Glenbhoy said:As stated earlier you can sell whenever you want and book the profit - an affordable buyer cannot.
Anyone have details on how the clawback's work? I would have thought that it would have been quite penal (given how stamp duty legislation is applied).That isn't entirely true. I know of a case where the council bought houses at €190k, they were selling them as affordable at €140k. The current market value of the house was €300k. But as far as they were concerned the discount you were getting was €50k, not €150k
Glenbhoy said:Anyone have details on how the clawback's work? I would have thought that it would have been quite penal (given how stamp duty legislation is applied).
Glenbhoy said:Anyone have details on how the clawback's work? I would have thought that it would have been quite penal (given how stamp duty legislation is applied).
5. CAN I SELL THE PROPERTY?
Homes purchased from the Council under the Shared Ownership/Affordable Housing Scheme can be sold. In the event of re-sale the seller must pay back to the Council any remaining mortgage or rented equity still owing and the clawback percentage of the actual amount the property is sold for.
The clawback percentages vary from property to property. These are set at time of sale and are based on the sale price and the market value price of the property.
The amount payable to the County Council reduces each year after year 10. The clawback no longer applies after year 20.
Example
House sold after five years for €300,000
Outstanding mortgage (estimated) €125,000
Clawback (30% of €300,000) €90,000
Amount owing to County Council €215,000
Balance €85,000
theBatMan said:That nurse should not have officially qualified for that affordable housing scheme.
That scheme was not the normal affordable housing scheme, it was a special scheme. In order to qualify for it, applicants had to earn between €30,000 and €56,000.
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Badger said:Would you mind posting more details of this scheme please batman?
Eligibility for Part V housing
You are eligible to buy an affordable house provided under Part V of the Planning and Development Acts 2000-2002 if 35% of your income is not sufficient to enable you to buy a house. If you get your loan from the local authority and your gross household income was below 28,000 euro in the previous tax year, you will be entitled to a subsidy that will reduce your mortgage payments. This subsidy will be paid to the local authority. The subsidy is between 1,050 euro and 2,550 euro per year. A clawback similar to that which applies under the Affordable Housing Scheme is payable if the house is sold with 20 years of purchase.
Legally her SSIA is immediately available as she can withdraw the money any time. She would loose the government top up however.theBatMan said:Applicants also had to have a deposit for the house of at least 3%. Her SSIA was not immediately available.
Badger said:Would you mind posting more details of this scheme please batman?
shnaek said:Legally her SSIA is immediately available as she can withdraw the money any time. She would loose the government top up however.
Lads, leave the girl alone - by any criteria she is exactly the type of person who affordable housing scheme's are supposed to help. Low income (but secure, with decent increments), works in (in a very valuable job) and is originally from the locality.There was definitely a bit of underhandedness about the person on the TV programme...
Glenbhoy said:Lads, leave the girl alone - by any criteria she is exactly the type of person who affordable housing scheme's are supposed to help. Low income (but secure, with decent increments), works in (in a very valuable job) and is originally from the locality.
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