CryptoPaddy79
Registered User
- Messages
- 2
Hi Folks;
Hoping someone with experience could help me out with this. There is some brilliant worked examples and advice on here but I cant seem to find one that fits my situation albeit some really close ones - just posting this as a sanity check and hoping someone can lend some expertise.
My Situation....
I bought an affordable house with Fingal Co. Co in Jan 2005, brilliant opportunity and have loved living here, but a wife and two active kids later see's us looking to get some where with a little bit more space.
€285,000 "Market Value"
€185,000 Affordable price paid
35% Discount
Approx. sales price I may be able to get is around €240,000
We are 15 years here so we will be 5 years into the 10% reduction each year after 10 years which should reduce the clawback by 50%.
I am just wondering when does the clawback kick in...is it after "market value" €285,000 is reached or on the total sales price at the time of sale?
My calculations are: (Hope I am wrong)
Sales Price - €240,000
Less owed on original mortgage - €185,000 (we settle outstanding money owed on mortgage and keep the balance)
Profit for Fingal Co.Co - €240,000 - €185,000 = €55,000
Profit for us - €0
(we can only make a profit after the €280,000 original valuation is reached)
Any help would be greatly appreciated.
Hoping someone with experience could help me out with this. There is some brilliant worked examples and advice on here but I cant seem to find one that fits my situation albeit some really close ones - just posting this as a sanity check and hoping someone can lend some expertise.
My Situation....
I bought an affordable house with Fingal Co. Co in Jan 2005, brilliant opportunity and have loved living here, but a wife and two active kids later see's us looking to get some where with a little bit more space.
€285,000 "Market Value"
€185,000 Affordable price paid
35% Discount
Approx. sales price I may be able to get is around €240,000
We are 15 years here so we will be 5 years into the 10% reduction each year after 10 years which should reduce the clawback by 50%.
I am just wondering when does the clawback kick in...is it after "market value" €285,000 is reached or on the total sales price at the time of sale?
My calculations are: (Hope I am wrong)
Sales Price - €240,000
Less owed on original mortgage - €185,000 (we settle outstanding money owed on mortgage and keep the balance)
Profit for Fingal Co.Co - €240,000 - €185,000 = €55,000
Profit for us - €0
(we can only make a profit after the €280,000 original valuation is reached)
Any help would be greatly appreciated.