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Buying out shared ownership

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  • 11-06-2007 2:56pm
    #1
    Degsy
    Banned (with Prison Access) Posts: 16,397 ✭✭✭✭


    I've been quoted a figure by DCC to buy out thier portion of my house.I'm currently looking at several mortage options with different institutions.Does anybody know the exact procedure in relation to this transaction,ie do i have to hire a solicitor,anything else i should know?


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    Yes, you will need a solicitor to do the paperwork. You may also have a stamp duty obligation- as you are not a first time buyer on that portion of the property that you are buying back from the Shared Ownership scheme (get proper advice on this though).

    S.


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    #3
    clawsthefirst
    Registered Users Posts: 51 ✭✭clawsthefirst


    smccarrick wrote:
    Yes, you will need a solicitor to do the paperwork. You may also have a stamp duty obligation- as you are not a first time buyer on that portion of the property that you are buying back from the Shared Ownership scheme (get proper advice on this though).

    S.
    according to the site I just looked up "transactions under the shared ownership scheme are exempt from stamp duty". I assume this also covers when you're buying them out


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    #4
    Degsy
    Banned (with Prison Access) Posts: 16,397 ✭✭✭✭Degsy


    Yeah its exempt,also thier equity is below the stamp duty threshold.


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    #5
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    clawsthefirst wrote:
    according to the site I just looked up "transactions under the shared ownership scheme are exempt from stamp duty". I assume this also covers when you're buying them out

    I would not assume this. I would seek professional financial advice on the matter. I did try to find this out previously (from SDCC) and did not get a yes/no answer.


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    #6
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,204 Mod ✭✭✭✭godtabh


    clawsthefirst wrote:
    according to the site I just looked up "transactions under the shared ownership scheme are exempt from stamp duty". I assume this also covers when you're buying them out

    I think that only applies because the property you are buying is exempt as its new. Once you try to buy full ownership it isnt new. Hence what smccarrick said


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    #7
    KdjaCL
    Closed Accounts Posts: 20,346 ✭✭✭✭KdjaCL


    How much more was the figure compared to when you bought it? have heard of them freezing the price in certain cases.


    kdjac


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    #8
    Mr. Presentable
    Closed Accounts Posts: 9,496 ✭✭✭Mr. Presentable


    There's no stamp duty. You will need a solicitor for conveyancing, most mortgage brokers have an "associated" one they recommend. It's a nice feeling to buy the council out of their share, and your repayments won't amount to too much more than you're currently paying in total.


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    #9
    Degsy
    Banned (with Prison Access) Posts: 16,397 ✭✭✭✭Degsy


    KdjaCL wrote:
    How much more was the figure compared to when you bought it? have heard of them freezing the price in certain cases.


    kdjac

    The cost of redeeming the loan(ie buying them out) is pretty much exactly what the house cost originally.I bought 4 years ago and the price has increased by 150 grand so its not a bad deal at all.Idealy i should've bought them out sooner but i couldnt afford it at the time.


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