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Can the bank stop you selling your home?

  • 07-05-2013 8:59am
    #1
    mickm1986
    Registered Users, Registered Users 2 Posts: 25 ✭


    I am currently trying to sell my home which is in negative equity. my plan is to sell my home which i will get approx x amount for it according to local estate agents and this will leave a shortfall of 100,000. i have told the bank after i sell i will continue to pay back the remainder of the mortgage as we would be moving hopefully into council accom as we simply cant pay our mortgage and are falling far behind. the bank have told us we cant sell without their permission. is it legal for the bank to tell us we cant sell and if we do continue with the sale are we breaking any laws? Thanks.


Comments

  • #2
    djimi
    Registered Users, Registered Users 2 Posts: 13,237 ✭✭✭✭djimi


    While you have a mortgage outstanding they hold the deeds and technically its not yours to sell.


  • #3
    valleyoftheunos
    Closed Accounts Posts: 2,332 ✭✭✭valleyoftheunos


    djimi wrote: »
    While you have a mortgage outstanding they hold the deeds and technically its not yours to sell.

    That's not entirely correct but what is correct is that the bank hold the deeds and you can't sell without their permission. The Bank are allowed do this as it is part of the mortgage agreement, it will not be possible for you to sell the house without the deeds and permission of the bank.


  • #4
    TheDriver
    Registered Users, Registered Users 2 Posts: 12,683 ✭✭✭✭TheDriver


    you need to work out the shortfall deal first otherwise you could just scarper and leave the bank with the debt.....


  • #5
    Big C
    Registered Users, Registered Users 2 Posts: 943 ✭✭✭Big C


    doh


  • #6
    Kristopherus
    Registered Users, Registered Users 2 Posts: 11,907 ✭✭✭✭Kristopherus


    OP, why do you think you will get a council house? You are very likely to be a very low priority with you local authority.


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  • #7
    mickm1986
    Registered Users, Registered Users 2 Posts: 25 ✭mickm1986


    i know that but at least selling the house would knock off 50,000 hopefully making the remainder more affordable to pay off.


  • #8
    djimi
    Registered Users, Registered Users 2 Posts: 13,237 ✭✭✭✭djimi


    The bank would be taking a massive gamble by allowing you to transfer the balance to what would amount to an unsecured €100k personal loan. You have to understand why they would most likely be very reluctant to agree to this. If the figures balanced up a bit differently, and selling up would allow you to clear two thirds or more of the mortgage then you might have more of a chance, but if you are saying that selling the house will only clear one third of the mortgage then I dont see why they would want to allow this.


  • #9
    mickm1986
    Registered Users, Registered Users 2 Posts: 25 ✭mickm1986


    thanks for the opinions and ifon. much appreciated.


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