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Posts Tagged ‘Property’

STAMP DUTY SCHEME A FAILURE

A Government stamp duty trade-in initiative to kick-start the ailing housing market has turned out to be a monumental failure. Only one property developer has availed of the scheme announced by Finance Minister Brian Lenihan in the emergency Budget last April. Anyone who accepted a property in exchange or as part-payment for a new home could avail of a deferred stamp duty payment  under the scheme. The builder would not be liable for stamp duty until the swapped or traded-in house or apartment was sold on, or until December 31, 2010, which ever came first.

My Nama Gets the Green Light

In order to sell Nama to its membership last year, the Green Party came up with a plan to establish an expert group that would help people struggling with personal or mortgage debt. The intention was that the group would issue recommendations on measures to assist people in debt arrears within a matter of months. The plan, which the Green leadership dubbed  “My Nama”, was included in the revised Programme for Government and it looks as if it is now about to get the green light.

The Envy of the World

What would you do if you find yourself in a business sector that is going down the pan? Get into one that isn’t, of course. Prominent estate agent Ken MacDonald and mortgage broker Frank Conway are about to launch a debt mediation service for troubled borrowers, The Sunday Business Post reports.

For an introductory fee of €495 and a flat fee of €45 a month Credecare, which is expected to advertise for staff this week, will act as an intermediary between creditors and debtors who find themselves in financial trouble.

Ban on Upward Only Rent Reviews

Justice Minister Dermot Ahern has banned upward only rent review clauses in business leases. The banning order on upward only rent reviews will amend clauses under section 132 of the Land and Conveyancing Law reform Act. The section will come into operation on 28 February 2010. The ban will only apply to leases taken out after this date.

The Shelbourne Hotel

Dublin’s swish Shelbourne Hotel is a financial black hole. Its owners, who include property developer Bernard McNamara and oil distributor John Sweeney, have ploughed €230m into it with little prospect of any return.

An independent accountants’ report seen by The Sunday Business Post show a consortium of high-flying investors have earned nothing from their investment so far and “there is no expectation at present that there will be any return of investment in this property, nor indeed a repayment of capital in the short term”.

The report compiled by Baker Tilly Ryan Glennon will play a key role in Sweeney’s petition for examinership, which is due to be heard in the High Court tomorrow (Monday, February 8).

The consortium of investors paid €120m for the hotel in 2004 and then pumped a further €120m into a total renovation of the Stephens’ Green landmark.

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