Hi Guys,
I'm in the same boat - Got Mortgage through EBS - I had written out an email to send to the Legal guys in DCC , but after reading your mail, I might hold off and speak to a solicitor.
Helen L - Did you buy with DCC/Mortgage or did you Mortgage with a bank?
Many thanks
Probably just a case of misinformation on the phone
Hello
As many of you I am trying to own my apartment 100% and I called DCC today to ask for a redemption figure for the claw back as - I was told that I can only own it fully after the 20 years and cannot 'buy out' the council.
I was told the clawback figure only comes in if I sell, and that the clawback does not kick in even if I remortgage.
It seems some of you manage to buy out the council - was it recently? was the mortgage through a private bank or with the council?
I was given a blank no by the law and accounts dept in DCC.
Any information about this much appreciated
thank you
Hi Guys,
I was on this thread a few weeks back looking for information on how to go about buying the council out of the interest in my property and received some helpful information. Since then I have been in touch with Ronan Rogers, Colin Sharkey and Michael O'Connell (the chief clerk) from DCC and up until my last conversation with them yesterday evening have been told that although I purchased a property under the Part V affordable housing programme, like so many others, I can not buy them out as my mortgage is with a bank.
They have informed me that if I had organised a mortgage with them i.e. through the 50:50 scheme, then I could remortgage and buy them out of the interest in my property, as the remortgage would be viewed by DCC as a sale, therefore enabling me to buy them out of the clawback.
To me that really sounds a little too convenient for DCC. I would be of the view that if by being on the 50:50 scheme automatically means that when you remortgage, DCC no longer have a claim on your property, then surely if I and others like me who have a mortgage with a bank, want to remortgage; we should also have the option of buying DCC out and subsequently owning our properties outright.
I intend to seek legal advice on this matter, as the system seems really flawed.
Helen123, I know that you previously said that you had originally organised your mortgage with DCC, can I ask if it was through the 50:50 scheme or did they simply give you a mortgage for the full price of your property (with the initial reduction taken into account of course)? If they gave you a mortgage for the full price of your property, then I really think the rest of us would have a good shot at arguing our case.
Thanks again for your help Helen and to everybody else who has given advice on this matter.
Roe.
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