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Change of home ownership

  • 31-03-2015 9:06pm
    #1
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭


    Hi all, asking here on behalf of a friend - mods feel free to close if not allowed.

    Basically they bought a house with their sibling 7 or 8 years ago.

    For the first number of years both were contributing to the mortgage but for the last 2 or 3 the sibling hasnt been.

    The sibling has never lived in the house so my friend is thinking about buying their sibling out.

    The house is in negative equity and is worth alot less than it was bought for.

    They (my friend) is getting married in the near future so obviously that could change the dynamic.

    Where would the best place to go to get legal advice?

    What kinds of documents/information should they get before seeking legal counsel?

    They have tried Google but are drawing a blank.

    Feel free to drop me a PM if posting on thread isnt allowed.


Comments

  • #2
    hullaballoo
    Administrators, Entertainment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 18,774 Admin ✭✭✭✭✭hullaballoo


    I suppose I'm in the same boat as most of the other regulars here when I say I cannot make head nor tail of your post.

    Are you wondering on behalf of a sibling who was one of a number of siblings who bought a house whether the one sibling can buy the others out? Of course, that's possible but is the sibling seeking to buy out the others expecting to take the property at the price the property was bought for? If so, that's very much a matter between the siblings.

    I suppose I can't put it further than there is more information needed. As well as that, I have to say that legal advice should be sought by any siblings entering into property arrangements. My experience tells me that these sorts of arrangements go downhill before you can say these arrangements go downhill.


  • #3
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,998 ✭✭✭✭Peregrinus


    Business Cat wrote: »
    . . . Where would the best place to go to get legal advice? . . . .
    A solicitor.

    And for this transaction you will need a solicitor. Conveyancing generally requires a solicitor, and this conveyance has a number of complicating factors - connected parties, negotiations required with mortgagee bank, property is in negative equity. Plus your friend may also need good financial advice on the wisdom of buying a property that is in negative equity.

    Your friend's sibling will also need a solicitor. A different solicitor.


  • #4
    Pat Mustard
    Registered Users, Registered Users 2 Posts: 9,554 ✭✭✭Pat Mustard


    One of the major hurdles will be negotiation with the bank to reach agreement to sell for an undervalue; a 'sale for loss' agreement.

    Obviously, there will be no problem if all bank debt is going to be discharged. But then again, if there was no problem, you probably wouldn't be posting here in the first place, Business Cat!

    Solicitors required on both sides of the transaction per recent Law Society regulations. (Technically three sides to the transaction if the bank joins in the deed of assurance/transfer etc.).


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