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Shared Ownership Restructuring

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  • 15-03-2019 9:36am
    #1
    ddub11
    Registered Users Posts: 200 ✭✭


    Hi all,i just got a letter from fingal Council in inviting me to meet them to discuss the restructure of my loan(turning the loan into a single loan rather than the rented equity and remaining Annuity loan).

    Not sure what benefits it brings me but their advising me to avail of it,was wondering if anybody has gone trough this process or any one got any thoughts/advice?

    Thanks all.


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    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    See how much it will cost you.

    It could be a good deal if you end up paying around the same for the single loan as you are currently paying in loan + rent.

    The obvious benefit is you'll be working towards owning the entire property rather than a share of it.


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    #3
    Independent1
    Registered Users Posts: 51 ✭✭Independent1


    Can’t speak for Fingal but did similar with Dublin City Council a few years back. It just means that you are paying the mortgage part fully and not the rental part. It worked out cheaper for me as the rental part goes up yearly. DCC said at the time they were trying to move everyone from Shared Ownership to full ownership. They paid the legal fees I think I just needed to get a new family home declaration signed by my own solicitor. Delighted I did it.


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    #4
    Tooosey
    Registered Users Posts: 8 ✭Tooosey


    Benefits as far as I can see are it being easier to sell as at the moment I suspect you are on a 99 year sub-lease, like me. Once you do what they are suggesting you will revert up to the main lease. I am having this issue at the moment with my main lease being 999, my buyer does not want 99.


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    #5
    Tooosey
    Registered Users Posts: 8 ✭Tooosey


    Hi ddub11, could I ask you (or anyone else that might have a similar letter) to pm me the name and contact details from the letter as I also received one but can't find it for the life of me. Would really appreciate it as I need to talk to team that sent it. I did call them but they had no record of the letter so assuming I am not getting through the right department.

    Thanks in advance

    Tooosey


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    #6
    ted1
    Registered Users Posts: 23,265 ✭✭✭✭ted1


    I did it recently for a place I rent out and are paying 200 less a month.


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    #7
    ddub11
    Registered Users Posts: 200 ✭✭ddub11


    Tooosey wrote: »
    Hi ddub11, could I ask you (or anyone else that might have a similar letter) to pm me the name and contact details from the letter as I also received one but can't find it for the life of me. Would really appreciate it as I need to talk to team that sent it. I did call them but they had no record of the letter so assuming I am not getting through the right department.

    Thanks in advance

    Tooosey
    Sent you a pm(i think)contact loans dept and take it from there.
    They are the dept that deals with it.


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