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Buachaill, Barrister
Category: Republic of Ireland Law
Satisfied Customers: 13381
Experience:  Barrister 17 years experience
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My partner has a house, he bought it before the recession,

Customer Question

My partner has a house, he bought it before the recession, and his father is the guarantor, my partner was 17 when he got the mortgage and the house was supposed to be sold after 3 years and mortgage paid off, unfortunately the recession happened and it went into arrears. His dad had full control over the mortgage, my partner didn't even know what bank the mortgage was with until about 3 years ago when gpdr came in to force and the bank would no longer deal with his father. Since we took over the mortgage we have paid 20 thousand off the mortgage, but the bank now want to repossess the property. We want to sell the house, or his dad may possibly be able to pay the mortgage off in a few weeks. What are the options we have legally. Will it be possible for us to sort this all out before the house is repossessed? We do not live in the house, it's being rented out by his father, who also wants to buy the house. We have been told by his father that his lawyer has been in contact with the bank, but we have just learned this is not the case.
JA: Because laws vary from place to place, can you tell me what state the property is in?
Customer: The house was just valuated at 330 thousand. His dad wants to buy it for 230 thousand. There is a boundary wall that needs fixing and an extension that needed a signature from the architect who's name we don't have because his father has all the paperwork for everything and refuses to give us any information.
JA: Has anything been filed or reported?
Customer: No
JA: Is there anything else the Expert should know before I connect you? Rest assured that they'll be able to help you.
Customer: Do you mean has anything been filed or reported to the bank?
Submitted: 17 days ago.
Category: Republic of Ireland Law
Customer: replied 17 days ago.
We are in Ireland
Customer: replied 17 days ago.
Expert:  Virtual-mod replied 16 days ago.

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Customer: replied 16 days ago.
Keep searching please
Expert:  TetyanaP-admin replied 14 days ago.
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Customer: replied 14 days ago.
Please continue
Expert:  Buachaill replied 10 days ago.

Hello, and thank you for your question. I am your Expert and I will provide the answer you require.

Expert:  Buachaill replied 10 days ago.

1.  Your best option in these circumstances is to agree with the bank that you will handle the sale and get the property sold allowing the bank to get its mortgage discharged as well as get a better price.  This is because a forced sale by the bank will get a lower price as no one will be willing to pay full value on a forced sale. For that reason you should seek to handle the sale yourself and get the two issues, namely, the boundary wall and the extension which needs the architect´s signature dealt with, so you can offer a good title to a prosective purchaser.  I would advise you to retain a solicitor who can write to the bank on your behalf and also handle the sale of the  property, as the bank will be more willing to listen to you, if you have legal representation.  Ultimately, you want the sale price to be the 330k or higher.  This might mean that your partner´s father is left disappointed.  However, it will be the best way out of the situation.

Expert:  Buachaill replied 10 days ago.

2.  Additionally, you will have to give notice to the tenants who are renting the property in order to secure vacant possession for a sale.  Again, this will be necessary if you are to obtain a better price as vacant possession will attract a higher price.  It is also something you can offer the bank, in order to get them to allow you to handle the sale and not the bank.  This is because the owner can always obtain vacant possession if he wants to live there or sell the property.

Expert:  Buachaill replied 10 days ago.

3.  If you require any clarification or if there is additional information you wish to share, I will be happy to assist further in the resolution of your question.