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10-01-2019, 10:06   #16
overkill602
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Even if they get tenanted for the 25yrs by people who wont engage hence the eviction order are they ever going to pay rent

there is a cost to maintain, property tax, insurance and increasing regulation administration charges

Last edited by overkill602; 10-01-2019 at 11:24.
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10-01-2019, 18:07   #17
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I'm very dubious of anything that David hall is involved in, I think he was shrieking about a tsunami of repossessions a few years ago...which has not happened.
if you look a the detail of this case there have been issues for probably about 20 years so something had to be done to resolve it.

If banks cannot even attempt to rightfully repossess homes the system is screwed..

It'll be interesting to watch iCarehousing develop over the next few years...
iCare been allowed to buy the home from the bank and keep the family in the home but paying rent to iCare is to my mind the exact same outcome for the bank as a reprocession.

The idea of the reprocession is for the bank or vulture fund to recover some or all of the remaining mortgage owed by selling on the house.

Selling to iCare achieves this....

It's a better solution in my view then that family going into emergency accommodation while simultaneously it achieves the same result for the bank as a traditional reprocession.

Where do we propose these families live instead????
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10-01-2019, 18:24   #18
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iCare been allowed to buy the home from the bank and keep the family in the home but paying rent to iCare is to my mind the exact same outcome for the bank as a reprocession.

The idea of the reprocession is for the bank or vulture fund to recover some or all of the remaining mortgage owed by selling on the house.

Selling to iCare achieves this....

It's a better solution in my view then that family going into emergency accommodation while simultaneously it achieves the same result for the bank as a traditional reprocession.

Where do we propose these families live instead????
This is an interesting case. I wonder how many are in the family and their ages. It would appear that the family are being rewarded for avoiding their responsibilities.
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10-01-2019, 18:37   #19
gctest50
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So, it's a vulture fund then?
No, no is Chilean condor fund Mr. Fawlty





Vultur gryphus
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10-01-2019, 19:52   #20
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So, it's a vulture fund then?
More like a wolf in sheep's clothing
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10-01-2019, 20:26   #21
twowheelsonly
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Fair play to ICarehousing.

What will they do though when the tenant doesn't pay them their rent?
Which sounds very likely to happen.
Looks to me like it's a clean start for the family which should reduce the liklihood of them defaulting on the rent. Highly unlikely that they were able to come up with the 20/30/50k that Start were demanding but now all they have to come up with is next weeks rent and the worry of eviction is lifted from them.

BTW the tenants can buy back the house at any time during the 25 years, they don't have to wait for the end of the 25 years. Seems like a good (and sensible!!) deal to me.

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This is an interesting case. I wonder how many are in the family and their ages. It would appear that the family are being rewarded for avoiding their responsibilities.
Without knowing their own circumstances I think it's a bit harsh to be labelling them as 'avoiding their responsibilities'. Thousands of people end up in dire financial straits for thousands of reasons.

Never say never !! You're never more than a day away from Death, Jail or Homelessness.
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10-01-2019, 20:28   #22
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It's just a vulture fund that rents houses to people who go on HAP, better than an eviction for the people renting though.
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10-01-2019, 20:33   #23
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So the tenet pays the going council rate they'd pay if in a council house, and the council pay the rest up to market. So who does the tenet pay to, the council or the owner?

If the tenant doesn't pay do the council still pay their share unlike hap.

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It's just a vulture fund that rents houses to people who go on HAP, better than an eviction for the people renting though.
Never mind, thought it was different. So just HAP.
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10-01-2019, 23:18   #24
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Icare own the asset and get full market rent for 25 years! Win for them

If the tenant can't buy the house they get that too! $$
They could do the long term leasing scheme for 20 years; AFAIK, rent will go directly from the CC to iCare. Then after the 20 years, I'm sure they could do another 10 year long term lease.
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10-01-2019, 23:25   #25
gctest50
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....,.....

[b]I'm sure they could do another 10 year long term lease.
Nope, in 25 years you either buy the house or leave
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11-01-2019, 00:05   #26
the_syco
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Nope, in 25 years you either buy the house or leave
Nope.

https://www.independent.ie/irish-new...-37698013.html
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If at the end of the 25 years the occupants are still eligible for social housing, they can continue to rent.
iCare could do back to back 20 year leases for guarantee rent if they wanted.
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11-01-2019, 09:11   #27
padd b1975
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So the tenet pays the going council rate they'd pay if in a council house, and the council pay the rest up to market. So who does the tenet pay to, the council or the owner?

If the tenant doesn't pay do the council still pay their share unlike hap.
Council=Taxpayers.

Never forget that.
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11-01-2019, 09:52   #28
Geuze
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What will iCarehousing do if they stop paying the rent ?
iCare buy the house.

They lease it to the local authority.

The LA pay the lease rent.

The tenant pays the LA.
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11-01-2019, 09:57   #29
The Student
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iCare buy the house.

They lease it to the local authority.

The LA pay the lease rent.

The tenant pays the LA.
I am not sure this is the case (although I could be wrong). The LA are actively encouraging HAP and have ceased the RAS in all local authorities except Dublin City Council.

When I enquired with South Dublin County Council why they were ceasing the RAS they said due to non payment of rent by the tenant and the Council are liable for it.

I suspect the arrangement with ICare will be a HAP scenario.
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11-01-2019, 15:27   #30
the_syco
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I am not sure this is the case (although I could be wrong). The LA are actively encouraging HAP and have ceased the RAS in all local authorities except Dublin City Council.

When I enquired with South Dublin County Council why they were ceasing the RAS they said due to non payment of rent by the tenant and the Council are liable for it.

I suspect the arrangement with ICare will be a HAP scenario.
AFAIK;
HAP = tenant pays CC, and CC then pays LL. If tenant doesn't pay CC, CC doesn't pay LL.
10 or 20 Year Lease; CC pays LL direct.
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