To sell my AH: value 375k bought 161k now 150k, where to start? clawback etc?

K

kittensoft4u

Guest
where do i start

value :375

bought :161

now : 150

what clawback will i have to pay
 
Last edited by a moderator:
you cant pay a clawback as you are not making any profits!! ASAIK Tha clawback is based on the profit....
 
where do start if i want to sell affordable housing
i havent a clue
 
Not being smart, but precisely what do you wish to know? As other poster has suggested, there probably is no clawback due to negative equity. If this is the main issue for you, check it with whatever council you arranged the AFH with and ask them. It is likely also to be in the documentation issued to you at purchase stage
 
kittensoft4u said:
where do start if i want to sell affordable housing
i havent a clue
Click to expand...

I sold mine, from SDCC. I had to go to the council, they had to send a valuer who signed a document that agreed that I was selling at a reasonable price (under the clawback level. Then I went to an estate agent, who started selling the dump. Then a solicitor.

Go to the council first and say you want to get the place valued so you can sell it. Tell them how much you are putting it up for, they shouldn't give you any hassle over it, as long as you aren't selling it to your brother or someone.
 
Society said:
Did you break even?
Click to expand...

Well, I lost my deposit (20,000), and any money I put in, but I rationalised that as a price worth paying/rent. It's a miracle I sold the place, and I firmly believe that I did the right thing. It was a 1 bed apartment in Citywest so it wasn't a high demand location.

I walked away with pretty much nothing.
 
VonLinus
Sorry to hear you had to sell your home. How long did you have it for? Were you S/O or Full Annuity? I'm thinking of the same but I have spent about 80k over the past 5 years on this pile. Its killing me to walk away as I'd have to start all over again but it might be the only way.
 
Last edited by a moderator:
Does anyone know if you sell your affordable house for 20k more than you paid for it i.e bought for 185k and sell for 200k and the market value at the time of purchase was 335k (140k remaining on the mortgage) How much are the Council entitled to take? If you sell for under the purchase price of 185k (i.e. 180k) can the Council take any of the difference (i.e. 40k).
 
zen said:
VonLinus
Sorry to hear you had to sell your home. How long did you have it for? Were you S/O or Full Annuity? I'm thinking of the same but I have spent about 80k over the past 5 years on this pile. Its killing me to walk away as I'd have to start all over again but it might be the only way.
Click to expand...

I had it since 2007. Silly of me to buy it, really, but I thought the discount was low enough that I'd be able to make the payments. I got made redundant and then life 'changed', so certainty was gone and I needed a bigger place.

It was Full Annuity (i think), at least, it certainly wasn't shared ownership.

It was a one bed apartment, if you can stick it out, you might as well keep at it, if the place is big enough and you can make the payments...
 
Society said:
Does anyone know if you sell your affordable house for 20k more than you paid for it i.e bought for 185k and sell for 200k and the market value at the time of purchase was 335k (140k remaining on the mortgage) How much are the Council entitled to take? If you sell for under the purchase price of 185k (i.e. 180k) can the Council take any of the difference (i.e. 40k).
Click to expand...

I believe I was told that they'd take anything over clearing debt. So if you sold for 200, and you had paid 185 in the first place. you'd get 185 back, even if it meant that you were given cash back. I think.
 
VonLinus, can I ask you did you owe your lender the outstanding balance on your mortgage?
I want to sell mine now. bought for 195,000, mortgage for 188,000 and it was valued at 315,000 at the time.

If i sell for less than 195,000 (which will certainly be the case its only worth about 130,000 now) will i owe the bank 50k or so???

Thanks
 
Yes if you still owe €180k and you sell for €130k then you will owe the bank €50k and they may not let you sell for €130k unless you have €50k to clear the deficit.
 
I know im probably being very optimistic here (wishful thinking) but is there any way the council would buy it back from me and sell it themselves on the open market? Has this ever happened anyone or has anyone else founf a better way out of this? I dont have 50k but i need to sell it. Surely theres another way??
 
Well the councils have no money so I don't think they will even entertain the idea but if they were to buy it back I would imagine they will only pay €130k. Why would they pay more than market value?

So you will still have the €50k shortfall
 
I know but it was seriously overvalued to start with. Even when i was buying it they were valueing it at 315,000. I knew that was much higher than it was worth and my solicitor was saying this to them but they didnt want to know.

What would happen if i just gave them back the keys?
 
You must log in or register to reply here.
Back
Top