'I have nothing to offer the Titanic Quarter' developer'

[Andrew Clarkson]

Property prices in Northern Ireland hit new heights just over two years ago when credit was easy to come by, but since then the housing market has plummeted.

Two developers, PBN and Big Picture, have launched legal action to force people to honour contracts agreeing to buy luxury apartments in Belfast when prices were at record highs.

Some people who bought properties in Belfast's Titanic Quarter fear they could be next in line as completion dates loom.

One man who signed up for an apartment in Titanic Quarter, which is being developed by Dublin-based Harcourt, has been explaining how he will be unable to complete the sale after buyers for his old home pulled out.

"We had the sale of our house agreed at £300,000 in the summer of 2007, and were still in the process of exchanging contracts when we signed up for the Titanic Quarter.

It was just after this when the buyers pulled out - we'd signed an unconditional contract for the apartment and were left with no way out.

We've lost about £130,000 in equity and are left with no equity - we've continually dropped the price since 2007 and even put it to auction in June to try for a quick sale.

It reached just above what we have mortgaged on the property, so we're left with nothing to give the developer.

The apartment which we bought for £245,000 is now valued at £170,000 - we'll only get 70% of that in the mortgage which leaves us at about £120,000.

After the £25,000 deposit I paid, I'm left with a shortfall of £100,000 which I don't have.

I have nothing to offer the developer now.

I am part of a group who have been trying to open negotiations with the developer to find a way of paying some money now and some later, but the developer is refusing to talk to us.

We're in an awful situation at the minute - the last 18 months have been horrendous.

We're facing possible bankruptcy because legally we're completely bound to this contract - we've no way out.

We just have to wait until the completion date - the developer will not talk to us until we're in breach of contract which is coming later this month.

We can't get our home sold, and if we did we've lost 40% on our home so we've basically lost the equity.

We planned to buy this and have a small mortgage on it - now we can't even get a mortgage for what we owe the developer so we're in an impossible position.

I can't blame the developer for cutting back on the spec of the apartments.

I've seen them and they're absolutely top spec. We'd be delighted with what they've done for us. All along we've been approaching them to say we want to live there.

The amenity areas, the sports grounds, the lot - it would be a fantastic place to live for the next five to 10 years for us.

I regret not seeking the correct legal advice. At the time I should have got a lawyer to look at the contract.

We were sucked along on a wave - there was the big build-up to the release date and when we got an appointment to buy, we were delighted.

I blame myself for not getting the correct advice at the time."

Source: http://news.bbc.co.uk