Enhanced long term social housing leasing scheme

[Bobbyjoe]

Looking to sell a house at the moment, it's in Dublin city centre, the Coombe. Rang a few estate agents and one of them was saying that this Long Term Social Leasing scheme meant that there are Investors buying up properties in the area offering good prices.

Anyone heard of this happening or if it's a thing?
Know that there is the scheme but groups of Investors buying these properties.


Thanks

 

[anntionette]

Yes ive heard a few companies using the the LTL scheme to put in thier porfolios. Whats really annoying is they can get the houeses so much cheaper ie one uk investment company, name escapes me, who buy mortgages directly from the banks of people who are in long term severe arrears, cancelling the debt owed and purchasing the then reduced mortgage value from the bank and then popping the house into the LTL with the co council for those now tenants of the co council who can stay in the house until they die. They are an investment company not a charity. They have an aggreement with the couny council to do this.

 

[Leo]

who buy mortgages directly from the banks of people who are in long term severe arrears, cancelling the debt owed and purchasing the then reduced mortgage value from the bank and then popping the house into the LTL with the co council for those now tenants of the co council who can stay in the house until they die.

What's the source for this? The number of repossessions here is very, very small. I seriously doubt that anyone who has their home repossessed would make it up to the top of the LA housing list to be offered the home they previously owned as social housing. To qualify for LTL, the property must be vacant.

 

[anntionette]

My source is the engineer who assesses their properties. Why is it so difficult to believe? Courts dont want to throw families onto the street. They are plenty of families struggling with mortgage payments over long periods of time dotted all over Ireland. Havent the council and Home for Life set up their own similar scheme where they effectively buy the arrears mortgage and leave you in your own repossessed house as a LTL tenant...

 

[Leo]

Why is it so difficult to believe? Courts dont want to throw families onto the street.

That's exactly it, courts don't want to throw families out, so they don't order a repossession. In those cases, it is not possible to enter the LTL process.

They are plenty of families struggling with mortgage payments over long periods of time dotted all over Ireland. Havent the council and Home for Life set up their own similar scheme where they effectively buy the arrears mortgage and leave you in your own repossessed house as a LTL tenant...

Mortgage to Rent and Long Term Letting are two very different things, this thread is solely focused on the latter.