Shared Ownership Scheme problem

votecounts

Willm5499 wrote: »

Yeh you were right about those three, got nowhere but we contacted a place New Beginings two weeks ago & there might just be light at the end of the tunnel for people like myself & the rest of the unfortunate working class people that got screwed by the Government & its policies or should i say non excistant policies. But in our defence irishbird, the prices of the houses in 2007/8 were €320k min & the council would only give €270k. Now the main reason we went with the corporation and NOT with a bank, is that we THOUGHT that we would live in the apartment for a year or two, sell it & buy a house like any normal couple. I think its fair to say we didnt know the economy would collapse 2 months after we moved in :-(

FlexBrowne wrote: »

Profit? Where was that mentioned. He needs to move for child rearing reasons and wants help not a digout. Easy to be smug when not in the situation...

There you go.

The_Conductor

Ok- you bought the apartment @ 265k
What is its current open market selling price?
Lets say it has a nominal value of 180k (this purely spurious- I'm pulling this out of thin air)
So- you have 50% ownership of an apartment worth 180k, as do the council.
Your share is worth 90k, as is their share.
How about approaching them with a proposal to buy out their share @ 90k- meaning your mortgage would be 135k + 90k = 225k
At a 6% mortgage rate (over 25 years, to include repayment) you'd be looking at monthly repayments almost identical to your current rent/mortgage repayment schedule.

Of course this doesn't get you out of the property and into a more suitable property- it simply solves one issue.

With respect of the property being unsuited to bringing up children- this is a whole different kettle of fish- and one in which 146,000 households have a vested interest in seeing solved- the majority of whom are congregated in Dublin and the greater Dublin area. Many many people bought during the boom, with an expectation that at some point in the future they would trade up to ye semi detached with a garden. This dream was perpetuated by politicians and economists- however someone forgot to tell the builders this- as they build more and more apartments- and sod all family friendly housing units in major conurbations.

Unfortunately- you are going to have to follow the advice earlier in this thread- and petition your politicians etc, because its simply not on the agenda. I don't know whether its good or bad for you personally that so many people are in a similar situation- but unfortunately as it stands no-one is fighting your corner.

The_Conductor

Everyone- if you disagree with what another poster posts- refute the post, without attacking the poster. Its not hard to remain civil towards one another.