Need assistance / information on how to go about buying DCC out of clawback.

Hi Guys,

(apologies, I'm posting this again in the hope that I can get some info. thanks!) I have been dealing with Dublin City Council all day and feel very frustrated by the whole experience and am really hoping that somebody here can help me with my query.

I bought an affordable housing apartment from DCC in 2007 and am now looking to buy the council out of the clawback so that essentially I will own a 100% privately owned apartment.

When I bought my apt, I got my mortgage through IIB homeloans as they were at the time. I have spoken to a number of people in DCC today, from their loans dept. to their legal dept. and have been told that there is no way that I can buy them out of the clawback. I've been informed that the only way this could happen is if I had originally organised my mortgage through DCC and now wanted to remortgage with another lender. So basically that rules me out. It seems ridiculous that because I organised my mortgage through a bank rather than through DCC, that it now precludes me from buying them out of the clawback, however, if I had organised my mortgage through DCC and now wanted to remortgage with a private lender, then buying them out of the clawback would not be a problem at all.

It seems that a number of you have done exactly what it is that I want to do. I've spoken with some of the people in DCC that were recommended on this site as helpful but unfortunately they didn't seem to think that it would be possible to for me to buy them out in this way.

If there is any advice that you could give me as to what to try next, it would be really appreciated. If a solicitor is the next step, could anybody recommend a decent solicitor with experience in this area?

Thanks a lot!

i have my affordable mortgage with DCC since 2004 , i was advised a few years back in order to buy them out we needed to get our apartment valued by an estate agent then get a bank willing to provide the mortgage the estate agent said it was worth and bobs your uncle .Once the mortgage amount was tranferred to my bank account i would then proceed to pay DCC the clawback amount . I realised then the mortgage i would have to repay the bank was colossal in comparison to the council.... Have to say DCC are an absolute joke to deal with and compare to government depts where the people on the end of the phone either dont specialize in what they are been asked or dont care as the pay check at the end of the week wont change regardless.

Roe are you prepared to pay the council the clawback in order to have a private appartment or has the recession brought the cost of your house in line with what you originnally paid .

i have also been informed by DCC that you need to be resident in your apartment at least 3 years.......

Hi Nesta,

The main reason that I want to buy them out is because I want a 100% privately owned apartment. It sounds like you originally had your mortgage with DCC and then switched to a bank, which according to DCC entitles you to buy them out of their interest in your property. I on the other hand originally got my mortgage through the bank and am now trying to buy DCC out of their interest in my apartment but they are telling me that this can't be done.

you will probaly need three estate agents to value your property on the open market , then you need deduct what you paid for it from the value to get the clawback amount , as far as i know DCC have no right in preventing you buying it outright once the clawback amount has been agreed upon , you will probably need to contact your local DCC councillor for assistance on this matter,i would say that would be easiest and cheapest way of getting a definitive answer from them.

I ended up not buying them as the prices at the time were ridiculous ..... thank god as i would be sitting on some very serious negative equity at the moment

Did you consider getting in touch with the office of the Minister for Housing???
Contact Details
Department of the Environment, Heritage and Local Government, The Custom House, Dublin 1
Tel: 01 888 2591 Fax: 01 878 6676

DCC will NOT accept valuations from local estate agents in the current housing market. Because house prices are dropping like rocks, people decided to buy the council out and therefore in most cases they didn't get a clawback from the buyer because in some cases the market value in now lower than the original AH price. They've changed this so that they have their own DCC valuers to value the property.

In my clase the DCC valuer valued the property at €40k more than what 2 local valuers said, therefore, if I buy them out they will get a €25k clawback. If they had to of taken the estate agents valuation they would not have gotten a clawback.

DCC move the goal posts to suit themselves and their bottom line. Obviously they have a vested interest to over-value the property when a AH buyer wants to buy them out? I'm not entirely sure this is legal.

Hi i am on shared ownership scheme for last nearly 3 year this sept..
I rang DCC up and said I wanted to remortgage so the property would be my own fully and they say that until registered with land reg which take up to three year then can not do.. but was told that if i did after the time that i could get a 100% mortgage with DCC.. as then i would avoid the clawback. 41%.. what is the deal if I did go with dcc for my mortgage. Like do I have to pay a good bit of money if I change over to full mortgage?

The lady in DCC was really nice and will get more info for me but was just curious...

thanks

I don't understand the OP's point about 100% privately owned. Your apartment is 100% privately owned - the clawback is just there to stop people turning over affordable homes at profit. otherwise the scheme would be full of speculators, not genuine homeowners.

IIRC the clawback applied to any difference between what you paid for the apartment, and the what you get if you sell it. Again, it's there to take away any profit.

From talking to DCC people in the Affordable Homes unit, the clawback isn't absolutely fixed, the manager decides the amount of clawback to ask (up to a maximum %) based on the individual case. If the manager feels that the owner is flipping the apartment for profit, all the clawback will be enforced. If the owner is selling because a one-bed is too small for his new family, the clawback may be waived in it's entirety.

really seanc???????? i thought it stuck


thnik mine is a large clawback