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Muileann kinsealy

  • 17-08-2017 3:59pm
    #1
    Lazyexcuse
    Registered Users, Registered Users 2 Posts: 17 ✭


    Buyer beware - is anybody buying in Muikeann and are you aware these are leasehold properties meaning you never own the land on which you've paid your hard earned cash on a mortgage.

    I've done some research on leaseholds and its quite scary whats been going on in the uk. Ground rebts introduced at a nominal rate so they are slipped in under the radar and then unbeknowns to the house owner their freehold is sold to an investment fund (vulture fund) and only available to the unsuspecting house owner at extortionate rate of many 10's of thousands.

    Why is this throwback from colonial days still permitted in Ireland. Why are agents only divulging this information to perspective buyers at contract stage when the emotional bond between the property and buyer is established. Seems like subterfuge to me

    Google this new-builds-house-buyers-leasehold-property-trap


    Would appreciate peoples views on this particularly if you have reserved a property in Muileann


Comments

  • #2
    CeilingFly
    Closed Accounts Posts: 3,378 ✭✭✭CeilingFly


    Uk = UK
    Ireland = Ireland

    Quite different - talk to a solicitor who will put your mind at rest. Try not to believe all the crap on google pertaining to a totally different country

    Chances are its a 900 year lease at peppercorn rent.

    Its no issue for a bank either.

    http://www.prai.ie/ground-rents/


  • #3
    L1011
    Registered Users, Registered Users 2 Posts: 71,184 ✭✭✭✭L1011


    Vast amounts of estates are like this - during the boom and through to now some councils refused permission unless a management company was put in place; prior to the 1970s the old ground rents were normal.

    For the modern one, the 'ground rent' is basically a management fee to a management company that you own part of by virtue of owning the leasehold. The owners decide the fee.

    For the older one, you can buy it out at any time.

    Anyone buying a house should be fully aware of this already.


  • #4
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    Moved to the Accommodation & Property forum

    dudara


  • #5
    KingInTheNorth
    Registered Users, Registered Users 2 Posts: 14 ✭KingInTheNorth


    Hey Guys,

    I have created a group for all the new Muileann Residents.

    Please join the group on facebook for discussions, etc. :)

    https://www.facebook.com/groups/737145683136267/


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