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Citrus Zest

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About Citrus Zest

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  1. Sorry i started a new job and was real busy. Thanks for the reply. Our director will not call a meeting of shareholders even though he has indicated he wants to resign. As such we can get nothing done he is ignoring all our demands from our quorum. We have no ring fenced anything our management agent is controlling everything through their client bank account even to the extent that they omitted a vote to remove them from last year minutes. Think i have to approach a solicitor maybe get time to phone one on friday. One who is good at company law would be best.
  2. Hi I promised to keep you up to date here on this: Our director has continuously stalled on our request for a meeting of shareholders to discuss the block management issue. Our original letter was signed by a quorum of over 25% of shareholders and was sent to him over two months ago. Since then he has come up with excuse after excuse for not calling the meeting (well i say 'he' but all the replys are coming from an employee of another company which he is also a director of i.e.an employee of our estate developer ltd company) His standard reply is that he believes he is acting in the best interests of all shareholders in taking instruction from the current management agents (while not acknowledging that he has a duty to call a company meeting as instructed by our quorum of shareholders) We suspect our meeting is deliberately being stalled until our current management company renews our insurance for another year under their block policy. We have even warned our director that if this happens and it becomes a barrier to moving agents we will hold him responsible for any financial liabilities as a result of problems in transferring our insurance away from our current agents block policy. The most recent letter after two months back and forth states that there will be a meeting called 'soon' however it does not acknowledge that this meeting is at the request of shareholders nor does it acknowledge that the meeting will be chaired by shareholders and the agenda will be set by shareholders without our current management agents present as requested.
  3. It's not an end terrace it's an 'Attractive Semi Detached Villa' that's why it's 50k dearer silly
  4. Do people actually get payrises still? I havent had a pay rise in 3years. On a positive note I have just accepted a new job offer this week out in industry with better pay and prospects. However instead of being overjoyed i am very nervous about it and have had lots of sleepless nights considering it as i have a baby on the way and lots of businesses are so unstable right now (i currently work for a chartered accountants and see first hand every day just how tight cashflow it is out in industry).
  5. Still surely if they want to they can do it regardless of what other factors may or may not be behind this. Talking purely hypothetically in theory is there any reason they can not do this? The property no longer falls within their agreed mortgage terms (no longer within the LTV) and so the bank if they chose to could ask for the other 80k or force a sale and suffer whatever losses they want now. Was the OP not wrong in saying the bank CANT do this?
  6. Like others have said I see no reason why the bank can not do this? If you are no longer within your agreed LTV then then the bank can probably do as they please regardless of whether you have missed a payment or not as you are no longer within your agreed mortgage terms. It is their property until the final payment is made.
  7. A lot of that makes sense to me lolcarrascal. I dont think another 25% fall from todays prices is unbelievable at all. A further 25% drop would put my house back to 2004 levels which is where I purchased at the maximum I could stretch too at the time(4 times single income) I agree with BelfastVi to a certain extent on the deposits issue though. I think deposits are the major factor for FTBs. Non new build decent 'starter' houses are available on the maket 30minutes from belfast for around £110-£115k nicely finished with decent kitchens, bathrooms, utility rooms, ensuites etc. I believe it is the 15% odd required deposit of £17000+ thats the problem for most FTBs and will be the contributing factor to further price drops until deposits become affordable (sub £10k).
  8. yes although they stretched to 4 times for 'professionals' which was why I could borrow 80k for my house. I thought it was 2.5times joint income though for couples pre-bubble and I did use 2.75times joint income in my calculations which I thought was a fair representation of lending now. (are they really still dishing out 5 times joint?) I come to around £100k mortgage for an average earning couple. Nice entry level houses are becoming closer to this now allowing for deposit which is probably the biggest problem for many
  9. No I am not a FTB I purchased a new build 3 bedroom terrace in 2004 (for £87500 with a 10% deposit). Mewed for wedding and furniture etc so have outstanding mortgage of around £100k. (rateable value £95000) I feel that this is around the peek of affordability for most FTBs in NI as it is the peak of our affordability and we appear to be average earners. As such I am trying to work out if an average NI couple could probably now stretch to around a £100K mortgage but not much more (with the deposit perhaps being the main problem). If so we are maybe approaching the bottom for entry level houses in NI at around 50% off peak (the house beside me recently sold for £116000 to a single FTB) edit - sorry this was in reply to lolcarrascal the threads move fast here and I wasnt paying enough attention to quote!
  10. The Mean is higher but I used the Median as I believe it is more realistic. Mean income can be skewed by a small number of extreme values. Taking £35000 joint income by 2.75 mortgage multiples (isnt this what the banks are giving out now?) This gives us a mortgage of £96.250 assuming 85% LTV then house value £113,000 with a deposit of £16950 for the average first time buyer couple on 'average' incomes. I dont know many couples with £17000 in the bank though. (edit - you guys have maybe done calculations like this before I am just attempting to work out what the average FTB couple in Northern Ireland can borrow and their required deposit)
  11. Thanks for the link. From quickly looking (i'm in work) the median for northern ireland appears to be £18200 in 2010? I can relate to that figure to my experiences better than £20000. Although most employees in the small business sector (from my experiences) tend to earn less than £18000. Using £18200 then £36,000 joint income would be considered average in Northern Ireland. (If we allow for one on less than average income then say around £34000)
  12. Is there an official average salary in Northern Ireland and on what is it based? I have worked for an accountants where we do payroll for numerous clients (all SMEs) for about 20 years. The vast majority of employees on our clients payrolls earn below £20,000. Most fall into a bracket of £13000 to £18000. Paying minimum wage or just above it is now very common (almost the norm) along with an attitude such as 'they should just be grateful they still have jobs'
  13. downpatrick building firm John Turley & Co. been in business 40 years and has gone into administration http://www.bbc.co.uk/news/uk-northern-ireland-14283656
  14. For the following three 'basics essentials' I have been paying the same price in my local garage for a few years now: Loaf of bread £1 6 Free Range Eggs £1 2 Litres of Milk £1 I do notice the supermarkets charge considerably more for these same basics (i.e bread around £1.20+)
  15. Hi everyone thanks very much for the replies.. I have been very busy (which is reason why I haven't done anything about this even though a month has passed since our meeting) The other shareholders are leaving it to me which is to be expected since I gathered them all in the first place. I will get a proper read thorough this entire thread and try and get time to do something on Friday. My thoughts now are just to request another meeting of shareholders to appoint a new director or two and to install a new management agent? (no reason to sack the old one director yet in case of roads issues etc? ) I will maybe draft a letter and get a quorum of over 10% of shareholders to sign it (i.e our existing quorum?) no one else really attends the meetings anyway except for our 'residents committee' which comprises of one lady who is against our decision for reasons unknown I will maybe add more when I have time later.
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