Selling my shared ownership house

Tinkerbell4484

I'm just wondering, I have a house through shared ownership, co council have said I can sell it if I want. Now I'm just wondering if anyone knows, if I sell,do I owe the council the remainder of the mortgaged part,or do I owe them the amount outstanding. Ie say my house for convience sake was €100,000. I owe 60% and rent 40%.if I see the house, do I owe council, the remainder of the 60% after what iv paid them so far,so say €40,000 or do owe them the remainder of €100,000?

F1ngers

Tinkerbell4484 wrote: »

I'm just wondering, I have a house through shared ownership, co council have said I can sell it if I want. Now I'm just wondering if anyone knows, if I sell,do I owe the council the remainder of the mortgaged part,or do I owe them the amount outstanding. Ie say my house for convience sake was €100,000. I owe 60% and rent 40%.if I see the house, do I owe council, the remainder of the 60% after what iv paid them so far,so say €40,000 or do owe them the remainder of €100,000?

Why don't you ask the council?
Quick phone call.

Tinkerbell4484

Cheers,yeh tried that they arnt the most helpful

Ray Palmer

Isn't it you have a 60k mortgage and the council 40k stake in the property which you can buy off them later but pay rent on now?
So if you were to sell you pay the bank 60k and the council 40k so still owe 100k.

I am surprised the council have not stated how much they own of the property or given you a yearly statement.

Tinkerbell4484

No banks have no involvment in it at all. Its all through council. I have a 60% mortgage with council and rent the other 40% off the council. The only thing get yearly is the interest balance

ted1

How long have you owned it, after 10 years you own a larger percentage.
Then its a sliding scale where after 20 years you own it out right

Ray Palmer

Tinkerbell4484 wrote: »

No banks have no involvment in it at all. Its all through council. I have a 60% mortgage with council and rent the other 40% off the council. The only thing get yearly is the interest balance

The mortgage is via the council to a bank. The principle of the purchase is the same. To get out of it you pay the councils share and yours as it all applies to the property. Unless you can sell your 60% to another person who qualifies for the scheme. Nobody is going to do as if would be more expensive than the present market.

Tinkerbell4484

ted1 wrote: »

How long have you owned it, after 10 years you own a larger percentage.
Then its a sliding scale where after 20 years you own it out right

Really? I thought after 20yrs we had to take out another mortgage/loan to buy the remaining 40%

Ray Palmer

Tinkerbell4484 wrote: »

Really? I thought after 20yrs we had to take out another mortgage/loan to buy the remaining 40%

That is my understanding too. I don't think the council give up their portion of the property.

ted1

The clawback they look for reduces. Till its nil

Snakeblood

ted1 wrote: »

The clawback they look for reduces. Till its nil

That's affordable housing isn't it? I had that. I think shared ownership is different.

Tinkerbell4484

Yeh I just checked there and after 20yrs I need to take out another loan/mortgage.
I'm arranging for a meeting with council for next week,thanks all

ted1

You may be better off renting it out.