House buyers facing into another Christmas locked out of their new homes

Would be buyers of a Rathmolyon housing development that has been plagued with setbacks are facing another Christmas locked out of their homes.

In October of last year, receivers were appointed to Meathamatic Ltd, the company behind Ringfort, a development consisting of 16 three- and four-bedroom semi-detached homes sold off the plans aimed at first time buyers.

Prospective buyers signed contracts and paid up to €30,000 in deposits, some as far back as 2020 but are still left in limbo nearly five years on.

Spudmuckers Limited appointed Interpath Advsory as receivers to Meathamatic in October. Spudmuckers is an investment company backed by, among others, Joe Elias, a businessman who is also a director of Meathamatic. Spudmakers is the largest creditor of Meathamatic, which hoped to develop the housing project.

The development was being built by MDS Construction, a company headed by RTÉ Home Rescue star Peter Finn, he resigned as a director of Meathamatic in 2022.

Ten families have pulled out of the development due to the ongoing saga with just five remaining.

In September of last year prospective buyers who entered into contracts with the developer were asked to pay an extra €60,000 on top of the agreed sale price of €275,000 due to the project running into financial difficulties.

This request was rejected by buyers at the time but in May of this year they agreed to pay an extra €26,000 on top of their agreed sale price in order to complete their homes however no amended contracts have been issued for this new arrangement and buyers have been met with a wall of silence with no idea when the project will be finished or how long more they will be locked out of their homes.

Work has commenced on the housing estate in recent weeks but requests for information on a timeline for completion have gone unanswered.

One couple who asked not to be named said facing yet another Christmas of uncertainty with two children and a new baby in tow is “devastating.” They added:

“While we are optimistic that the site is going to get finished, it is soul destroying to know how close you are without it being sorted or without having any communication from the receivers.

“We offered to pay an extra 26,000 in May of which their solicitor confirmed that contracts would be issued but that still hasn't happened.

“They have offered everyone their deposits back once again but we don't want that, we just want to get into our homes.

“They have said that they are unsure how long it will take for the site to be completed but shortly after that work resumed and for the last three to four weeks it has been fully opened with them painting, tiling and fitting new kitchens. We have had little or no communication from them whatsoever in regard to what is going on or what they time line is.

“The radio silence we are getting is just so frustrating.”

The purchasers say that buying their “dream home” has turned into a nightmare which crescendos at Christmas time.

“We have had a baby recently and it's just horrible that we can’t do up a nursery and we are not in our new house for Christmas,” said the new parent.

“You keep having to put your life on hold.”

Niall Flynn put down a deposit on his home in 2020, almost five years in, he still no further on in securing a moving in date.

“We came to an agreement with the investor and solicitor in May to pay an extra €26,000 but they are not holding up their end of the deal because we are still waiting on the amended contracts which is worrying because we don't know what's in store and there has been so much uncertainty around this,” said Niall.

“A receiver is supposed to find a resolution or a compromise and we have compromised so much already,” he added.

Interpath Advisory declined to comment.