Declaration of Family home for Remortgage

[masterK]

We are currently remortgaging to finance a house extension. We received a docment entitly "Declaration of the Family Home" that we both have to sign in the presence of a solicitor who also must stamp it.

Has anybody heard of this before, a quick read of Oasis gives some information but since my wife and I are listed as joint owners on the deeds on our current mortgage I don't see the need for it.

The fact it has to be signed in the presence of a solicitor adds further to the cost of the remortgage, we already have to pay for a valuation of €150 and for a securities deposit (whatever that is) of €240. I've no idea what a solicitor will charge us to witness this.

 

[Henny Penny]

Yes I've seen this ... from AIB ... what will they think of next!

I'm pretty sure it said it could be signed in the presence of a justice of the peace/ peace commissioner. There is one in any courthouse ... you pay a nominal fee ... approx 10 euro.

 

[Miles]

I can concur with Henny Penny.

 

[FifiB]

We had to sign this a few years ago... as at the time my husband and I were not married and I was not listed on the deeds......was basically told that we had to do so as I was his common law partner and still had a legal claim on the house.....we have since married and re-mortgaged again and there has been no mention of this declaration this time round....I would advise that you check again if this is neccessary......Usually used to prevent either partner form borrowing against the home without consent from the other......as you are married and co signing this should not be relevant......Also our mortgage was with IIB...it is a legal doc not a banking invention.....
Hope this helps,

FifiB

 

[Oilean Beag]

A legal document which is required by law under the Family Home Protection Act, where ANY charge is being created on a family home.

A solicitor should charge you € 10 to witness it. Very little for such an important document. The bnak could have insisted you use your solicitor for full remortgage process at a cost of approx € 1000.

Always necessary, even where co -signing.