Tenant Purchase Scheme
- Can I purchase my dwelling?
- What is this Scheme and who is eligible?
- How is the purchase price calculated?
- How do I finance the purchase of the property?
- What do I do if I think the valuation is too high?
- Can I apply to change the name of my tenancy?
- Do I need consent to sell the property I purchased under the Tenant Purchase Scheme?
- Is consent to resale required if I have paid off my tenant purchase account?
- Do I need consent to Transfer the ownership of my Tenant Purchase Scheme property?
- Do I need consent to re-mortgage my Tenant Purchase Scheme property?
Can I Purchase my Dwelling?
Yes. Once you are a satisfactory tenant for one year.
What is this Scheme and Who is Eligible?
This scheme enables a tenant of a Local Authority property to apply to purchase their rented property if you have been a tenant of a local authority property for at least one year you may apply to the local authority to purchase this property outright or by way of shared ownership.
How is the Purchase Price Calculated?
The price will be the property’s market value, as determined by the Local Authority is its existing state of repair and condition discounts. The valuation is valid for 6 months only from the date of initial offer. You will be allowed a discount of 3% of the value property for each year of tenancy (up to a maximum of 10 years and up to a maximum of 30%). You will also get an additional discount of €3,810.
How do I finance the Purchase of the Property?
The house may be purchased by way of al loan from a bank, building society, the local authority or an applicants own resource applicant can also finance the purchase through a combination of any of the above methods.
What do I do if I think the Valuation is too High?
You must submit a valuation certificate from a qualified valuer to support your claim. If there is a significant difference between the authority’s original valuation and that submitted by you, the authority will refer the matter in the first instance to the independent valuer and if this does not lead to an agreement the case will be referred to Valuation Office.
Can I apply to Change the Name of my Tenancy?
Yes, provided there is a clear rent account and you meet all other relevant criteria. This procedure applies for example, in the case of death, desertion, legal separation, divorce etc. You should contact the Housing Section if you find yourself in such circumstances.
Do I need Consent to sell the Property I purchased under the Tenant Purchase Scheme?
A person requires the consent of the Local Authority to the first resale of a Tenant Purchase Scheme property. Before consent can be issued the Council must be satisfied that the person selling the dwelling has permanent alternative accommodation and the person purchasing must be in need of housing. All subsequent sales do not require the consent of the Local Authority.
Is consent to Resale Required if I have paid off my Tenant Purchase Account?
Yes. The same conditions as above apply.
Do I need Consent to Transfer the Ownership of my Tenant Purchase Scheme Property?
Yes. If a person wishes to transfer from sole to joint ownership of from joint ownership they must apply for consent to do so. In the case of a death they should go directly to Lane Registry with a copy of the death certificate in order for the folio to be amended.
Do I need Consent to Re-mortgage my Tenant Purchase Scheme Property?
Yes. If the dwelling was purchased before 1995 consent to the first re-mortgage is required. If the dwelling was purchased after the 1995 Tenant Purchase Scheme consent to re-mortgage is not required.