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Everything posted by steve66

  1. Thanks for all the interest in my recent post everyone. I hope that it has been useful for some purchasers to know actual facts. Let me recap on some; 1. No virtual walkround...the first block is complete including certificates and all snagging. It's the most professionally finished building I've ever purchased. I stood in it! 2. I spent 90 minutes with the developer who was very helpful. 3. I have an actual real life valuation from a reputable independent surveyor. 4. The valuation is 6% down on the agreed price not 40% as some projected. 5. A number of lenders are interested in lending me a mortgage based on the valuation I have. 6. Rates are rarely calculated until many months after completion...3 years in the case of my current property. 7. My property is not for sale so current market value is irrelevant to me. I'm signing off from HPC. Too much misinformation, inaccurate forecasting and armchair expertise for me. All that mixed with a little cynicism and a tad of resentment makes for a disturbing read at times. I wish you all well. steve66
  2. Im having trouble figuring you out doccyboy. You've come over all sympathetic. "it would be helpful if the developer could inform the buyers privately about this"...thats is exactly what the developer is doing! This is the very reason I've posted in the first place. The strength in numbers approach is proving fruitless because no one has spoken to TQ directly. Also, they are trying to pick holes in the contract and build quality. The contract is water tight and the build quality is obvious even to the untrained eye. (I haved a trained eye incidently) In my experience if individuals talk to TQ as i did they'll find them very willing to help.
  3. Im surprised you're surprised. How do you expect rates to be set on buildings that aren't built? The management fee depends on this and other variables.
  4. a.It'll be quite a while before the properties are assessed for rates b. this has to be decided yet
  5. It seemed quite simple to me...several surveyors had given valuations on TQ apartments by the time I viewed mine. The developer knows the valuations and was able to tell me which companies were most favourable. I contacted my bank and asked would they accept a valuation from the one in question and they said yes he's on our panel. Lenders do not have their own valuers. Here's some evidence for your discussion. I can assure you, a friendly developer and good valuation = less stress and a better quality of life.
  6. Very defensive doccyboy. If you re-read my post you'll find i was looking for "wisdom or knowldege" not sympathy. As it happens I found none of the above in any great quantity. 1. I'm sorry if I am partly responsible for the house price crash in Northern Ireland. That was never my intention. 2. My valuation was only 6% out remember...in the current climate I'm pleased with the result of my risk assessment. 3. I don't know what that means or how it relates to me. Sorry. 4. You are correct, I'll post where i decide. I believe that a contract is a contract and am delighted that i will be fulfilling mine now that the facts have been established. It's a much better picture than forecast at TQ. I decided to post again to encourage those who stumble across this forum looking for information that will help them. You've been very helpful thank you. The good news is that the consequences aren't as bad at TQ as anticipated. Lets's hope loads more people can complete and enjoy what appears to be a very very nice development.
  7. I asked the surveyor about this as i was clearly surprised by his valuation. He believes that TQ apartments were priced and released before the peak of the market ,and similar apartments in the Bakery for example, were priced much higher. I wont be in a position to tell you what they sell for...mine is not for sale. The surveyor fixed the price in the same way any surveyor values a new build. The car park, common areas, hallways, lobbys, elevators, and gardens are all finished in core four. The apartments are built and finished to a common standard and several show apartments have been fitted for the purpose of valuation. The surveyor has decided upon a price per square foot and applied that to the other apartments as they are completed. Mortgage lenders have been lending on new build apartments for many years and valuations are accepted from professional surveyors.
  8. Yes im committed to paying £250k. A deal is a deal. £235k is my mortgage companies valuation, they are using the surveyor I obtained the quote from.
  9. The surveyors are a well known Belfast based company on the panel of Northern Bank, Bank of Ireland, Progressive, Ulster Bank and First Trust. Sorry to disappoint you
  10. I didnt say it was a good deal. Im down £15k. But 6% is a long way from 30 and 40% prophesied on HPCF Based on the gross inaccuracy of many previous prophecies on HPCF I'm afraid any new forecasts such as "2-3 years of price reductions" have been discredited. Stick to the facts...it's not as bad as you make out at TQ
  11. I've dipped in and out of this forum since it was launched hoping to find some wisdom or knowledge to help me through the property slump. Unfortunately I was looking in the wrong place. I've no idea why so many seem to take delight in their own opinions and the misfortune of others. I'm a fully signed up TQ purchaser. The deposit was paid and contract signed on day one of the release of apartments. Finally, after two years of uncertainty, I've spoken with the developer, visited the site and viewed my apartment. I also have a valuation for my mortgage company. So here's my story... I received a letter saying the apartment was nearing completion and i could view it by contacting the developers representative. He was warm and courteous on the telephone and equally civil when I met him on site. I spent around 90 minutes with him viewing show aparments, landscaped gardens, common areas and ongoing development around the complex as well as the apartment I'm contracted to buy. I was very, very impressed. The quality of apartments, lobbys, gardens, etc is excellent. Better than anything I've seen in Belfast before. During my time on site I observed 50+ men and women engaged in various tasks. Work rate and quality of finish is commendable. The developers representative reported that although valuations were down they were better than forecast. He helpfully directed me to a couple of surveyors who had given some good valuations. I took his advice and contacted one earlier this week. He has valued my apartment only 6% down on the contracted price. A workforce of 600 have already moved into the new Citibank building across the street. The new £37m public records building is nearing completion and work is underway on the Met college due to be completed for the start of term 2011. TQ is a 30 year project and there appears to be no indication on site of any slowdown. It's not all good news. A 6% drop in value and reduced loan to value mortgages means it may be difficult for many still to complete but its not the story of pending doom for all that has been preached by many on this forum. Will TQ issue writs? My advice is talk to them. I visited one meeting of the Titanic action group and promptly dropped out when it was clear that no communication had been made with the developer. TQ are very open to dialogue with purchasers and in my experience keen to help where they can.
  12. I've had a mortgage offer before which run out on a different property because the six months elapsed. It's still too early to make an application. There have been sudden and dramatic changes in the past few weeks...who knows what the next six months holds.
  13. Guys have you any idea how we can pull any interested parties together? I'm not fussed about the opinions on the future of TQ and the NI property market. I have committed to buy an apartment which I cannot afford unless something changes. I need to do something about it. Is there a way to exchange personal details on here confidentially?
  14. not yet. with more than six months to go we'd be second guessing the mortgage situation. i was hoping to approach the developer with a number of purchasers in the new year with a plan of action, ie, titanic quarter can still be a success, we all want to avoid court and negative publicity and we'd like to explore possible finance options assuming that the valuations dont stack up.
  15. MB1 I'm in core 4, 2 bedroom apartment, agreed price £250,000. My letter said to expect completion in May/June 2009. I'm still keen to complete but the likely shortfall between purchase price and mortgage will be extremely difficult for me to raise. With so many involved I'd guess the developer/bank would be happy to hear from a group of concerned yet reasonable purchasers. It's got to be a better option than dozens of legal battles and negative publicity.
  16. Titanicdev please count me in on this discussion. I've just signed up today afte finding this thread. I have booked an apartment which is due to be completed May/June 2009. I have a friend who has booked one also.
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