Problems With Apartment

F

Fergster

Guest
Hi There

I will be very pleased if someone could give me some advice on something here.

I bought an apartment over a year ago and have had endless problems with damp and mould. The developer has had been in and out on numerous occasions and the problem has still not been resolved. Its got so bad I have had to take action via arbitration and even that is dragging out.

So the bottom line is I have an apartment that I paid €300 000 for, its damp, full of mould, a health risk to my whole family, the developer isn't interested in fixing it, and I cant get the management company(who is also the developer) to produce a Block insurance policy to see if the faults would be covered in that, I have a had a building survey done and its failed on loads of things and some materails that have been used are below the building standards, which is one of the possible reasons for the mould etc.

Anyway my big question is. At the end of the day should the bank not have an interest in what is going on here, given the fact that they actually own the property?

What will be the implications if I just got fed up with the whole lot and decided I was going to hand the keys back to the bank on grounds that this is not what I agreed to purchase, or if I just decided that I could no longer afford to pay for the property. Would this affect my credit rating or ability to purchase another property after doing this.

Please any advice would be a great help, as my head is wrecked with this over the past 18months

Regards

Marc :mad:
 
Last edited by a moderator:
Re: Problems With New Apartment

You should not just hand the keys to the bank as this will have a serious impact on your credit rating.

However, if you are on a variable rate mortgage you could try to sell the property and clear the mortgage (depending on LTV etc.)

Have you contacted a solicitor regarding damp and poor materials used etc...?
 
Fergster said:
Hi There
Anyway my big question is. At the end of the day should the bank not have an interest in what is going on here, given the fact that they actually own the property?

What will be the implications if I just got fed up with the whole lot and decided I was going to hand the keys back to the bank on grounds that this is not what I agreed to purchase, or if I just decided that I could no longer afford to pay for the property. Would this affect my credit rating or ability to purchase another property after doing this.
Click to expand...

The lender is only interested in the borrower (you) meeting the repayments. If you fail to meet the repayments, you will be held responsible regardless of the reasons you mentioned. This won't get your issues resolved so should really not be a serious option. And of course it will have an affect on your credit ratings in the future.

Perhaps a better course of action is to get your solicitor involved at this point.
 
If the developers are also the Directors they "might" have an agent handling the complex. You should know this because they would call your AGM's etc. If there is an agent in place, try them for a copy of your block insurance policy and as a middle man between yourself and the developer.
Failing that, you're looking at going down a solicitor route or perhaps Homebond.
 
Get a solicitor. If there are unsold units in the development threaten to go to the media/Joe Duffy/Gerry Ryan etc.

Drag their name through the mud. You can bet your bottom dollar the developer is not sleeping in a mouldy apartment.
 
Fergster said:
... I have a had a building survey done and its failed on loads of things and some materails that have been used are below the building standards, which is one of the possible reasons for the mould etc....
Click to expand...
Did you have a survey done before purchasing or did you only get the survey done after the problems arose? I don't mean did the bank have their surveyor in to make sure the property existed as that's not the same.
 
There must be Insurance effective on the property. Otherwise the Bank would not have given the mortgage. Speak with Homebond immediately.
 
Re: Problems With New Apartment

Fergster said:
I bought an apartment over a year ago and have had endless problems with damp and mould. The developer has had been in and out on numerous occasions and the problem has still not been resolved. Its got so bad I have had to take action via arbitration and even that is dragging out.
Click to expand...
Is this via a solicitor acting in your hehalf? What do they advise about how long things might take and the likely outcome?
So the bottom line is I have an apartment that I paid €300 000 for, its damp, full of mould, a health risk to my whole family, the developer isn't interested in fixing it, and I cant get the management company(who is also the developer) to produce a Block insurance policy to see if the faults would be covered in that, I have a had a building survey done and its failed on loads of things and some materails that have been used are below the building standards, which is one of the possible reasons for the mould etc.
Click to expand...
Does Homebond have any relevance here or does it not apply to apartment developments?
Anyway my big question is. At the end of the day should the bank not have an interest in what is going on here, given the fact that they actually own the property?
Click to expand...
They have a financial interest in the property but they will almost certainly not get involved in the minutiae of this sort of issue.
What will be the implications if I just got fed up with the whole lot and decided I was going to hand the keys back to the bank on grounds that this is not what I agreed to purchase, or if I just decided that I could no longer afford to pay for the property. Would this affect my credit rating or ability to purchase another property after doing this.
Click to expand...
As mentioned above this would not be a good idea. If you are not sure why then ask your solicitor.
 
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