House on Daft under CPO???

CalRobert

I saw an inexpensive (always a warning, right?) house on Daft and was intrigued. After a bit of digging, it looks like a decent chunk of the land, but not the house itself, is under a CPO for the N5 upgrade.



Specifically, it appears in http://www.roscommoncoco.ie/en/Services/Roads/Publications-and-Information/N5-Ballaghaderreen-to-Scramoge-Road-Project/Compulsory-Purchase-Order/CPO-Deposit-Maps-20171211.pdf


It looks like the house would be right next to the new road, which obviously is an issue.



What would happen if I buy the place? Are they just collecting bids to demand a higher price in the CPO? Would I buy it and then just get CPO'd? Is it something to buy and then consider worthless in a few years (and price accordingly)?

Claw Hammer

CalRobert wrote: »

I saw an inexpensive (always a warning, right?) house on Daft and was intrigued. After a bit of digging, it looks like a decent chunk of the land, but not the house itself, is under a CPO for the N5 upgrade.



Specifically, it appears in http://www.roscommoncoco.ie/en/Services/Roads/Publications-and-Information/N5-Ballaghaderreen-to-Scramoge-Road-Project/Compulsory-Purchase-Order/CPO-Deposit-Maps-20171211.pdf


It looks like the house would be right next to the new road, which obviously is an issue.



What would happen if I buy the place? Are they just collecting bids to demand a higher price in the CPO? Would I buy it and then just get CPO'd? Is it something to buy and then consider worthless in a few years (and price accordingly)?

Would the place be mortgageable?

CalRobert

Claw Hammer wrote: »

Would the place be mortgageable?

No idea, but I'd be buying cash so hadn't worried about it. I'm not loaded or anything but it's quite inexpensive (perhaps because other people already know about this issue)

Riskymove

https://www.lawyer.ie/property/buying-a-house/

SEARCHES

These are enquiries that a purchaser should make in the course of purchasing property. There are some, which should be made prior to the contract being executed, and some which are made on the date of closing the transaction.

The pre-contractual ones are as follows:

(a) Planning search: This can be made in the planning office. This will let the purchaser know how the property is zoned, be it residential, commercial or otherwise; whether there any proposals for road widening in the area; and whether or not any applications for planning permission in respect of the property have been granted or indeed rejected.

(b) A Licensing Search: this will arise when the property is a pub or a hotel. It will establish the nature of the licence and the extent to which the premises are licensed.

(c) A Compulsory Purchase Order Search: This can be made with local authority. If a CPO has been made the vendor can no longer give good title as the title no longer vests in him strictly speaking.

CalRobert

Thanks - I saw that, but then wondered why they would be selling if they know it will fall through at the CPO search. Perhaps the CPO hasn't been issued yet?

Shame. It's this place - https://www.daft.ie/roscommon/houses-for-sale/scramoge/scramoge-scramoge-roscommon-1852869/ - looks like it's going to have the southern and eastern parts of the lot sliced off and the house stuck between busy roadways. No wonder they're in a hurry. Where the new N5 branches off from the old N5, from the very last page at http://www.roscommoncoco.ie/en/Services/Roads/Publications-and-Information/N5-Ballaghaderreen-to-Scramoge-Road-Project/Compulsory-Purchase-Order/CPO-Deposit-Maps-20171211.pdf

_brendand_

Jesus, why are they even bothering to go through the hassle of selling the thing? Just take the CPO. Like this line from the EA "requiring minor works to transfer into a dream home". Sounds a lot nicer than "a tip which is going to be sandwiched between two motorways in a year"

L1011

The price indicates they know full well its screwed and aren't up for arguing to get a better CPO value