Hi All,
I Just wanted to share my dilemma and see if anyone is in the same boat or can help.
The Ringfort development is administered by fingall Co Co and its big, consisting of over 150 houses and so i hope its ok to start a new thread on it.
I have been offered and accepted one of theses houses under the affordable ownership initiative (similar scheme to the affordable ownership except it moves a lot quicker but you get less of a discount/Clawback at around 27%)
Anyway the problem arose when my bank valued the house at 30K less than the councill did, (you get your own mortgage under this scheme)this was understandable since the councill valued the houses over six months ago. but was a big problem for me as the bank would not mortgage the house as the contract stood with this inaccuracy
I explained the story to Fingall and they are at present re-valuing the houses at Ringfort. i am one of the first to be offered a house there but they did say "We are getting revaluations done so i presume they are re-valuing others as well"
Anyway they are now proposing to revalue the houses but leave the cost price to the likes of me or anyone else out there who has been offered one of these houses the same. this would leave me/us a discount of no more than 17% which would be very unfair with every other development getting a discount of at least over 25%.
And possibly uneconomical ,with builders accepting offers of up to 15% less than market value on private developments with no mention of Clawback, or being tied to one mortgage provider etc.
I have written to the Councill to explain the above as politely as i could and pointed out that i ,or anyone else would be much better off waiting for the next development, in the hope that they will leave the clawbacks/discounts as they are make and it again a great deal to move to Ringfort.
I would ask anyone who is in the same boat to write a similar letter and/or to contact me (ill give you a copy of mine if you want).
All constructive suggestions welcome.
I Just wanted to share my dilemma and see if anyone is in the same boat or can help.
The Ringfort development is administered by fingall Co Co and its big, consisting of over 150 houses and so i hope its ok to start a new thread on it.
I have been offered and accepted one of theses houses under the affordable ownership initiative (similar scheme to the affordable ownership except it moves a lot quicker but you get less of a discount/Clawback at around 27%)
Anyway the problem arose when my bank valued the house at 30K less than the councill did, (you get your own mortgage under this scheme)this was understandable since the councill valued the houses over six months ago. but was a big problem for me as the bank would not mortgage the house as the contract stood with this inaccuracy
I explained the story to Fingall and they are at present re-valuing the houses at Ringfort. i am one of the first to be offered a house there but they did say "We are getting revaluations done so i presume they are re-valuing others as well"
Anyway they are now proposing to revalue the houses but leave the cost price to the likes of me or anyone else out there who has been offered one of these houses the same. this would leave me/us a discount of no more than 17% which would be very unfair with every other development getting a discount of at least over 25%.
And possibly uneconomical ,with builders accepting offers of up to 15% less than market value on private developments with no mention of Clawback, or being tied to one mortgage provider etc.
I have written to the Councill to explain the above as politely as i could and pointed out that i ,or anyone else would be much better off waiting for the next development, in the hope that they will leave the clawbacks/discounts as they are make and it again a great deal to move to Ringfort.
I would ask anyone who is in the same boat to write a similar letter and/or to contact me (ill give you a copy of mine if you want).
All constructive suggestions welcome.