I bought an AH in Cork in 2007.
The market value then was €380k. I bought from the Council for €240k. The current market value is €235k.
My question is, if I sold up now for €235k would I be right in thinking I would not owe the Council anything?
By selling up now and buying a property for the 235 I would at least maybe years down the line have the opportunity to make a profit, where as, someone who stays in there affordable home will always ( well for 20 years) have the clawback.
Also what is stopping people in my position from selling to say a friend tomorrow for €235k then buying it back a month later for €235k minus the clawback?
The market value then was €380k. I bought from the Council for €240k. The current market value is €235k.
My question is, if I sold up now for €235k would I be right in thinking I would not owe the Council anything?
By selling up now and buying a property for the 235 I would at least maybe years down the line have the opportunity to make a profit, where as, someone who stays in there affordable home will always ( well for 20 years) have the clawback.
Also what is stopping people in my position from selling to say a friend tomorrow for €235k then buying it back a month later for €235k minus the clawback?