Price drop since I bought..what to do, if anything?

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I was very glad to be offered an affordable home 18 months ago at €225k, which of course I snapped up and took from the council.

I was very happy with it, and I am still....however, the Council have dropped the price of the 2 bed units beside me to €200k since.

I take it I've no real right to a revision of contract, but would anybody advise me of any action to take, perhaps contact the council in order to see if there's any chance of revising my contract?

I'm clutching at straws here perhaps...any advicewould be greatly appreciated though.
 
I'd be very interested in information on this one too.... I purchased last month and with the extra discounts they are talking about giving means the house next door to me will go for 50,000 less than what i paid!!
 
I presume you have not comeback on this as if they had of gone up in value I don't think the council would be knocking on your door asking for more money. Once you have signed the contracts etc I think that is that really.
 
Very true ha!! Ah i wouldn't imagine anything could be done about it anyway - sure thats just the way of the world!
 
Neil, yes, true in theory and probably practicality, but sure I'll go knockin at their door anyway, might ask the solicitor too, I won't know if I don't ask, its a lot of money.
 
True, I've been looking at it from another angle since I posted. I'm feeling a bit more positive!

The market value is continuing to fall at the moment, and will do, I anticipate, for the next year anyway...I envisage it falling quite close to the price I paid, €225k, market value was grossly overestimated, as happened with a lot of County Co.'s when I bought 18 months ago, at €310k.

According to www.affordablehome.ie if the market value decreases on a property, for example from €310k to €230k, which could well happen the way things are going, I will have to pay back €5k to my local authority.

I see from previous posters that some people have been able to buy themselves out of the agreement with their local Councils already, even though the Housing (Miscellaneous Provisions) Bill 2008 has not yet been passed which was the Bill which was supposed to make this possible. I might contact the Council tomorrow to see if this is possible before the Bill is introduced and contact D/Environment too to see when its likely that it'll be introduced. I'll also try to find out what constitutes a 'valuation' on the property. Is it valued independently or by the Council.
 
I have just bought an affordable apt with SDCC and I asked them to revalue before Christmas and they said no. They finally agreed to revalue last week but they wouldn't drop the clawback as I had already signed. My solictor said there was nothing I could do but that could be just her saying that. Anyway SDCC are currently revaluing all of the empty units in the same development. So I think it is definately worth looking into.
 
i work in a solicitors (not a solicitor though) but think once you sign the contracts your locked in legally there is nothing you can do - its crap
 
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