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RockyBalboa

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About RockyBalboa

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    HPC Poster
  1. Hi all. Just looking for some opinions please. My cousin who is 24 has just gotten engaged and is about to complete on a 3 bed house in Portstewart for which she thinks she has secured a 'great deal'. She is currently working in Belfast and therefore her fiancee and her do not actually intend to life there together yet. Her financee will live there and rent out the 2 spare rooms and eventually if she gets a job in the area she wil move in. Both are teachers. Having been severely burned myself by buying a property knowing nothing about the housing market and without good advice I would like to stop her making any mistake she may come to regret. I don't have full details of the house but i think it is a 3 bed in Mill road area possibly for around 160K. Could I have some general opinion on the market in Portstewart please. It is a lovely place to life but I've always wondered where all these people in large houses actually worked in order to pay for them. There is very little employment in the area, and Belfast is quite a commute. Am concerned what will happen to prices in interest rates go up. Thanks!
  2. I showed this thread to my brother who lives in the tulse hill/herne hill area. He insists that he is in the catchment area for some of the best school in SE London..I think rosendale was one that he mentioned?
  3. Hi concerned,com Have you tried this forum? you may find others on there. Also purchasers in other developments may be able to advise. http://www.phpbb88.com/tq/
  4. Ha ha, can't even remember posting that or even who I heard the rumour from. I must be dementing.
  5. what's the Obel walkaway?? Haven't heard anything about that despite the hours I spend on web. Do share please.
  6. what are you on about? if one breaches surely no need to 'breach in retaliation' ..they couldn't honour their contract to complete in 08?...why you so pro the big man?
  7. No its not overtime I have had to do those hours, in my contract (can't opt out). Can do overtime on top of that but don't want to, too tired. Hours now going down but salary not dropping too much as becoming more senior. Lucky I'm used to the hours as come completion I may be drowning in so much debt that I'll have to work 60+ hours or whatever I can manage for the rest of my life. Feel terrible for your colleagues. I can see myself maybe getting life back on track in 10-15 years and hopefully being able to plan for retirement. I don't know how they will cope with that level of debt...are they wealthy/in good jobs? If they bought when I did I understand how they were sucked in. Looking back I think the first release was 'staged'...the estate agents were frantically running about screaming 10, 11, 12, 24 ALL SOLD, if you wanted 10 minutes to think they were shaking the contract under your nose saying ' you gonna sign??? there's plenty in the queue behind you who will!!! It was just pressure pressure pressure. Anyway I know a lot of people on here like to gloat at others' misery...if you do discuss it with them just imagine how they must be feeling before you go all HPC on them. Everyone got sucked in for one reason or another. What led to me buying is that I had been looking for 2 bed flats/houses in Belfast and kept getting outbid. One flat I saw was in whitehall square..it was on at 170K, I loved it and put an offer in. Within 2-3 weeks the bids had gone up to 250k. This happened numerous times which is when i started to think about buying off plan thinking it was the only way I'd ever own anything. Then one day get a letter saying I'd be selected to compete for a slot to purchase one of these fantastic apartments..oh lucky me..the rest is history.
  8. To answer your questions without giving to much away....I do have the ability to save but have no assets. First of all you have to pay off student debt so first few years of work you can't save anything but can eliminate your debt. As I mentioneD i have 'saved' alot over the past 2-3 years but used it to repay my father. If it explains more I have only been in my job for 5 years and get paid a high salary only because I have worked 65-85 hours per week. This has now become illegal so my salsry will drop substantially. My solicitor has had the contract looked at by a barrister and has challenged the developers on the delay in completion date. This has come to nothing, he keeps telling me to wait and see what happens.
  9. 2007, salary 40k, mortgage quote 210k based on 90%LTV. Bought apartment 220k put 22k down. Need 198 mortgae minus what I'm able to save in next few years. 2009, salary 45k, mortage quote 180k based on 75% LTV....ok so far....however bank values apartment at 150k not 220k...75% of 150 is 112k...so leaving me to find 220-112-22= 86k CASH. Not the 10-15 k that I have foreseen.
  10. No one wanted or was able to flip them as it was against the contract (James Clow anyway). Most are owner occupiers.
  11. No one wanted or was able to flip them as it was against the contract (James Clow anyway). Most are owner occupiers.
  12. Yes and he too is trying to gloss over the fact that the mortages are simply not to be had-that is the issue. He is chosing to ignore the seizmic shift that has taken place in world economics which means things are entirely different to what they were 2-3 years ago. If his development had been hit by a spaceship and he was unable to complete, a completely unforeseen event which was out of his control, i doubt the courts would have ruled against him. The fact is that until recently it was accepted practice that if you could not complete, the developer could take your hefty deposit-and he sold on to someone else. He did not seek to bleed you dry and chase you for the rest-he was content at taking the 30k for free. No one has been in this situation before. It has not yet been tested, but I would argue that the circumstances that I am in now were unforseen and out of my control, as the financial world as I knew it is no more. The developer wants to make buyers out to be greedy gold diggers who don't want the apartments anymore because they are not worth the money. By reiterating it time and again and refusing to acknowlege the change in availability of finance he is possibly seeking to turn public feeling against the purchasers making them out to be rich developers looking for a fast buck. I have meet numerous buyers, non of which are wealthy, most of whom would rather complete than lose their deposits which took ages to save up. Some have lost their jobs since putting down a deposit, some have new children, a lot are under extreme amounts of stress. By not seeking to negotiate with buyers the developer is destroying lives and families. Unfortunately that seems to be acceptable these days.
  13. Ok I've had a think and realised that I have almost nothing. I borrowed the part of the original deposit from my dad and part was my own savings. I have repaid my dad over the past 2.5 years (almost 18 thousand) and have done this by living frugally, living in a shlthole, and working extra hours. I don't own a car. I do have a few bottles of Bushmills millenium whiskey which maybe worth about 200pounds. I don't have any jewellery or anything like that. Since paying my dad off I have continued to save about 10K which will be additional deposit on top of 10% I've already paid...but it's no where near enough to cover the deficit. The only think I have to sell is my ass.
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