RAS scheme accommodation

tramoreman77

im currently paying rent to the council on a property under the rental accom scheme and im really worried because the owner of the property is in arrears with her mortgage and a guy from the bank called to the door to discuss arrear repayments and I told him I was nt the owner....now im just wondering is there an opportunity that the council would buy the property or is there someway that if the house is repossessed would I be able to buy it from the bank ?im really not very aware on all the bank s and details can someone help me with good information

The_Conductor

tramoreman77 wrote: »

im currently paying rent to the council on a property under the rental accom scheme and im really worried because the owner of the property is in arrears with her mortgage and a guy from the bank called to the door to discuss arrear repayments and I told him I was nt the owner....now im just wondering is there an opportunity that the council would buy the property or is there someway that if the house is repossessed would I be able to buy it from the bank ?im really not very aware on all the bank s and details can someone help me with good information

Its complicated.
If a bank official called to the property expecting to see/speak to the owner- its probable that the owner has the property registered with the bank as his Principle Private Residence- and on top of everything else, may be claiming TRS on the property- alongside PPR mortgage rates- so he (or she) could be in trouble with the Revenue Commissioners.

Secondly- what would normally happen in a case like this is- the lender would appoint a rent-receiver to the property, and you would undertake to pay your rent in full to the rent receiver and not to the landlord, going forward,

Thirdly- the lender will most probably try to sell the property- which will involve asking you to vacate the property- this is further down the road though.

Forthly- councils do not buy properties like this.

Fifthly- you could buy the property if/when it comes on the market- at fair market prices. You would however be bidding against any Joe Soap who might be interested in the property. You would have to organise the finances for the property (aka you'd need at very least a 10% deposit saved up- and probably more). You'd also have been asked to vacate the property prior to the sale- so whoever buys the property would have vacant possession of the property (you can't get a mortgage on a property unless you have vacant possession of it).

tramoreman77

thank you for the reply,just wondering how or where would the bank advertise or sell this property if it came to the owner n
ot paying her mortgage

The_Conductor

tramoreman77 wrote: »

thank you for the reply,just wondering how or where would the bank advertise or sell this property if it came to the owner n
ot paying her mortgage

Open sale- probably through a local estate agent (they have a number of them on their panels for each area who handle valuations and sales)

tramoreman77

thanks

The_Conductor

No worries- let us know how things progress- the folk here are mines of useful information.

tramoreman77

I will thanks ,I think I will open an account with ebs the house owners mortgage lenders lol

Mrs W

The_Conductor wrote: »

Its complicated.
If a bank official called to the property expecting to see/speak to the owner- its probable that the owner has the property registered with the bank as his Principle Private Residence- and on top of everything else, may be claiming TRS on the property- alongside PPR mortgage rates- so he (or she) could be in trouble with the Revenue Commissioners.

Secondly- what would normally happen in a case like this is- the lender would appoint a rent-receiver to the property, and you would undertake to pay your rent in full to the rent receiver and not to the landlord, going forward,

Thirdly- the lender will most probably try to sell the property- which will involve asking you to vacate the property- this is further down the road though.

Forthly- councils do not buy properties like this.

Fifthly- you could buy the property if/when it comes on the market- at fair market prices. You would however be bidding against any Joe Soap who might be interested in the property. You would have to organise the finances for the property (aka you'd need at very least a 10% deposit saved up- and probably more). You'd also have been asked to vacate the property prior to the sale- so whoever buys the property would have vacant possession of the property (you can't get a mortgage on a property unless you have vacant possession of it).

Before the council rents a house they have a massive checklist including proof of NPPR paid and require permission from the bank if the house is mortgaged so its unlikely ages not registered.

Houses repossessed by banks normally take years to be sold, there's one beside me that's been empty for 4 years and the person who bought it has been trying to get it for 3

The_Conductor

Mrs W wrote: »

Before the council rents a house they have a massive checklist including proof of NPPR paid and require permission from the bank if the house is mortgaged so its unlikely ages not registered.

