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Advice required on property treatment after separating from partner

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  • 17-10-2011 11:57pm
    #1
    Neon10
    Registered Users Posts: 2 ✭


    I have recently separated from my partner and we have an investment in an apartment in Dublin - we were owner/occupier. Due to the state of the economy, the simple option of selling and going our separate ways isn’t, I believe, an option for us due to massive negative equity.

    I’m searching for advice as to the best way of resolving the issue. If someone has gone through a similar situation I’d really like to hear your advice or if anyone could provide suggestions/some insight into possible solutions or information on professionals who I can work with such as Financial Advisers / Accountants / Pension Advisors / Solicitors.

    Areas for discussion that I have come up with:

    Apartment investment options i.e. what are the alternatives; for example:
    •Should we sell and realise a loss;
    •Turn into business arrangement rent until market has levelled off which could take 10-15 year approx.
    •Default/sell/write-off loss as a result of a forced sale – but what implication does this mean for us –I couldn’t afford to fund a €125k loss;
    •Change ownership to one person – yes moves all liability to one person but severs ties and makes a clean break.

    Means of raising funds to cover 1) Loss of approx. €125k each if we sold at current market levels and/or 2) Repayment of half deposit of €28,000. Could I look to:
    •Unsecured loans e.g. credit unions other financial institution
    •Pension – I have 2 pensions can I:
    •Access this without tax implications;
    •Can I move pension off-shore back home to New Zealand for example, untaxed and not penalised and bring it back to pay for loss.

    Any assistance would be much appreciated as I just need something to start with and this should start opening up a plan of action for me, as currently I actually don’t know where to start.

    Background: I’m from New Zealand, ex partner Irish. I have been living and working in Ireland for 6-7 years.

    This might be in the incorrect thread – please advise if it is.

    Thank you for any assistance / advice.
    Tagged:


Comments

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    #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Were you both first time buyers (FTB) ? or was one of you a FTB? Reason I ask is that in some cases, to obtain the FTB exemption, one person was put on the title but were allowed to take out a joint mortgage. This could be a very important point.


  • Options
    #3
    Neon10
    Registered Users Posts: 2 ✭Neon10


    Thank you very much for your post stepbar. We were both FTB's - both on the mortgage and I'm certain that we are both on the title. I will confirm this as soon as possible. Are you saying that if only one of us was on the title this would be a way of removing one name from the mortgage?


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