shared ownership

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sydthebeat

Registered User
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1,598
Im looking for some advice please.

We are currently local authority tenents in a 3 bed 900sq ft semi-d. We would qualify for both shared ownership and affordable housing. Problem is theres 6 of us, myself, my wife and 4 kids. Our LA does not have/forsee having 4 bed affordable housing at any time in the future. As i work in the 'residential estate design' area i know they only ask for 3 bed or smaller when houses are proposed for affodable/social under section V. We applied for affordable housig and that was basically the end product.

We were advised to go down the shared ownership route, but ive very little info on it. so my questions would be:

1. what is the maximum value of house we could apply for?
2. Is there actually any money available for this scheme in the current climate?
3. As its easy to get refused for a mortgage in my position, what variables do the council take into account when assessing payback capabilities?
4. has anyone else gone down this route and how accessible do they find the local authority/DoEHLG?

Thank you in advance for any help
 
Here is a link to the Dublin City Council Shared Ownership Scheme (not sure if that's your LA):

[broken link removed]
 

Based on DCC only!

1: €300,000
2: Not sure what you mean?
3: Payslips, saving, bank records are asked for. Ask them though!
4: I was only approved and haven't bought anything but didn't have an issue.
 
Hi Sydthebeat

Im in the middle of buying through this scheme myself.

Max the council (dcc) will loan you is €275k subject to income criteria (I didnt get the full 275k). Max hse purchase is €300k but you have to come up with the balance of whatever you are buying ie 25k!
You have to provide, payslips, savings, bank statements etc but I think they are more lenient than traditional banks.
you need 3k deposit & aprx 3k for legal fees.
Although the initial approval was fairly quick, they seem to be slow with the actual hse purchase. After full approval I think you have 6mths to buy but you have to buy within their administrative area.
 
Does this have a waiting list and a lottery system like the AH scheme or do you just get approved and buy a house for sale on the open market?
 
Hi syd the beat,

YOU ARE SO LUCKY! You can get a huge discount.

As far as I know council tenants can get 3% off for each year they have been a tenant up to a maximum of 10 years.

So if you have been a council tenant for 10 years you could get 30% of the market value of the house.
You might not need to go down the shared ownership or affordable housing route.
As you have an automatic entitlement to a discount you may get a mortgage from bank or an annuity loan from council for full value.

So unfair that only council tenants can avail of this. I'm so jealous haven't a hope in hell of getting social housing so will never benefit from this discount.

I do think that there is a clawback stipulation like affordable housing. In that you must stay in house for 10 years or forfeit your discount. Not 100% sure thou!

check out dept of environ website http://www.environ.ie (www.environ.ie) for more information.
Tenant Purchase Scheme


Tenants of a local authority house for at least one year may apply to the relevant local authority to purchase it either outright or by way of shared ownership. The price of the house will be its market value, as determined by the local authority, in its existing state of repair and condition, less discounts. The structural condition of the house is taken into account and any increase in the market value due to improvements made to the house by the tenant will be disregarded in calculating the price. The discount is 3% of the value of the house for each year of tenancy of a local authority house (up to a maximum of 10 years), plus €3,809.
 
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