Sell 3 bed AH Galway City for €120k (paid €120k in 02), €42/m life assu. clawback?

M

Mozart24

Guest
I am looking to sell my AH in Galway but the GalwayCC have told me I have to pay back €20,500 claw back + mortgage but I have gone to my solicitors and he said you owe no claw back because I am selling house to the guidelines 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?
 
Bought AH in 2002 for 120k, now will have to sell at less than that. ClawBack etc?

I paid €120,000 for an 3 bed affordable house in 2002.

I cannot sell her now today at €120,000 and wondering can anyone please help me?

If I sell her below the asking price plus the mortgage would I owe City Hall the lateral half back even though I would not make any profit?

Would I have to pay them the claw back 37% or would the debt die because of the loss on the property?

Help please?
 
Selling my 3 bed AH in Galway City €120k,€40/m life assu. Do I have to pay clawback?

Hello,
Does anyone want to buy an affordable 3 bedroom house in Galway City at €120,000? I am trying to get rid of it. The GCC are charing me €42.00 a month in insurance if I die, and that is not likely to happen anytime soon.

Do you have to pay the claw back back of 37.1% if you don't make a profit? I am thinking of selling her at auction in Autumn if things get worse with December budget 2011, residential rates, water rates, I simply cannot afford this house.

I want to get rid of this house!
 
Do you have to pay the clawback if you make no profit? I am trying to sell mine since March 2011 and not takers in GC for a lovely 3 bedroom house with fixtures an fittings, I spent about another €50,000 doing it up and I am asking €120,000 what I paid for her in 2002. Help!
 
You should get onto your council and find out what their rules are. I sold for beneath the price I paid (I paid 145 in the first place, sold for 125) and I didn't have to pay a clawback on that 125.
 
The legislation states that the clawback is not payable where the property is sold for below what it was bought for.
 
but do you need the permission of the Council to sell below what you paid for it?
 
Society- I had to get permission. I was told by SDCC that generally they'll sign off on a valuation as long as it's not insane. Mine was originally valued at 245 when I bought, and I was able to sell for 125. They send out a valuer, but generally speaking, if you can say 'I had it for sale for x months and it didn't sell, so I dropped the price' that'd be reasonable.
 
Vonlinus if you sell an affordable dwelling below what you paid for it can you keep the profit you make? I bought mine for 180 (m.v at time 335k) and if I sell for 170 (presumably no clawback applies). If the reamining mortgage is 140 and is paid back to the Council out of the proceeds of sale, can you keep the 30k that you make on the sale?
 
affordable house in joint names

was in joint ownership of affordable house. The partnership didnt work out and one partner is willing to take over the payments. No money is being paid to the the partner leaving the house. Council want claw back of 17,000 which we havent got. Where do we go from here???????????
 
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