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Shared ownership - negative equity

Marsha6 · 2014-07-31 12:19:57

Hi, What is the legal position regarding who is liable for negative equity in Shared Ownership Schemes, the coucil or the co-owner? I bought my apartment outside Dublin in 2007. The value of property in the area has collapsed. When I bought the apartment I had to fork out money for flooring, tiling in bathroom etc. I pay a…

31-07-2014 12:19pm

#1

Marsha6

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Join Date: July 2014

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Hi,

What is the legal position regarding who is liable for negative equity in Shared Ownership Schemes, the coucil or the co-owner? I bought my apartment outside Dublin in 2007. The value of property in the area has collapsed. When I bought the apartment I had to fork out money for flooring, tiling in bathroom etc. I pay a massive apartment management fee per month. The payments per month are exorbitant.

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Comments

#2 04-08-2014 11:01am

Kelly06

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Join Date: March 2014

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I would imagine that you are responsible for your own negative equity on the % of the house that you own and the council the same on their portion. the money you spent on flooring / tiling to make the apt habitable is irrelevant really!

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