COMHAIRLE CONTAE ÁTHA CLIATH THEAS
SOUTH DUBLIN COUNTY COUNCIL

MEETING OF TERENURE-RATHFARNHAM AREA COMMITTEE (2)

Tuesday, November 11, 2008

MOTION NO. 6

MOTION: Councillor C. Brophy

"That the Manager agrees to provide an up-to-date booklet on price information to people participating in the shared ownership scheme in the Terenure/Rathfarnham area. This information is urgently needed to reassure people they are not overpaying for the property in the scheme."

REPORT:

Shared Ownership Scheme

Shared ownership involves the purchase of a new or second hand home with the purchaser initially taking at least a 40% stake and renting the remainder from the local authority. The individual funds their equity stake through a local authority loan. While they are buying a share in the home, ownership is shared between themselves and the local authority. They make payments on a mortgage for the part they own and pay rent to the local authority for the other part.

The properties purchased under the Shared Ownership Scheme are from the open market and South Dublin County Council has no influence on this market and the prospective buyers should seek independent advice on the value and purchase price of their property under the scheme.

It should be noted that the new Home Choice Loan and Equity Loan Scheme, when introduced, will increase the lending amounts and options available to persons wishing to buy their own home.