Affordable Housing -Renting Consequences

Hey all

I have read a lot of the threads before posting this. A lot of them stem from 06. Has anything changed? I cant stay in my one bed apt with my child 2yrs old(another one on the way)and the fiance. Been there for 5 years, too small. I abide by the rules but went through the contract and it does not explictly or implicitly imply any consequences for renting. We're dying here!

Just so you know, I'm an annuity, non of this 50/50 and feel hard done by that the council wont allow us to rent. We cant sell no one is buying (who can blame them) 3 people, soon to be 4 in a one bedroom A/H apartment aint on guys. Love the place but what can I do. They say I have to sell.

I hear.... (these are all rouhmers)that if you do rent and get caught you face
the revenue
for tax on income
Capital Gains if you sell

the council
will hit you with the full price of the unit i.e. not what you got it for but the then market price???
or take the place from you (which I know a lot of people would like)

What I dont think is fair that I will have spent about 80k to the council and I cant just had back the keys meaning they got 80k plus the place back, no they will chase whatever saving you have to make up the cost of the apt? Would that not make the place yours in the first place?

Wheres our NAMA? Im not looking to exploit the scheme but guys, a bit of flexability! C'mon! We're in dire strights with the economy I think everyone deserves a lifeline. The banks and politians got one.

Is there anything actually written that states what consequences are or are people speculating? Are there any precedents out there? Love to hear your story.

Again, not trying to exploit the system but 4 of us cant stay in a one bed.

A lot of those rumours are nonsense.
If you sell the house below what you paid the council for it, you owe the council nothing, thats a fact.
If you dont sell, and want to rent it out, just dont ask or tell them, loads are doing it and are getting away with it, havnt heard of anyone being caught yet.

Or you can just write to the Council and ask them. I know when I signed my contracts with them and asked them, they said it is fine as long as they're being told in writing. Change of Circumstances is nothing unsual and it's not like you're going to make a profit on renting it out.

Write to the council and they should give you permission to rent.

If you decide to rent without the councils approval you should still notify the revenue as this is a leagal requirement and pay any rental income tax due to them. This will be one less thing to worry about if the council find out

There will be no issue of Capital Gains Tax if you sell the property for less then what you paid. Even if you do make a profit you will only be liable for Capital Gains on the years you did not live there.

tks all for the feedback. Since posting this thread i'm still none the wiser. I have been emailing the council for some advice, still heard nothing.... will keep you posted if I find anything out.

wonder how affordable housing will be affected in the budget.....?????

Anyone hear back from the Council about this issue?

Just wondering about revenue & AH

Hello!
I am new here and I bought an affordable house in 2002. I am just wondering if I let the property and then delcare the income through revenue? Would revenue tell the council that the property was let?
I know all about the 2nd property tax and I know what revenue involves but just wondering would revenue tell the council?
I know as far as I do know I am not meant to rent it but my husband has to travel to work 40 miles in the opposite direction to work? Its such hassle getting home in traffic for him at night across town. I love the house and its our family home but my I am in a rock and a hard place with it. Might even sell it yet!

Hi guys. I don't know where everyone is but if you have your mortgage with Fingal coco you can let your place out for a short period of time. You have to give them notice in writing. They seem to be updating their website. If you go to the loans and loan arrears section under the housing heading there's a whole list of options including letting out your house, re-mortgaging and selling your home, and transferring loans. Guess they got tired of people ringing them with the same questions (me included!)