Hi,
there has been many questions about clawback and what people need to pay or not pay and i can still not get a correct answer, also noticed that alot of the information about affordable housing is gone.
here is my situation.
Market value in 2009 was 420k
purchased price in 2009 was 260k
clawback 38%
Jump forward to today 2014
Market value 270k
mortgage owing 248k
So how i see the clawback percentage is now 9% (248 % of 270)
so i see for 270-260=10-9% = 900 owed to Council and i get reminding 9100
or
so i see for 270-260=10-38% = 3800 owed to Council and i get reminding 6200
is my think right here. from what i can find on http://www.housing.ie/Housing-Information/Home-Ownership/Living-in-an-Affordable-Home
but this calculation doesnt include the clawback percentage just the whole lot.
its all very confusing and nobody has answer.
there has been many questions about clawback and what people need to pay or not pay and i can still not get a correct answer, also noticed that alot of the information about affordable housing is gone.
here is my situation.
Market value in 2009 was 420k
purchased price in 2009 was 260k
clawback 38%
Jump forward to today 2014
Market value 270k
mortgage owing 248k
So how i see the clawback percentage is now 9% (248 % of 270)
so i see for 270-260=10-9% = 900 owed to Council and i get reminding 9100
or
so i see for 270-260=10-38% = 3800 owed to Council and i get reminding 6200
is my think right here. from what i can find on http://www.housing.ie/Housing-Information/Home-Ownership/Living-in-an-Affordable-Home
also presume that the calculation does take in for account the amount i have already paid off the 260.The clawback is based on the percentage discount you got when you bought your affordable home. If you decide to sell your home, the local authority applies this percentage to the price you get for the sale, depending on the current value of the property. Depending on the value of your property when you sell it, the calculation of the clawback may vary
If John and Mary sell their home and the market value has decreased from €280,000 to €210,000 then the clawback would be based on the lower market value of €210,000 less what they paid €196,000, which is €14,000. So they have to pay back €14,000 to the local authority when they sell in addition to any money owing on their mortgage.
but this calculation doesnt include the clawback percentage just the whole lot.
its all very confusing and nobody has answer.
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