Menu
19/10/2010
Vesting Orders 'Equity' Warning Sounded
During the week that a motion was being debated in the Stormont Assembly about the vesting of land, the Alliance party's Social Development Spokesperson Anna Lo has said it is essential that there is fairness for homeowners.
The MLA said that, in relation to the price they receive for their property there needs to be a reform of the current procedure for vesting houses.
"While it is really positive that we are seeing the regeneration of areas, we need to reform the current procedure for vesting property as it could leave a lot of homeowners in financial difficult.
"The level of reimbursement they get for their house could be much reduced from the amount they originally paid for it and this will leave them in negative equity," she said.
"Those affected could be left in serious debt to their bank and I believe that this is totally unfair. We need to look at how we ensure they get a genuinely fair deal.
"Also landlords are affected because they are losing out financially because of vesting. As the rental income from their properties can often be their livelihood they are also being put in an extremely difficult position too.
"It also takes a long time for money from vesting to come through and I have real concerns about this too. We need to make the system fairer and I hope this debate will help in doing this."
The comments come after the South Belfast Sinn Fein MLA Alex Maskey submitted the private member's motion to the Assembly calling on the Social Development Minister and the Minister for Finance and Personnel to bring forward these proposals to ensure that homeowners living in the predominantly loyalist area will be protected from negative equity and increased debt following the vesting of land.
See: Vested Village 'Negative Equity' Highlighted
(BMcC/KMcA)
The MLA said that, in relation to the price they receive for their property there needs to be a reform of the current procedure for vesting houses.
"While it is really positive that we are seeing the regeneration of areas, we need to reform the current procedure for vesting property as it could leave a lot of homeowners in financial difficult.
"The level of reimbursement they get for their house could be much reduced from the amount they originally paid for it and this will leave them in negative equity," she said.
"Those affected could be left in serious debt to their bank and I believe that this is totally unfair. We need to look at how we ensure they get a genuinely fair deal.
"Also landlords are affected because they are losing out financially because of vesting. As the rental income from their properties can often be their livelihood they are also being put in an extremely difficult position too.
"It also takes a long time for money from vesting to come through and I have real concerns about this too. We need to make the system fairer and I hope this debate will help in doing this."
The comments come after the South Belfast Sinn Fein MLA Alex Maskey submitted the private member's motion to the Assembly calling on the Social Development Minister and the Minister for Finance and Personnel to bring forward these proposals to ensure that homeowners living in the predominantly loyalist area will be protected from negative equity and increased debt following the vesting of land.
See: Vested Village 'Negative Equity' Highlighted
(BMcC/KMcA)
Related Northern Ireland News Stories
Click here for the latest headlines.
25 November 2024
Man Jailed In Connection With Annahilt Cannabis Farm
The PSNI has welcomed the sentencing of a man at Craigavon Crown Court in connection with a cannabis farm disovered in Annahilt in February, 2023. Clive Weir, from the Annahilt area, was sentenced to 18 months in prison and 18 months on licence.
Man Jailed In Connection With Annahilt Cannabis Farm
The PSNI has welcomed the sentencing of a man at Craigavon Crown Court in connection with a cannabis farm disovered in Annahilt in February, 2023. Clive Weir, from the Annahilt area, was sentenced to 18 months in prison and 18 months on licence.
20 November 2024
Three Arrested in L'Derry For Drug Offences
Police in L'Derry have arrested three people and seized drugs worth an estimated £600. The arrests were made following a proactive policing operation in the city. On Monday, 18 November, officers observed suspicious behaviour from a 39-year-old man and a 36-year-old woman in the Strand Road area.
Three Arrested in L'Derry For Drug Offences
Police in L'Derry have arrested three people and seized drugs worth an estimated £600. The arrests were made following a proactive policing operation in the city. On Monday, 18 November, officers observed suspicious behaviour from a 39-year-old man and a 36-year-old woman in the Strand Road area.
19 November 2024
Police Appeal After Arson Attack In Newtownards
Detectives have renewed an appeal for information following a deliberate arson attack at a vacant property in the Weaver's Grange area of Newtownards. The incident occurred in the early hours of Sunday, 17 November, 2023. Police and firefighters were called to the scene at around 12:40am.
Police Appeal After Arson Attack In Newtownards
Detectives have renewed an appeal for information following a deliberate arson attack at a vacant property in the Weaver's Grange area of Newtownards. The incident occurred in the early hours of Sunday, 17 November, 2023. Police and firefighters were called to the scene at around 12:40am.
18 November 2024
Belfast's Vacant To Vibrant Scheme To Expand Citywide
A successful scheme aimed at transforming vacant properties in Belfast city centre into thriving businesses is set to be extended across the entire city. Belfast City Council's Vacant to Vibrant programme has already breathed new life into 26 properties, with another six sites in the pipeline.
Belfast's Vacant To Vibrant Scheme To Expand Citywide
A successful scheme aimed at transforming vacant properties in Belfast city centre into thriving businesses is set to be extended across the entire city. Belfast City Council's Vacant to Vibrant programme has already breathed new life into 26 properties, with another six sites in the pipeline.
20 October 2010
Stormont Backs 'Negative Equity' Protection
Problems over 'negative equity' resulting from housing redevelopments in the south Belfast area have been successfully targeted for action by Sinn Fein. The Stormont Department of Social Development (DSD) Committee member Carál Ní Chuilín welcoming the passing of a motion in the Assembly which sought protection for homeowners from negative equity.
Stormont Backs 'Negative Equity' Protection
Problems over 'negative equity' resulting from housing redevelopments in the south Belfast area have been successfully targeted for action by Sinn Fein. The Stormont Department of Social Development (DSD) Committee member Carál Ní Chuilín welcoming the passing of a motion in the Assembly which sought protection for homeowners from negative equity.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
