S.D.C.C. Clawback buyout

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Bel24

Guest
Has anyone bought out the SDCC clawback? I tried to buy them out last year but I didn't want to re-mortgage becasue I have a fixed rate mortgage I would have had to pay a penalty, the bank suggested that if the clawback was low enough would i not just save or get a loan to but them out.
So now that the property market has crashed my property value has dropped so much that my clawback figure is now only €500! I rang the council in March and asked could I buy with a personal cheque or cash they said yes I could no problem so I sent in my request again months ago with the €50 fee now they have said I can only buy them out if I re-mortgage that they won't accept a personal cheque! I asked why didn't they tell me this before I send in my money again and explained that I can't re-mortgage just yet becasue of my fixed rate penaly and that I don't want to go down the road of remortgaging as it's not an option at the moment. So has anyone ever bought them out? was it a hassle?
 
I'm don't know the answer to your question, but I'm interested that SDCC said you can buy them out by remortgaging. Are you shared ownership or affordable housing?

Thanks
 
I am also interested as my apt is also below what I paid for it on affordable, if you can let me know more Id appreciate it
 
Bel24, unfortunately I've not much to ad to your query but I'm very interested in this topic too as the value of my property has dropped, IMO, to the value of what I paid for it. I've already written to my Co Co who have advised me to get a formal valuation.

A factor which will influence whether I pursue this sooner rather than later will be in relation to the issue of legal costs. Can you tell me if you'll need to involve a solicitor in this? I had assumed I would but frm reading your post now I'm led to believe I might not need one. The thoughts of giving him another couple of grand for processing this is a bit daunting!

Many thanks!

P.
 
Has anyone in DLRCC remortgaged and payed clawback or are in the process of doing so?

A question for those who have done it or enquired in other councils - are you on shared ownership or straightforward affordable housing?
 
Are there any more updates on this issue as I am really interested? I mailed the council but no reply. I heard a rumour the other day though that the clawbacks may be abolished due to the decrease in market prices, anyone else here this??
 
Nothing has changed in terms of the legislation applicable, what you mean is that no clawback will be payable in some cases, when market value hits the price you pay. Thats true.
 
I recently got the valuation from SDCC, I would only have pay them 500.00 to buy out their percentage on my property, at first they said they would accept a personal cheque to pay them now after me paying for the valuation they want me to re-mortgage for the 500 Euro!!!!! crazy considering i'm with the EBS on a fixed rate they now want 9K from me if I'm to leave them yet they said they can't legally give me a remotgage. Has anyone managed to pay for their percetage with a personally cheque????
 
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