Hi all,
I was hoping to sell my shared ownership apartment which I purchased under the affordable housing scheme in 2005.
Purchase price - 200k
Market value - 275k
The apartment is currently worth around 210k. I contacted the Council and someone in the affordable section told me that if I sold for that I'd have to pay them the outstanding mortgage of approx €120k plus clawback of €58k.
My understanding was actually that since the apartment has fallen in value from €275k to say €210k that I'd owe €120k plus any profit over €200,000. Eg, if it sold for 210k I'd owe them €120k outstanding mortgage plus €10k.
Am I incorrect? They are double checking but I don't know when I'll hear back. I am worried that even though I've 80k equity I'll effectively lose more than half of it!
Thanks all.
I was hoping to sell my shared ownership apartment which I purchased under the affordable housing scheme in 2005.
Purchase price - 200k
Market value - 275k
The apartment is currently worth around 210k. I contacted the Council and someone in the affordable section told me that if I sold for that I'd have to pay them the outstanding mortgage of approx €120k plus clawback of €58k.
My understanding was actually that since the apartment has fallen in value from €275k to say €210k that I'd owe €120k plus any profit over €200,000. Eg, if it sold for 210k I'd owe them €120k outstanding mortgage plus €10k.
Am I incorrect? They are double checking but I don't know when I'll hear back. I am worried that even though I've 80k equity I'll effectively lose more than half of it!
Thanks all.