Houses repossessed by banks normally take years to be sold, there's one beside me that's been empty for 4 years and the person who bought it has been trying to get it for 3

Depends on the bank- some lenders (EBS and INS in particular) were known for rubber stamping documents without any great scrutiny of what they were. They were particularly popular with BTL borrowers.

With respect of repossessed properties- they were taking literally years to sell. Were. We've had no history of lenders repossessing property in Ireland- and potential buyers were often intimidated into walking away from property they might have been interested in buying (and in some notable cases- were burnt out of the property- after they bought it- which served as a warning to other buyers). These days are changing. We've had a total of almost 6,000 voluntary surrenders of property to lenders in the year todate- and its expected that this is going to accelerate. Accordingly- repossessed property is very often being sold as any other private property- in the windows of local estate agents, without any indication of it being repossessed or who the owner might be. This is now pretty standard practice. In parts of Dublin- repossessed property is selling in as little as 7-8 weeks (largely because lenders are willing to undercut the market to shift the asset, rather than having it sit there).

More rural areas- or towns with massive over supply of property (Longford comes to mind)- are a different story. Longford has had over a dozen properties voluntarily surrendered since the start of the month. However- they also have over 1200 empties in the vicinity- so good luck shifting these.

Times are changing- as are market conditions- however its a split market- Dublin and some of the other cities- have diverged from the rest of the country.

tramoreman77

theres some interesting reading there ,im just wondering will the bank inform the council that the property is about to be repossessed to give me the time to leave and for the council to find me other accommodation ,obviously the owner does nt care about her asset ,especially if a bank employee turns up at the door ,that surely says a that its a bit serious now !!just say for example I walk into the property owners bank and ask to open an account and give the address and they check it and see that its there property would I be forcing them to ask me questions in relation to my occupancy of there properly.would I be able to offer them an amount of cash to buy it ....its just a thought I might be naïve or just stupid

The_Conductor

I think you're giving the bank staff more credit than they actually deserve. It is highly unlikely that if you were to walk in and give the address of the property- that they would cross check it with anyone- perhaps in an ideal world there would be some sort of joined up thinking- but I genuinely don't believe the different sections in the bank bother talking to one another.

pluto86

Any information much appreciated

I am currently a RAS tenant although my lease has expired a year and half go another lease hasnot been signed again.when iI first signed I was told I would be kept on housing list which I now have been informed that this is not the case.I must do the ras for ever.

How can I get back on the council list?

foggy_lad

pluto86 wrote: »

Any information much appreciated

I am currently a RAS tenant although my lease has expired a year and half go another lease hasnot been signed again.when iI first signed I was told I would be kept on housing list which I now have been informed that this is not the case.I must do the ras for ever.

How can I get back on the council list?

If Ras scheme are unable to house you then you are entitled to go back on the housing list.

Mrs OBumble

pluto86 wrote: »

Any information much appreciated

I am currently a RAS tenant although my lease has expired a year and half go another lease hasnot been signed again.when iI first signed I was told I would be kept on housing list which I now have been informed that this is not the case.I must do the ras for ever.

How can I get back on the council list?

The rules have changed since you were housed under RAS.

At that time RAS tenants were kept on the housing list. Now they are are not.

Another change is that tenant purchasing has been suspended. This means that the only advantage of being in a council house or voluntary housing instead of a RAS house is the "tenancy for life" aspect (and many people believe that needs to change too, to ensure that council housing is used to meet people's current housing needs, rather than previous ones).

As you are adequately housed at present, then I don't think you will be accepted back onto the council housing list, unless

• Your RAS landlord ends the tenancy, or
• The house becomes unsuitable for your needs (due to changes in the house, or your needs).

In either case, they would also be checking to see that you still cannot house yourself. And even when you are on the council list, RAS is likely to be the option used to provide you with housing.

hqd

What Council RAS scheme are you with?