New legislation will ensure home buyers can’t lose their deposit

Most Viewd

Adidas and Nike together against racism: historic retweet on Twitter!

Nike and Adidas go down together to fight racism. The two clothing brands joined in memory of George Floyd,...

The new cheap Realme Smart TVs are now official from 150 euros

Finally today Realme has announced its first Smart TVs with which it intends to fight Xiaomi, in addition to...

Additional advice provided to Leaving Certificate teachers on Irish bonus marks

Teachers who are giving their students estimated marks are told not to add bonus marks to their mark but...

Netflix secret codes in 2020 (updated list)

Sometimes it is difficult to find something that we really want to see on Netflix, but with these secret...

5 super WhatsApp tips that maybe you did not know

5 super WhatsApp tips. Photo: Writing WhatsApp It allows you to communicate instantly with friends and colleagues, it is surely...

HBO Max release date, price, shows & UK launch

  HBO will soon have a third streaming service - to sit alongside HBO Now and HBO Go - called...

Even the ferocious Allosaurs, if forced, resorted to cannibalism

A recent discovery highlights how, due to the scarcity of food, even the fierce predators of the Jurassic, such...

The best Android smartphones between 300 and 500 euros in May 2020

May 2020 is a very interesting month for the smartphone market: several intriguing devices between 300 and 500 euros...
Rachel Lynch
Journalist with InTallaght.

A Fine Gael TD has called for developers to include a protective clause in all contracts to ensure buyers of new homes can’t lose their deposit.

Dublin North West TD Noel Rock has sent legislation to the Oireachtas which will be presented to Dáil Éireann in the New Year aiming to protect all first time buyers.

Deputy Rock said:

“As it stands, should a buyer’s loan approval fail, they risk losing their deposit which could be up to €20,000. Buyers could stand to lose their deposit if they do not have this clause included, which in the last year more developers have become reluctant to include. It is scandalous that we are allowing developers to add a needless extra level of stress on a purchaser as they see fit.

We need to do what is right by the purchaser in such cases and we need to act now to help them. We are allowing developers to get away with, as some might see it, daylight robbery. It’s quite clear that the market is moving in an upward direction, so holding onto a prospective buyer’s deposit and cashing in on a likely higher house price in the future strikes me as an advantageous situation for developers.

The reality is, they should either be accepting deposits in good faith, or not accepting deposits at all without loan approval- one or the other. They should not be pitting people, who are mostly first time buyers, against each other by enticing them to make offers without approval, while simultaneously not offering them the ability to redeem their deposit should it not work out.

Many new builds going on the market may not be ready for some time, in some cases up to two years. However, loan approval may only last for a period of 3 to 4 months. It makes absolute sense that we legislate to protect the purchaser and ensure that we make process as smooth and remove stress where possible.

When the Dáil reconvenes, I will present a Bill to the chamber and start working towards a fairer housing market for the purchaser and for all first time buyers. I appreciate this is far from the most pressing matter in the housing crisis but the Government must ensure that it protects the buyer, prioritises fairness and doesn’t let hard working people – mostly first time buyers – face the prospect of losing a deposit for which they have worked so hard to save.”

More Articles Like This

Competencia para el iPad Mini: el tablet Samsung Galaxy Tab A (2019) es oficial

Se esperaba la llegada del nuevo Samsung Galaxy Tab A (2019) en poco tiempo, pero ha sido mucho...

Maneater, analysis. The killer shark crying out for revenge

We analyzed Maneater's sandbox game for PC, which stood out at E3 a couple of years ago. Many of us who were attending the conference...

Apple presents the new iPad (7th Gen.) with a larger screen

We knew for some time that a new iPad could fall and it has been. Those of Tim Cook have decided with this seventh...

Apple podría estar trabajando en un iPad con pantalla plegable

Este año, desde la celebración del Mobile World Congress de Barcelona, se abrió la veda a las pantallas plegables y ahora todo el...

Samsung Galaxy A with quantum chip: the phone with the safest encryption in the world

For a few years we have been hearing that quantum processors are going to revolutionize computing and, therefore, the rest of the fields...

DoBox Pro: keyboard, mouse and extra gigabytes to turn your iPad Pro into a laptop

With the arrival of iPadOS 13 Apple tablets are finally compatible with mice, to use them as if they were computers. So it's...

First look at the design of the future Samsung Galaxy Note20

The Galaxy Note enjoyed a key moment in its history, since they were about to replace and stay as the top of the...