AH: Waiting List? & General Info?

M

Modfather

Guest
Hi all,

My self and my girlfriend are planning on applying for either Shared Ownership or Affordable Housing and to be honest i don’t know which one would work out best so any help would be greatly appreciated (Thanks in advance)

I have just been looking at the average housing price around the area for a 3-bed house which is in and around 300-330 is it possible to get approved this kind of money from Shared Ownership or Affordable Housing?

Does it have to be a newly built house

For this kind of money which one of the schemes suits best?

Any body know what the waiting list is like around the Layton/Bettystown area?
 
Re: Waiting List? & Genral Info?

Hiya!

Ive been on the panel for Dublin City Council for about 18 months now so if you are thinking of applying - do it now, because it can take a while and you should put your name in as soon as possible!

It is only new property , and as far as I know, it is only apartments/ duplexes etc, so houses are not available. Im not sure what way Shared ownership works, but with affordable housing, you fill out the forms and apply to go on the panel. If you qualify, you will go on the waiting list. Depending on which council you apply to , it could be a lottery or a waiting list. DCC works on a lottery basis.
Every so many months a newsletter with available properties will be sent to you. You tick which ones you would be interested in, and they put your name in the lottery for these ones.

I hope this helps!!
 
Re: Waiting List? & Genral Info?

That area is Meath County Council and their waiting list is just endless
I applied and was sent a pack with info and details of houses available with price ranges and it all seemed so go go go
Then I heard nothing for months months months.

It appeared that the houses were ones they sold in the past and were not exactly currently available.

I didn't bother re-applying as it seemed there didn't appear to be anything available and I wasn't specific about areas either !
 
Re: Waiting List? & Genral Info?

Thanks for the help:)

I didnt know it was done as a lottery,i thought it would have been first come first served.

i am really in 2 minds about it all to be honest, even after i called meath county council the lack of info i was getting off the girl on the phone was crazy it was like i knew more about it than her (i know very little about it)

Do you know if you need to be with the same company for 1 year or is that just full time employment for a full year?

I just changed jobs so im wondering will that knock me back, but in saying that the lenght of the waiting list ill probably be retired b4 i called up for a house
 
Re: AH: Waiting List? & Genral Info?

No probs :)

I was in two minds about it for ages, and then I just realised that it is no harm to put the forms in and get my name in there, if nothing comes up then fair enough, or if there is nothing I like available then at least Ive tried ya know. It doesnt stop me in the mean time if I decide I can do a 'normal ' mortgage! Its just getting harder now because no one is really doing 100% mortgage anymore!

I dont know what way the Meath co council do it, but your best bet is probably looking on the website, because I always find that the people who answer the phones are rarely very helpful!
 
Re: AH: Waiting List? & Genral Info?

Hi Modfather,

Like yourself I dont really no too much and I just sent my application through 2 week ago. But as far as I no you can get houses with the AH, 2/3 bed, there is not as many houses as there is apt and I no they are a lot harder to get, i am looking for a 3 bed myself as I have a daughter.
They are all new property, but with the Shared Ownership you can get 2nd hand property.

Thanks
Lor
 
Hi any questions you need to know about the affordable housing/shared ownership please fire ahead and ask me, I was on the list and have a place. I have also bought them out in less than a year, I think i know the ins and outs of this through and through.
 
Hi clongriffin
I rang DCC recently and asked about shared ownership. Is that the same as 50/50.
The impression i got was that if you went with shared ownership and bought an affordable for 250k you would rent half from DCC and have a mortgage for 125k then after a year you could go to a normal lender like PTSB and buy DCC out of there half for the original price.
But the guy i spoke to told me when you buy out DCC after a year you buy the apt at curent market value. so if the price of apt went up by 200k thats what extra you would be paying.
so in that case if original price was 250k and prices went up by 200k you would need approval for 450k.
It sounds a bit extreme to me if i got my info right.
betty
 
Well i think there's 2 different ways of using the shared ownership

1. To purchase a place which you are offered under the affordable housing scheme

2. To purchase a place that you choose yourself which is for sale on the open market

With option 2 once you buy out the council you own the property.

