# Somebody must know what to do



## paula eliza (30 Sep 2008)

Would really appreciate your help on this.  I have tried several times speaking to Kildare County Council but have just been passed around each department.  A year and a half ago I purchased an apartment through the Shared Ownership Scheme.  The purchase price was €180,000. Shared Ownership €174,000 them owning 60% me 40%.  So every month I pay the mortgage on it & the rent to the council.  I was told when purchasing this property that I could buy out at any stage if I got a mortgage to do so.  So 2 months after I got mortgage approved and was all ready to buy this property back in 2007, I also had to get place valued for the mortgage, my redemption figure from the council was €174,00.  When my solicitor came to signing over property to me it turned out that I could not purchase property as it was still with land registry. So I continued to pay my mortgage & rent to the council.

One year later I get a phone call saying that it is completed in land registry.  So I contacted my solicitor & mortgage broker to get the ball rolling again.  I had to get the apartment re- valued for the mortgage company as the market has changed.  The property is now only valued at €145,00 so I can only get a mortgage for 92% of that.  The redemption figure from the council is  €175,000.  Now I cannot buy this property out as I cant get a mortgage to match the council figures, Should they not change their figures too as it is " shared ownership"

I am in a very tough position now as I am moving away because of my job.  The whole reason behind buying out property was so I can rent it.  Now my options are to hand back keys to council and never again be able to get a loan. credit history ruined.  Possibility of  getting sued as well
Please can you give me some advice on this matter.


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## ClubMan (30 Sep 2008)

> *Somebody must know what to do*


Read the posting guidelines and use a meaningful thread title.


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