Buying Dublin Corpo house for parent - possible?

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dubinamerica

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Hi - a parent of ours has been a dublin corporation tenant for years and would be entitled to the 30% discount off of the purchase price of their home if they were to buy. They receive only social welfare and are over 70. We may be in a position to help out next year and are wondering what (if any) are the options to assist with purchase? Can we 'gift' money to parent in question? Any other ways to assist on this? We would be willing to investigate paying for the mortgage as long as we had a contract with parent to indicate this. I know our first step would be to ring the corpo and get a valuation but before even going with this I'd like to determine if there's any way this can be bought.
 
Re: buying dublin corpo house for parent - possible??

Depending on your own circumstances you could go guarantor for your parents if they wanted to take out a mortgage or you could raise the cash on your own home(s). It will come down to affordablility and available equity.

Sarah

www.rea.ie
 
Re: buying dublin corpo house for parent - possible??

Thanks Sarah - that's interesting - do you know if the mortgage would have to be taken out through the corporation or if it go through another lender ?
Also - parent not working so do you know if that would still be considered ?
Any idea if this could be guaranteed against an investment property or such like ? At the moment our income would not meet the criteria but our LTV on properties is very good and we have a lot of equity in buy-to-let .
Just trying to get a handle on any options , so if you've any other info I'd really appreciate it. Thanks.
 
Re: Buying Dublin Corpo house for parent - possible??

a person in their 70's has no need to buy at this stage,especially if they have no income other than social welfare,who's gonna grant a mortgage to a 70+ year old on social welfare with no assets?
 
Re: Buying Dublin Corpo house for parent - possible??

bearishbull said:
a person in their 70's has no need to buy at this stage,especially if they have no income other than social welfare,who's gonna grant a mortgage to a 70+ year old on social welfare with no assets?
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Perhaps the family want to make parents feel more secure. Perhaps the parents would like to leave asset to children rather than paying rent to Dublin Corporation for donkey's years and returning it when they leave/die.
 
Re: Buying Dublin Corpo house for parent - possible??

liteweight said:
Perhaps the family want to make parents feel more secure. Perhaps the parents would like to leave asset to children rather than paying rent to Dublin Corporation for donkey's years and returning it when they leave/die.
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Perhaps they wanna get their hands on the house in the future by buying it cheap for the parent. these houses are social housing not for a tenants offspring to make money from.
 
Re: Buying Dublin Corpo house for parent - possible??

bearishbull said:
Perhaps they wanna get their hands on the house in the future by buying it cheap for the parent. these houses are social housing not for a tenants offspring to make money from.
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That too, don't see anything wrong with it.
 
Yes around 470K if you want, it would be wise of you kids to help buy house at such a great discount, and not to sound crude but you more than likely be left the house in any will made, Can we 'gift' money to parent in question?
 
thanks for the all the info - at this stage I just want to get some idea of options - that has been very helpful. Thanks again :)
 
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