Purchasing my council house

gerrro

I am thinking about purchasing my council house, i have lived in it for ten years. i have heard that i am entitled to a discount of 40% because of my income. Does anyone know if the value of the house is €80000, with the discount do i only need to borrow €42000 to buy the property or how does it work, any information is appreciated. Thanks

LirW

My neighbours inquired about this a few years ago. The council sent someone out to get the house valued, then the council send them a letter with the price they could purchase it for. Afaik it depends on the council but their house was valued around the same as yours and the council asked for 50% of the valuation as purchase price. They decided to not go through with it for now as it wasn't straight forward for them getting a big personal loan like that and they wouldn't get a mortgage for an amount that low.

mickdw

gerrro wrote: »

I am thinking about purchasing my council house, i have lived in it for ten years. i have heard that i am entitled to a discount of 40% because of my income. Does anyone know if the value of the house is €80000, with the discount do i only need to borrow €42000 to buy the property or how does it work, any information is appreciated. Thanks

Yes you would buy it for the reduced price but i believe the council include a clause in the title that means if you sell it within a certain period that they are entitled to recover the discounted amount from the sale or something to that effect.

Ray Palmer

Some councils put in a clause about who can buy it when you sell it too.