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Alex J.
Alex J., Solicitor
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Experience:  Solicitors 2 years plus PQE
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can an IRISH LENDER but a charge on a UK PROPERY,if the loan

Resolved Question:

can an IRISH LENDER but a charge on a UK PROPERY,if the loan is secured
on an irish property and the borrowers are now resident in the UK.There are arrears on the loan, the borrowers are divorced and both living independantly in the UK.
A High Court summary summons has been received order 1 rule 3
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Does the Irish company have a judgment from a court in Ireland for the arrears?
Kind regards
AJ
Customer: replied 2 years ago.

Not yet. But there will be a High Court hearing within the next 20 - 30 days so there could be a judgement then.

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
In order to put a charge on a property that is not currently securing their debt they will;
1. Need your consent; or
2. They will need a Judgment in Ireland, they will then have to seek permission of the English courts to enforce that Judgment, then they will need to seek a charging order over the property.
If they are already secured why do they need another charge? Is the secured property in negative equity?
I look forward to hearing from you.
Kind regards
AJ
Customer: replied 2 years ago.

Yes -The secured property in Ireland is in negative equity.

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
Until they have sold that property and realised the arrears I am not sure that they would be able to get another charge through the court process. Otherwise they are just getting double security.
They could perhaps turn to you and say by consent you grant them another charge over this property and in return they will forbear on the debt.
Have they issue court proceedings yet? Have you stopped making any payments?
Kind regards
AJ
Customer: replied 2 years ago.

Although my name remained on the deed - Under the divorce agreement years ago- my ex husband took responsibility for this property in Ireland. Because they cannot get hold of him now and it is in arrears they have sent the High Court summons for him and for me to my address here in UK. I have no assets in Ireland but I have my home here in UK. Can they put a charge on my house here?

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
They wont be able to put a charge on your property until they have obtained a court order and obtained permission to enforce it in England.
This is a long process. In any event if your husband took responsibility for the property he is also responsible for the debt, so you should really locate him as soon as possible because if the bank does pursue you, you will have to recover any money from him directly.
Do you know what the arrears will be?
Kind regards
AJ
Customer: replied 2 years ago.

Present arrears are €40,000. At the time of the lending (2006) the property was valued at €850,000 for development. The mortgage taken out was €500,000. Present value of property - not sure- but due to financial crisis in Ireland may have fallen by as much as 70%. He intends to go bankrupt.

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
I am afraid all you can do is negotiate with the bank and make sure they sell the property for as close to the mortgage value as possible.
If your ex goes bankrupt you will be lumbered with the debt. I suspect what happened was that you agreed between yourselves that he would take over the debt, however you did not seek a release form the bank?
Kind regards
AJ
Customer: replied 2 years ago.

Unfortunately the release option was not available from the bank at time of divorce.

Thank you for your help.

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
If you are certain your ex is going bankrupt you need to negotiate with the bank and try to agree some repayment plan.
Can you get your own valuation of the charged property?
Kind regards
AJ
Customer: replied 2 years ago.

Yes - I could get a valuation. However,I am not in a position to make repayments as I don't have independent income. I am at home with the family - two of whom are disabled. My only asset is my home which is mortgaged and jointly owned with my (new) husband. He makes the mortgage repayments.

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
Given your personal circumstances it is highly unlikely that any court in England will grant the bank a possession order over the property or force a sale. A charge maybe a possibility but if there is limited equity in that property as well and your new husband makes most of the payments it would be an expensive exercise to try and seek a charging order with a foreign Judgment.
I would say to the Irish bank that you disposed of the property in your divorce. You have no income and explain your personal circumstances. If you are as open with them as possible, given your circumstances they may be less inclined to pursue you given the bad press it might cause them.
Also I would suggest that you write to them and say that you gave up the property in the divorce and that they should seek to enforce their security and not harass you for money - which is a criminal offence in England under S.40 of the Administration of Justice Act 1970.
Kind regards
AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3518
Experience: Solicitors 2 years plus PQE
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