Think with option 1 you're more restricted because of the clawback!

But im not 100% certain of any of that, but thats the way i understand it
 
Bettyboo123 said:
Hi clongriffin
I rang DCC recently and asked about shared ownership. Is that the same as 50/50.
The impression i got was that if you went with shared ownership and bought an affordable for 250k you would rent half from DCC and have a mortgage for 125k then after a year you could go to a normal lender like PTSB and buy DCC out of there half for the original price.
But the guy i spoke to told me when you buy out DCC after a year you buy the apt at curent market value. so if the price of apt went up by 200k thats what extra you would be paying.
so in that case if original price was 250k and prices went up by 200k you would need approval for 450k.
It sounds a bit extreme to me if i got my info right.
betty
Click to expand...

You can buy the council out of the mortgage at any time wit a lender, but to buy them out of the claw back and actually own it privately you need to wait 1 year. Regarding buying the place etc... here is exactly what i know and what i have done.

I got the apt for 220,000 from DCC it was worth 260,000 (thus giving me a 12% discount) - anyhow i did shared ownership, (50/50), i got my loan for 110,000 for this through the council and rented the other half from them, bear in mind the other half was more than the mortgage half, and it goes up in July of every year by whatever the rental market is at the time. Anyhow, i then had my boyfriend who wished to help me buy the place off the council in full with claw back (its very messy process) but worth it.
So back to figures, i bought the place basically wiht rental for 220,000 worth 260,000 = 12% discount. To buy them out claw back and all, i had to pay them then my original discount percentage 12% of the market value that it is at the time i want to buy it (had to get valuation) it was valued at 310,000 thus i needed to pay them back 12% of 310,000. Which was 38k, so with that 38k and the money i orginally borrowed 220,000 i had to go to a bank and look for a mortgage of those two figures. 258,000 to be able to buy them out completely and own it privately. Bear in mind one thing though, if you go shared ownership, it make take longer than a year to buy them out, reason for this is, when you do shared ownership the deeds of your apt go to the land registrary from DCC to be put half in your name and half in theres. To buy them out and go to your own bank, most sollicitors will want to have control of the deeds and take over that application, however DCC do not allow this, and the deeds need to be land registered then before your solicitor will have them passed over from DCC. It can be done, i'm proof of this, and i managed with alot of letters/tme and pushing... to get my deeds registered in 3 months, which my solicitor was then able to take control and proceed to buying out council. Reason my solicitor would not continue with buy until she had control of deeds was becuase she was unable until then to prove to the Bank that if i was unable to pay my mortgage that they could take my house/apt.

I hope this is of some help.
 
Thanks for that clongriffin.
that is exactly what DCC told me, but i wasn;t sure i understood it properly. The last property we applied for was €245k that was the affordable price, actual price was around 420k. If we went 50/50 there is no way we could afford to buy out ourselves one year on.
thanks for the info, ur very good to take the time.
Betty
 
Bettyboo123 said:
Thanks for that clongriffin.
that is exactly what DCC told me, but i wasn;t sure i understood it properly. The last property we applied for was €245k that was the affordable price, actual price was around 420k. If we went 50/50 there is no way we could afford to buy out ourselves one year on.
thanks for the info, ur very good to take the time.
Betty
Click to expand...

You are right, on those figures i have worked out you are getting a 41% discount from DCC. So if your house price value didnt increase in a year, and stayed at the value of 420k that DCC have given it now, and u paid 245k for the property, you would be paying them 245,000 + 172,200 = 417,200 is what you would have to go to a bank to request off them to buy the council out and own the property. Bare in mind, this is only if the house property has NOT increased, If it has you pay more, if its decreased you pay less. now your still buyin the property at a lower price Worth 420,000 u paying 417,000, but its a small discount. alot of ppl are delighted with such a huge % discount at the start, but dont realise in the end, when they go to buy out, it will be impossilbe for them. I've seen thsi time and time again with friends of friends. No matter what is offered, always check and ask them the discount% and work out what you would have to pay to buy them out. While ur mortgage might be low cos of discount at start, can you imagine trying to afford a mortgage for 417,000? I know i wouldn't be able to.
 
