Non-compliant property - Bank - Contract

JonW

Hi all

I was hoping you might be able to shed some light on the following situation.
We bought an apartment in Dublin two years ago and it has recently been established that the timber frame apartments in the development are not built in compliance with building regs - structure/fire safety etc. Our solicitor mentioned a non compliant building = invalid fire certificate = no title = worthless property.

Apparently due to the build of the structure, it may be almost impossible to bring it to a level of compliance and safety which means we will have no choice but to leave the property permanently.

My question is - what will our position be now with the bank as we borrowed 350k for the apartment which cost 500k. With the property having "No saleable title" is our contract now void with the bank or must we go legal versus the developer whos still in business and sue for the 500k paid for the property, then pay the bank what their owed to date or do we sue the developer for our 150k and the bank sue the developer for the balance owed? Does the bank have a part to play in this as they also invested like us, unknowingly, in a non compliant property. Also, surely the surveyor who the banks nominated has to share some of the blame here and surely it shouldn't be up to us to chase down the developer for the banks money?


Appreciate any feedback on what we should/can do

J

234

JonW wrote: »

Our solicitor

He/she can answer any questions that you have. With something as important as your home you shouldn't look for any advice on an internet forum. You need to talk to a qualified solicitor who can give you the best advice for your individual situation.

JonW

We spoke with various solicitors who all have different opinions hence our hope of hearing experts opinions here so we can understand the situation a bit better.

Thanks

J

234

You won't get expert opinions here. The Legal Discussion section of boards.ie is populated by a few solicitors and barristers, gardai, law students and miscelaneous posters. If you want an expert then seek them out through a solicitor. You might ask them to request an opionin from counsel in this area. Generally if you are an expert in a certain field of law you are either a busy lawyer who is raking it in or an academic who is busy writing books/articles, doing research and teaching; few grace this forum with their presence.
You should also note that nothing posted here can be relied upon as legal advice in any form. If you want a reliable opinion then speak to a lawyer.

bath handle

How many other owners in the block are affected? You should all get together and use the same solicitor.

JonW

100+ maybe. Our only concern is; as the problem is too big and expensive to rectify, the properties may not be fixed to the standard that they should have been built to in the first place! Its shocking to think you can get refunded for faulty goods but you've little or no rights when it comes to being sold a non compliant property = damaged goods! :mad:

Has anyone an idea regarding contracts with lenders on non compliant properties and the position of surveyors hired by the lender on such properties?

J

nuac

You may have rights of action against the develo[per and the surveyor.

You may alsohave to notify Home Bond/Premier Guarantee

As 234 has already advised you need to see a solicitor,

As bath handle advises it may be worthwhile a group of owners getting together on this.