Talking property with the Irish Times

Hugh Linehan of the Irish times had TD for Galway West Derek Nolan, Fintan MacNamara from the Residential Landlords Association and Karl from this parish.

The conversation was a fascinating one because it isn’t too often that you get to have an extended conversation with people who are involved in politics and the property business without it devolving into argument. Hugh Linehan did an excellent job of facilitating this format and we are looking forward to hearing more on the topic, kudos to the Irish Times for a job well done.

 

 

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Evil landlords making people live in deplorable conditions

Today I was up near the North Circular Road looking at a pre-63 building. These are properties which have been continuously let out since before the building regulations came in and for that reason they are often divided up into very small units or bedsits. From this year new legislation came in which means that many of them are illegal because you can’t have shared bathrooms and many other structural issues that make the old ‘bedsit’ a redundant property.

You can still let out a full house, somebody could sign the lease then let out rooms to get a similar end result but this isn’t commonplace as the various rooms are not ‘self contained’ in any way (no kitchen etc.).

Another lady was there to view the property and we got to chatting, I asked if she was interested in making it into one normal home as it had been originally, she answered by saying ‘what are you looking at it for?’, to which I answered ‘to let it out to people similar to how it is now’. I should …

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Chris Whalen of IRA Monitor on Foreclosures

One of my favourite firms is Institutional Risk Analytics who study banks and rate their risk. Chris Whalen of that firm is in the clip below, he recently wrote a book called ‘Inflated’ and I hope to review that on this site and elsewhere in the future. IRA are widely acknowledged as one of the best bank analyst houses in the USA.

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The Second Wave: How Development loans were banked and RIP’s

The fact that NAMA is now set to leave loans under €20 million with the banks is debunking the justification for its original creation.

Yes, there were bigger loans with bigger problems, and they have been covered on every facet, and that will form the bulk of NAMA’s asset book, but what doesn’t go across will be handled by the banks (who incidentally already manage NAMA loans on behalf of the agency, only the legal ownership goes to the agency).

In Bank of Ireland’s case this will account for €2.1 billion of loans of which €1.6bn is already impaired! That’s a massive 76% impairment rate, of which €800m has been provisioned for – so about half of the expected loss is covered.

That tells us nothing about every other institution though, because BOI is likely to be one of the healthier ones, they neither …

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Fast Track Repossessions, what does it mean?

There has been an interesting development in the area of repossessions in recent weeks in which a property can be taken back (repossessed) without a full court procedure having taken place. Today we will consider how this will work.

First of all, there are several things which tie in together in 2009 and they form part of reason behind the new ruling. The use of circuit courts to repossess a home used to be commonplace because the decision was set in a court depending on the ‘rateable value’, but the domestic rates system was discontinued in 1978, thus, the hearings started to default into the higher echelons of judicial decision making and today the common court for repossession hearings is the High Court.

The new rule means that a Registrar will decide what is seen or not by the court and a side effect of this is that a house can be repossessed without actually going before a judge. It is important to note that a registrar is not merely a …

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