I know i would not be passed for that much, just about got passed for what we needed.
cheers
Betty
 
when you get an offer, just push on finding out the % discount and work it out how much you will be paying back from the main market value they give u too and what they sell it to u for. Each time they make u an offer ask them.
 
Hi all,

I 24 and single and I don't have any chance of buying a full priced house or app. So I'm thinking of doing the AH scheme. i don't live in Dublin or in the Dublin area not anymore but I am working in Dublin city which they say I'm covered to apply. I've been in my job 1 year from this Feb. I don't have any savings to talk about but I am putting away €500 a month to the Cred union. €300 of which is paying off a loan and €200 into savings. My wages are around mid 30s maybe higher by the end of Feb.

I'm going to apply to DCC, Fingal and Dun county councils.

I ask for any advice or information etc etc.

Would be most appreciated.:)
 
There is lots of info already put up on this link and the other threads, might be good to have a read over them and any other questions that are not answered you might fire ahead and ask.
 
I have read all the info but its so convoluted with various info, it's hard to get a straight answer. I just thought maybe if I gave you my details of my situation etc you might have some straight out advice for me about general stuff and how to proceed.

Anything is much appreciated.

Regards
 
greeneAH said:
Hi all,

I don't have any savings to talk about but I am putting away €500 a month to the Cred union. €300 of which is paying off a loan and €200 into savings. My wages are around mid 30s maybe higher by the end of Feb.

I'm going to apply to DCC, Fingal and Dun county councils.

I ask for any advice or information etc etc.

Would be most appreciated.:)
Click to expand...

hi greeneah,did you know that your rent counts as your savings?i have recently moved into a lovely 2bed apt in fingal area,the red tape can be frustrating but we found that it was all worth it... all and all we were waiting for 1yr and a half for it to sort out,and it sped up when my boyfriends salary went up.... he did it on his own by the way as i was in college and didnt have a salary to combine!... but we are so happy with it and where we live there is a lovely community any questions welcomed xxx
 
You are in the exact same position as me. Remember there are various stages in the Affordable housing process. And that each Council seems to be able to run there schemes as they like, so DCC’s AH scheme will differ Fingals one. Here are the main steps that I can think of that relate to an Affordable housing transaction.

1) Decide where you would like to live (what council area to apply to)

2) Apply to be on the list of the relevant council/councils in the area/areas you want to live, they will all have various eligibility criteria, some more stringent then others

3) Wait for the councils Affordable housing scheme to come back with an offer of a property, this could take up to two years, at least with DCC, I will be two years on the list when I reckon I will be moving into my place in DCC.

4) Decide if you want to take the place you have been offered, again some councils will only allow you to reject so many places, make sure your decision to reject will not put you on the bottom of any lists for any given councils of an area that you really want to live in.

5) Figure out how you are going to finance the property, you can go to a set number of banks for an Affordable housing mortgage or alternatively you can apply for a shared ownership loan. Best advice is a normal mortgage if you can get it as a shared ownership loan is made up of half mortgage half interest only mortgage, other wise know as the “rent” element. This is something you could do now. Go to a bank and see what they will lend you. It will make it easier for you to know what you can roughly afford to spend if you were offered an affordable place, and if you can actually afford the affordable place, (sounds ridicules I know but it happens all the time that people cant get a loan to buy the place they have been offered)

6) Pay deposit and proceed with sale as in any normal process.

Remember applying for inclusion on an Affordable housing list in no way means you are under any legal/contractual obligation to buy anything that you may be offered while being on this list. Even if you are not sure affordable housing is for you, you should at least apply and get on the lists if only to give you further options/choices to buy. You may end up being able to buy on the open market by the time the Affordable housing offer is made, but of course this is just speculation as no on can accurately predict future property prices.
Remember as each councils scheme is different it is very difficult to get one defined AH process explained. You will have to research how your relevant council administers the AH in their jurisdiction.
 
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