Hi, found this on Fingal website about the Incremental purchase scheme (for now only covers new houses.. )
Under the scheme, depending on the income of the applicant, equity of 40%, 50% or 60% is acquired in the allocated property. The Council retains equity in the property which reduces by 2% per annum over a 30, 25 or 20 year period. If the applicant sells the property during this period a sum of money based on the Council’s equity must be paid to the Council.
so does that mean say for a house valued at 185K , purchaser acquires say 60% of property at 111K ? or 40% at 74K and counciil owns remaining percentage which reduces by 2% every year. Does tenant have to repay mortage AND also pay rent for the portion that the council holds onto?
Under existing Tenant Purchase Scheme say a house values at 185K.. gets 30% discount and a grant so bring price to approx 125, and council has no interest in property after sale.
Trying to get my head around possible options, but seems to be so many variables at the minute. Anyone additional thoughts or advice appreciated : )