M
martinDoc
Guest
Hi all,
I am newbe on here so please be gentle.
My wife bought a 3-bedroom house in Letterkenny, Co. Donegal under the affordable houing scheme back in 2008 (She got the morgage from the council not a bank). The house then was valued at 200k and she paid 133,500k so a reduction of 33%. She has spend approximately 15k renevating the house and garden.
Price paid for house: 133,500
Renevations: 15,000
Total: 148,500
If she wishes to sell the house in todays market it is probably only worth around 130k - 145k, so she could be selling it for less than she paid for it.
1) So what happens to the clawback if she get 130k?
2) If she got the 145k for it, would they consider the 15k she spend on it? (in other words, would she have to pay the council the 11.5k from the 145k that she sold it for, even though she has spend 15k improving the houses value)
3) Would it be possible for me to buy the house from her by getting a regular morgage from the bank? (This would leave us in a postion that if we want to rent it out, or buy a bigger house in a few years time, that we do not have to ask council, that I/we would own the house out right)
We have only been married since last August and my name is not on the house, just my wifes.
Any help would be much appreciated.
I am newbe on here so please be gentle.
My wife bought a 3-bedroom house in Letterkenny, Co. Donegal under the affordable houing scheme back in 2008 (She got the morgage from the council not a bank). The house then was valued at 200k and she paid 133,500k so a reduction of 33%. She has spend approximately 15k renevating the house and garden.
Price paid for house: 133,500
Renevations: 15,000
Total: 148,500
If she wishes to sell the house in todays market it is probably only worth around 130k - 145k, so she could be selling it for less than she paid for it.
1) So what happens to the clawback if she get 130k?
2) If she got the 145k for it, would they consider the 15k she spend on it? (in other words, would she have to pay the council the 11.5k from the 145k that she sold it for, even though she has spend 15k improving the houses value)
3) Would it be possible for me to buy the house from her by getting a regular morgage from the bank? (This would leave us in a postion that if we want to rent it out, or buy a bigger house in a few years time, that we do not have to ask council, that I/we would own the house out right)
We have only been married since last August and my name is not on the house, just my wifes.
Any help would be much appreciated.