Getting out of Affordable housing

N

Nesta

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Right guys , Where do i stand.

Bought my unit from DCC in 2005 with a mortgage from same, its a two bedroomed apartment , am not in negative equity yet and would probably sell for a few thousand more than what i borrowed for mortgage.

When i moved in first i didnt have kids ,but things have changed so have decided to burn my bridges and take the shackles of affordable housing from around my neck forever.

Paid 150,000 euro for unit and is probably worth around 200,000.
is it a case of selling for this amount and walking away, ie. paying Dublin City co. the 200k directly as i am not entitled to any share of the profit as im not there longer than the 10 years or would i be entitled to the monies i paid off mortgage for the last 5 years (Around 40k)

Also is it up too DCC to give me a valuation and sell it for what they want me to sell it for...... any help greatly appreciated.
 
I believe the way it would work is, you put it up for sale, get an offer (of 200,000 say), and then you would clear your mortgage with the 150,000.

THe council would then take any excess up to the amount they paid.

What I'd do, seeing as it makes no difference to you, is put it up for sale, and as long as you get enough to clear your mortgage of 150,000, sell it. The DCC will send a person round to value it and to verify there is no clawback (which as you are selling below the cost price, there wouldn't be), and then you walk away.

If your mortgage was 110 grand at this point, I *think* you would be able to take the 40k away. But I am not 100% on that. Best of luck with it anyway.
 
If you got an offer of €200,000. You would get back the €150,000 that you paid. €50,000 would go to the CoCo and then you would pay off your mortgage and still have the amount you had paid off to walk away with. This is what the council advised to me.
 
Nesta said:
Right guys , Where do i stand.

Bought my unit from DCC in 2005 with a mortgage from same, its a two bedroomed apartment , am not in negative equity yet and would probably sell for a few thousand more than what i borrowed for mortgage.

When i moved in first i didnt have kids ,but things have changed so have decided to burn my bridges and take the shackles of affordable housing from around my neck forever.

Paid 150,000 euro for unit and is probably worth around 200,000.
is it a case of selling for this amount and walking away, ie. paying Dublin City co. the 200k directly as i am not entitled to any share of the profit as im not there longer than the 10 years or would i be entitled to the monies i paid off mortgage for the last 5 years (Around 40k)

Also is it up too DCC to give me a valuation and sell it for what they want me to sell it for...... any help greatly appreciated.
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Not too many 2 bed appts worth 200K in this climate.
 
zen said:
?
pls explain
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this is not an open discussion forum. implying that property prices might go down wll get you banned. saying that those who want to maintain property prices are in denial is not a good idea if you want to be allowed to continue to post here. Big Brother is watching you.
 
Mozart24 said:
Hello, can anyone help me here. I am looking to sell my AH in Galway but the GCC have told me I have to pay back €20,500 claw back + morgage but I have gone to my solicitors and he said you owe no claw back because I am selling house to the guidlelines of GCC. It is determined from the market price to the sale price and I have done a file up in Excel and if I sell at €140k and it is worth €140k then the claw comes to zero. Can they do this because I do know it is written into the contact with them this way? Can they get away with this?
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There is probably a difference between what the Council has set the market price at and what you think you can sell it for. The clawback is based on the Councils valuation of the property rather than what you actually sell it for.
 
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