Brendan -
As had been pointed out in one of the following posts - one big issue is to do with the Homebond guarantee - or lack of now. These contracts had completion periods ranging in numbers - 18 months - 24 months - and in my case - 30 months.
I am one of those buyers.
I am surprised about the Homebond expiration period of 24 months from date of purchase.
But why was a Homebond guarantee given to me when my contract had a 30 month completion period? I hope to get a clear answer from my own solictor. I will add to this post any feedback that I receive.
There is a startling lack of legal regulation for people who buy off the plans - first time buyers like myself saved for about 1 year for that €15,000. I have been offered €150 refund through the Scheme of Arrangement which is put forward by the Examiner, Mr. Paul McCann of Grant Thornton.
The fact that the property market rises or falls is only a distraction - the real issue is the conduct of the builder Alan Hanly and his subsidiary Laragan Developments Ltd.
At the creditors meeting yesterday - there were some people who were buying a home - not a investment property. They want to live in Milners Square because of its location, modern design, ease of living due to lack of stairs within their apartments, landscaped gardens etc.. - for some they have been living in and around Santry for their whole lives. And why are they wrong to insist on trying to hold Alan Hanly to their contracts which he signed? Its a valid contract! They have bought a home from Alan Hanly. Why should he be able to walk away from this contract, to be able to breach a valid contract and also to have €14,850 Euro in his back pocket?
And then to be able to call in an examiner - a process through which his company, Laragan Developments Ltd may be able to write off large debts if this scheme is approved by the High Court - and at some point in the near future to continue building at the Milners Square Complex and to be able to put them back onto the market - even though most of this property has already been sold.
A lot of people have had to continue to rent throughout this period as well - and will have to continue to do so for the foreseeable future. Some people needed a wheelchair accessible bathroom and home as well - and therefore they bought in Milners Square.
These are just some of the issues that have arisen with the Milners Square Development - don't just focus on the headline grabbing stuff - property bubbles, negative equity etc..These issues mostly only affect people who are selling homes, people who are involved in property investment.