Costs of buying out Shared Ownership Scheme

G

gillarosa

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Hi,

If any AAM's have re-financed / bought out the County Council can you advise what the average outlay of legal costs / stamp duty are?

Many Thanks,
 
gillarosa said:
Hi,

If any AAM's have re-financed / bought out the County Council can you advise what the average outlay of legal costs / stamp duty are?

Many Thanks,
Click to expand...

I bought out the council claw back and all and the legal fee's very between solicitors. If you have done shared ownership its more expensive to employ a solicitor than if you did AH. Reason being they've to request the deeds to be changed from your and the councils name to just your name. Our total in fee's were €1,800 but this included a free will also. You are exempt from stamp duty, reason being is no Affordable housing property that you buy will have stamp duty on it. Also, you are still considered a first time buyer as such (not if you go for another property) but if you buy the property you own out, reason for this is because you are not so much buying a new property, but re-financing against the property you already have.
 
Thanks Clongriffin,

Are there any other fees or duties other than the Solicitors fee, for example on the Mortgage, excuse my ignorance if I'm wrong but I thought people paid something when they re-mortgaged their property when changing lenders?

G
 
I had my mortgage with Dublin City Council, and they had all their fee's in their redemption letter to me. Then at the end of the redemption letter it gave the total figure that i would need to buy them out. I just then went with this to my Bank i was going to go with EBS, and asked for that as a mortgage. Re: any other fee's. All i paid was my fees to the solicitor for her work that she did for me. 1,800 euro.
 
I recently bought out my shared ownership loan and as Clongriffin says it's just the legal fees that you pay. I think mine came in at around €1600, maybe a bit less, however I went with IIB homeloans and they paid €750 towards this. It's really straight forward to do, just go to a broker and they'll sort you out.
 
I'm going down the shared ownership route soon myself as quite simply I have no other option but am also wary of how I'll get "out" of it
Can anybody tell me if they know of DCC doing 100% mortgage as my paperwork stated that after a year on shared ownership you can change to a full mortgage with DCC !?!
I don't think I'd get a mortgage with anyone else as DCC seems to be the only lender who will consider my part payment lpa and fis as means
Any advice appreciated
 
Hi Determined

I want to ask you a question. as i am a first time buyer, i don't really know much about buying a AH. U seem know more about it ;-)

I got an offer from DCC. They said they would sent me an offer letter of the property, then i will have to sort out the mortgage. tax form etc. I just wondering that my annual salary is not that great, but i know friends who are mortgage brokers, and could get me the mortgage just enough for the property no problem. So once i get all the forms that DCC needs plus the loan approval, will they sell me the property then? or what happens? Do they have to decide i am suitable or not even i could get the loan?

Thanks a mil! much appreciated.
 
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