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There's only 150 houses on Friary park, approx, and the cam bar mantis wood frames are only about 50 or 60 of those. So the article suggests about 400 homes affected on Island. Where are the rest?

 

Judging by appearance I would suggest Ballacriy Park, Colby and also some in Onchan.

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I agree Manxman, but it begs the question "why single out Friary Park?"

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I agree Manxman, but it begs the question "why single out Friary Park?"

 

The article refers to a Mr Peter Jordan buying a property on Friary Park. IIRC there was a Peter Jordan posting on here a while ago looking for information on moving to the Island and Friary Park in particular and that plus sloppy journalism equals Friary Park being singled out.

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Will IOM Newspapers pay for my Fathers CareHome fees when they are due ? My Dad is a 'Typical' manxman, never bought anything if he didn't have the cash, He was content as there was enough money in the house to pay his way if it was needed ! I'm not letting him see any of this !

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Has todays headline in the Examiner 'destroyed' Friary Park ?

I think Friary Park has destroyed Friary Park. The truth is that a lot of houses of this period were built with kiln dried timber frames that had a shelf life of about 30 years. You can't blame a bank for not lending on something that is now outside of its established lifespan. A lot must be looking down the barrel of big maintenence bills on crappy 1970's builds. It will be crappy 1990 builds in 20 years time.

 

I'm sure its not an isolated incident UK wide. Its an awful estate anyway - built in quite

 

 

Has todays headline in the Examiner 'destroyed' Friary Park ?

I think Friary Park has destroyed Friary Park. The truth is that a lot of houses of this period were built with kiln dried timber frames that had a shelf life of about 30 years. You can't blame a bank for not lending on something that is now outside of its established lifespan. A lot must be looking down the barrel of big maintenence bills on crappy 1970's builds. It will be crappy 1990 builds in 20 years time.

 

I'm sure its not an isolated incident UK wide. Its an awful estate anyway - built in quite nice surroundings.

 

 

to this estate you can add glenpark estate in douglas both are heaps of shite, i know,i worked on the f**king things.

nice surr

 

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'One bank was unwilling to lend on Cambar and some older timber-framed properties. To protect ourselves and our clients we put a warning in our report that some banks are unwilling to lend. Other banks picked up on this.

From what I remember, this was an old issue in the UK about timber framed apartments rather than individual houses / bungalows. Banks suddenly decided that it was too risky to lend on apartments where there could be potential structural problems to the overall building.

 

The banks have, as stated by the surveyor, picked up on one bank being unwilling to lend and have jumped on the band wagon.

 

I think it should also be taken into account that when a property is mortgaged, the mortgage company insist on the property being adequately insured. If a structural engineer or intrusive survey was conducted and no faults were found. The information provided to the insurance company and the insurer being satisfied that the property is a risk that they are prepared to underwrite, why would or should the mortgage company be unwilling to lend on the property. (Other than unsubstantiated scaremongering and the usual jump straight on the bandwagon response from financial institutions that are more than likely owned by or have been bailed out by the taxpayer)

 

Think of the children bonuses...

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There's only 150 houses on Friary park, approx, and the cam bar mantis wood frames are only about 50 or 60 of those. So the article suggests about 400 homes affected on Island. Where are the rest?

to this estate you can add glenpark estate in douglas both are heaps of shite, i know,i worked on the f**king things. they were not even built to spec,big holes in vapour barriers,damp proof course forgotten etc they were a jerry build start to finish,my dog had a better kennel ffs,i know one guy in glenpark who has spent many thousands on his heap of shit and has had it on the market for years, stay well clear of timber framed houses on the iom.

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I want to know if the people who originally bought these properties, or who subsequently bought them, had this information at the time of purchase ? The lifespan of a house is meant to be much longer than thirty years. Is this just the tip of a property racket that's been going on here for the last forty years ? If these homes in Friary Park are substandard, then who passed them ? God knows how many more of the thousands of cheap builds since, will the banks refuse to mortgage, and what's going to be the impact on the property market, and people in negative equity ? Still; a few developers, landowners and estate agents got richer, so that's all that really matters on the Isle of Man.

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There's only 150 houses on Friary park, approx, and the cam bar mantis wood frames are only about 50 or 60 of those. So the article suggests about 400 homes affected on Island. Where are the rest?

to this estate you can add glenpark estate in douglas both are heaps of shite, i know,i worked on the f**king things. they were not even built to spec,big holes in vapour barriers,damp proof course forgotten etc they were a jerry build start to finish,my dog had a better kennel ffs,i know one guy in glenpark who has spent many thousands on his heap of shit and has had it on the market for years, stay well clear of timber framed houses on the iom.

Was Cambar a local building company?

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Cheshire/Crewe based with Manx subsidiary, I seem to remember. Exclusive marketing/sales deal through James Cowell & Co estate agents

 

I thought cambar was the technique. The builders were Mantis

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There are a hell of a lot more poorly built timber framed houses on this rock than you think. We had two potential house purchases fall through last year after surveys on houses valued £400k+. Lots of people sitting on unsellable time bombs.

Edited by Lxxx

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Canbar as a building technique has been known to shed it's bolts under some circumstances. Not even a fatal issue for the building as they can be replaced. No one is saying these houses are dangerous or going to fall down, they just happen to be built using construction methods that banks are nervous of.

 

Who is in on your tin foil hat racket? It has got to be the greed of vendors and purchasers that have led to the ridiculous prices people are paying now, got nothing to do with the original developer or sales agents.

 

I want to know if the people who originally bought these properties, or who subsequently bought them, had this information at the time of purchase ? The lifespan of a house is meant to be much longer than thirty years. Is this just the tip of a property racket that's been going on here for the last forty years ? If these homes in Friary Park are substandard, then who passed them ? God knows how many more of the thousands of cheap builds since, will the banks refuse to mortgage, and what's going to be the impact on the property market, and people in negative equity ? Still; a few developers, landowners and estate agents got richer, so that's all that really matters on the Isle of Man.

 

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Has todays headline in the Examiner 'destroyed' Friary Park ?

 

More the question of who, really, would chuck £170k of their own money at a house that was built with a short shelf life factored into it from day-one? The banks are only protecting themselves from making a shit investment they couldn't recoup if you defaulted on your mortgage.

 

These houses were probably £4-5,000 when built and people probably got a 90% mortgage on a new home that would be maintenence free for 15 years or so, now the banks are in for £150-200k on a ticking liability that probably needs at least another £25-30k chucking at it.

 

Totally different circumstances. I wouldn't buy anything built after about 1960 here myself.

Edited by localyokel
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£4 - 5,000 in the 1970's?

 

I don't think so.

 

Banks are not protecting themselves from shit investments. If the insurer is willing to take on the risk that they, the banks, want to offload or 'insure themselves' then why would they have any concerns?

 

If someone else, as they insist on for a mortgaged property, is taking the risk, what is the shit investment for them? They get their mortgage repayment and their interest and the risk is carried by someone else?

 

I really fail to see what you don't get by this to be honest?

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