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Shared Ownership: Buying Out Dublin City Council

  • 16-08-2006 6:15pm
    #1
    dublinmark
    Closed Accounts Posts: 2 ✭


    Sorry, I might be way off the mark here and no one may be able to help me but here goes!

    I bought a two bed apartment last year under Dublin City Council's shared ownership scheme (50% mortgage, 50% rent). I have now obtained approval to buy out the 50% currently being held by Dublin City Council, thus converting my mortgage to a "100% proper mortgage", ie I would be able to sell up without DCC having any say over the property.

    My mortgage broker has advised me to engage a solicitor so the latter can ask DCC for the deeds etc and organise the paying off of Dublin City Co.

    Has anyone done this over the past while? I want to shop around for quotes. My broker tells me that the solicitors are pretty competitive on prices for this type of transaction and if their quote exceeds 1400 euro, I have to come back to him as he knows a solicitor who does it for around 1400 euro.

    Any advice or tips on who to contact for a decent quote would be appreciated!

    Thks

    Mark


Comments

  • #2
    FlexBrowne
    Registered Users, Registered Users 2 Posts: 88 ✭✭FlexBrowne


    dublinmark wrote: »
    Sorry, I might be way off the mark here and no one may be able to help me but here goes!

    I bought a two bed apartment last year under Dublin City Council's shared ownership scheme (50% mortgage, 50% rent). I have now obtained approval to buy out the 50% currently being held by Dublin City Council, thus converting my mortgage to a "100% proper mortgage", ie I would be able to sell up without DCC having any say over the property.

    My mortgage broker has advised me to engage a solicitor so the latter can ask DCC for the deeds etc and organise the paying off of Dublin City Co.

    Has anyone done this over the past while? I want to shop around for quotes. My broker tells me that the solicitors are pretty competitive on prices for this type of transaction and if their quote exceeds 1400 euro, I have to come back to him as he knows a solicitor who does it for around 1400 euro.

    Any advice or tips on who to contact for a decent quote would be appreciated!

    Thks

    Mark

    You can sell it now without converting to 100% ownership. Just get the 'redemption figure' from DCC.


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