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My understanding was that the 20k was subjected to the 25% CLAWBACK,,,, but NOOOOOO. THAT ENTIRE 20K IS TOTALLY CONFISCATED!!!!!!!!!!!!!
Folks
As you know I'm an active critic of this scam. Being mislead each and ever step along the way and being strangled by terms and conditions that were not made available to us and punished on so many levels through no fault of our own.
I'm in the process of selling my unit in the hope to escape the vampire claws of of DCC after years torment.
To my horror I discovered yet another thing I thought I'd fully understood, but didn't. The CLAWBACK clause....
My understanding (and EVERYONE I know in this situation) was that if you sold your AH unit above what you paid for you'd have to pay the CLAWBACK (28% in my case). This was because people were not to be making money of a government scheme. Totally understandable.
NB:- It turns out there is a CONFISCATION, then there is the CLAWBACK. Allow me to explain using simple figures.
Original value of property is 200k
Bought the property for 150k (50k or 25% discount aka Clawback)
Sale Agreed for 170k (20k above bought price)
My understanding was that the 20k was subjected to the 25% CLAWBACK,,,, but NOOOOOO. THAT ENTIRE 20K IS TOTALLY CONFISCATED!!!!!!!!!!!!!
I've been informed by DCC that anything above the ORIGINAL MARKET PRICE of 200k would be liable for the 25%.
ITS A DOUBLE WHAMMY!!!!!!!! The first amount from what you paid and the original market value is DIRECTLY CONFISCATED and the second amount above the original market value is subjected to the CLAWBACK!!!!!!
If your selling your Affordable Home property THERE IS NO POINT NEGOTIATING ANYTHING ABOVE WHAT YOU PAID FOR AS IT WILL BE CONFISCATED.
I'm using an excellent solicitor and a agent that are both familiar with this scheme. PM me if you are going through this process or thinking about this and I'll see if I can offer some free advice based on my experience.
So you would be in 30k negative equity had you paid the market price of 200k This way you are getting out without that. Is it not fair that in this case DCC are taking the hit as they are down 50k and are only getting 20k back. Seems reasonable enough but I may be way off the mark in my summary of it.
That is great news. I had assumed that this scam on the taxpayer almost guaranteed profits for buyers of affordable housing.
So the scheme was very fairly designed.
You bought a house worth €200k .
You made repayments based on a loan of €150k.
You are selling it for €170k.
And you don't have to pay the shortfall?
Wow!
Very dramatic and colourful post, alas nothing to see here, the scheme is fair, seriously what is expected, it is all in the t/c's, it does not suit the O.P. that does not make it wrong.
What is your excellent solicitors advice?
Yes given back to the council therefore benefitting the tax payer so actually your solicitors advice is to screw the taxpayer and sell for less
Marvellous advice
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