DCC Advice

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nathan210705

Registered User
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75
Hi,

I'm hoping to starting getting the ball rolling to remortgage my AH so I can own the property 100%. I've lived their for 2 years and although I have no plans to sell immediately, I think now would be a great time for me to buy DCC out of their share considering the way the market has gone. Also, my circumstances have changed and an apartment may not be suitable for much longer.

The apartment was valued at €320k and we got it at the AH price of €215k. They calculated the clawback at 38%. We got our mortgaged through the shared ownership scheme so €107,500 mortgage and €107,500 rental equity. We recently had the apartment valued at €230k. Accordingy to what DCC explained previously there's legislation in place stating that we will not be made pay back more than the current market value unless it goes below the AH price of €215k in which case we would be in negative equity.

My questions are:

Has anyone recently remortgaged their AH and bought DCC out of their share? If so any tips?

Also, does anyone have an email address for the shared ownership scheme in DCC to begin the process?


Many thanks in advance,
 
Very interested in this Nathan...a lot of us will be!

Can you tell me if its true that you must be in your AH two years before you can sell / buy out the Council?

Who did your valuation? Does the Council have a list of independent approved valuers?

Why not wait til the value drops further?
 
At the time of signing they explained that we could buy them out after 1 year.

The valuation was completed by Masons. I've heard about the council having a list of approved valuers, however, nothing has been mentioned to me as we haven't offically gotten the ball rolling on this.

I don't want to wait until the prices drops further because currently there's legislation protecting me from negative equity, however, if the valuation drops below the AH price of €215k I will then be in negative and may gind it harder to re-mortgage.
 
nathan210705 said:
At the time of signing they explained that we could buy them out after 1 year.
Click to expand...

That's what DCC told me too. Then when I went to their solicitors to sign the final paperwork they told me it actually wasn't clear that it was one year and it might be three years!!!! I can't remember the exact reason for the uncertainty. I do remember that you have to wait until your property is registered with the Land Registry. I'm almost at two years now and still waiting for that to be completed ...

Realistically speaking I wonder how easy it will be to find a bank willing to offer a mortgage in the current climate anyway?
 
Hi Nathan,
Have you made any progress with this? you are in exeactly the same set up as me and with same council.....just wondering have u made any movements
 
Hi,

Yeah we have made progress, however, we are waiting to get an exact redemption figure from the council. When we get this we can push ahead.

Once this has gone through I will PM with advice, if you are wanting to buy the council out.
 
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