been a lot of stink over  valuations and one of the banks have had to have them re-done in one block appointment on site.  But still they came back within 500 euros of original one (500 less in fact). 

Our completion date is dependent on us accepting the final mortgage offer from the bank now. I think some of the conditions are unreasonable.   I'm a little disheartened due to the amount we paid for it so it's lost a little of its appeal for me at the moment. 

Having said all that i don't want to have to start all over setting up a mortgage again.   Mmm.. i'll have a little think now. They can wait for me for a change

suzanne

We got this today: I hereby inform you that we have been notified that the First Occupancy Licence has been granted and that completion should take place on the 16th of January. Does this date suit you? Would you be interested in taking the mortgage that the developer has? The Licence has been obtained for the 1st Phase and the electricity and water contracts cannot be arranged yet. The developer has informed us that water and electricity will be provided by them until the signing of these supplies contracts can be arranged and I will ask for this compromise in writing. Any comments? Margo

Peps, what floor are you on in your block.  I have no idea if that makes any difference, but 260k was always a valuation at the high end.  You also need to bear in mind that notwithstanding a falling market, the bank only needs to be able to get back what it lends.  That means that on a 70% mortgage, the property need only be worth 182K for the bank to not lose anything.

so you think that the bank may deliberately keep the valuation low so they won't lend as much?.  we are borrowing

70% but their offer is awful now.  conditions and fees are growing.  i'm having to spend again to complete and with all the expenses, taxes, lawyers, furniture and trips out there the bloody thing isn't worth what we paid for it now.

We're ground floor block 11 by the way. 

i've been quite positive all through this but now i'm feeling i've been conned and can't drum up any interest at the moment.  I've spent months (like everyone i know) thinking of nothing else but i'm not exited at all now. sorry

They're probably reading this so i'm being brave in saying that i think a lot of my problems have arisen by tying myself to mri. i don't think my 'independent' mortage broker is so 'independent'

It's now becoming clear that only those blocks which have been granted the LFO that Prienesur are letting the valuers in because you can no longer cancel on those apartments.

For those blocks that the LFO has not been granted yet (and we are one of those) there is zero chance of the valuers getting in as that would set another wave of cancellations amongst the later purchasers, if Peps valuation is anything to go by.

You can only cancel if the LFO has not been granted, and the only real reason now to cancel is if valuations don't come up to scratch.

So if anyone out there has a ground floor internal or ground floor corner, and you have had a recent valuation  please please let me know.

we're one from the end in the block next to you will, ground floor. type 7b

Thanks Suzanne. That's exactly what I needed to know.

We are ground floor corner, so going on your valuation (there won't be too much of a difference between our two apartments), then Iam looking at a current valuation way below what we paid.

Sorry, that's a non runner, so unless Prienesur drop their price to that of valuation, then it looks like a folded hand for us.

Pity, it is a great development, but financially it only stacks up if you bought in years and years ago.

Will contact solicitor and see what happens. - I'll let you all know what happens.

Not gone yet, but I've lifted my coat and heading towards the door........................

 

funny how we were given a much bigger valuation when we weren't as close to completion as we thought.  i think we have been led up the garden path.  good luck will.   hope you get more out of it before our stage and can make a decision while you still have a choice

Well this is getting interesting. I have a 1st floor apartment so if anyone has a valuation on one of those I would be interested as I am not raising a mortgage but am extremely interested in the valuations. I think you all know my feelings about this by now. Yes it is a terrific development but I firmly believe that when negative events keep happening they are are happening for a reason. That applies to anything in life and this sorry affair has rumbled on for too long. At the end of the day we are investing a lot of money in this and we have to be sure about it. At the moment I am not.
Alan