Tenant Purchase
If you have been a tenant of a local authority house for at least one year then you may apply to your local authority to buy it.
In general, all local authority houses can be purchased by the tenant. However there are some exclusions. For example houses provided for elderly people and also appartments cannot normally be bought.
The Price
The Price of the house will be its market value as determined by the local authority in its existing state of repair and condition, minus discounts. The structural condition of the house will be taken into account and any increase in the market value due to improvements you made to the house will be regarded in calculating the price.
If you disagree with the local authority's valuation of your house, you can contest it by getting a valuation certificate from a qualified valuer. If there is a significant difference between the local authority's original valuation and the valuation submitted by you, then the local authority will refer it to the Valuation Officer.
Rules
You must have been a tenant of a local authority house for at least one year.
Discount
You will be allowed a minimum discount of 3% of the value of the house for each year of your tenancy, up to a maximum of 10 years (i.e. 30%) plus 3.809.21 euro.
No stamp duty is payable on the house.
Mortgage
MortgageLine deal with all the main Irish Mortgage Lenders, and have years of experience with Tenant Purchase mortgages.
Depending on the discount you get and the current value of the property you can borrow extra to do home improvements or consolidate existing loans.
Ask your MortgageLine Advisor about a Tenant Purchase Homeloan today.
Contact us today on 1890 65 1890 or Apply-Online for Mortgages Made Easy.
