Frustrated buyers waiting on keys to their new homes

Prospective residents of a new housing development in Navan have protested at what they say are delays in allowing them to get into their new homes.

Construction work at the 97-unit Bailey Hill development just off the Kells Road and near St Patrick’s Classical School has been under way for some time. Three-bedroomed houses there are priced at €370,000 and four-beds at €420,000.

One advertisement for the developer, Kingscroft Developments, said that phase one had been sold out and invited prospective buyers to register for the next phase. However, a group of prospective buyers have contacted the Meath Chronicle through their public representative, Sinn Fein TD, Johnny Guirke to say they have suffered delays in getting into their houses despite having put down their deposits a long time ago.

Although the prospective purchasers deal individually with the developer, Kingscroft Developments, they have now formed into a group in order to lobby for quicker action by the builders.

One resident-to-be who intended purchasing a house in the first phase of the development paid a deposit in November 2022. She signed the contract towards the end of January 2023. “Then in August last year we got a letter from Kingscroft stating our home was near completion and to ensure life insurance was in order with the bank etc”.

That buyer got an email from the developer in mid-January this year saying her house would be ready for snagging towards the end of January and shortly afterwards snagging was undertaken. The purchaser says there have been no updates since and she still doesn't know when she will be moving in.

That purchaser says she is on her fourth mortgage application and second Help to Buy application. Common to many of the prospective purchasers who spoke to the Meath Chronicle is the fact that interest rates at the start of the purchase process stood at 1.9 per cent and have gone as high as 4.6 per cent. Many of the potential purchasers said that the situation is adversely affecting their financial arrangements.

Many people in the group said they have given notice to landlords in rented properties but have had to negotiate fresh deadlines for exiting properties. One mother of a 10-month-old baby said she and her partner had paid a booking deposit in January 2023 and were hoping to move in last year.

She said when she spoke to someone in Kingscroft she was told that some of the utility companies were causing the delays.

“The cost of living is going through the roof. We can’t apply for new jobs because probation is too long for positions, even up to 12 months. Some people said their rates were 1.9 per cent but ours went up to 4.5 per cent. Our mortgage was supposed to be around €1,700 but now it has gone over €2,000”.

A male purchaser said he paid his deposit in March 2023. "I am renting a one-bedroomed apartment at the moment for two adults and two kids. Sixty per cent of my income is for the rent”.

He said he got mortgage approval from his bank but when he went back for renewal the bank told him that they were not giving him the money they had promised because the interest rate had gone up.

He had then gone to another lender which gave him the money he needed in order to close the sale and that offer is also about to expire next month. The interest rate was 3.75 per cent when he put down the deposit, it is now 4.75 per cent.

He complained about the lack of communication with Kingscroft and said he found it difficult to concentrate on his job because of the stress over the house purchase “and then we are living in a one-bedroomed apartment with two kids and with no hope about when I am going to close the sale. My application for mortgage is going to expire next month and I have to start all over again from scratch. It will take another three months for us to get the fresh documents.”

Deputy Johnny Guirke said that when he got the first complaints about delays in closing sales there were just one or two potential purchasers involved but there were now 45 people who had contacted him and asked him to make representations to get the situation resolved.

“I think it is very unfair the way these people are being treated. The developer needs to get these people into their new homes as soon as possible. These purchasers, mainly young people, are starting out in life. To be fair to the company they do build a very good house. No short cuts are taken but I would like to ask them what is going on and what is causing this delay in getting people into their homes.”

Kingscroft have been contacted for comment.