Judgement Mortgage : Revenue

[Right Winger]

No court process is necessary. You need to file an affidavit with the PRA. See link below:

Cancellation of judgment mortgages at the Property Registration Authority (the ”PRA”)

The property team explores the steps involved in cancelling a judgment mortgage in circumstances where a discharge is not available.Where a charge has been paid but the discharge was not obtained.An affidavit in Form 57B can be lodged with the PRA exhibiting a receipt or evidence of payment and...

www.fieldfisher.com

Jim Stafford

The thrust of the article appears to be aimed at the holders of judgment mortgages (banks and similar creditors) rather than the debtors against whom the JM was obtained. Why would they be doing this? Or perhaps I'm missing something?
Just idle curiosity!

 

[Jim Stafford]

thanks jim and would i have to pay gift tax after the family home is signed over to me and how long would the process take to get the revenue jm removed

The normal Capital Acquisition Rules apply. Depends on valuation, prior gifts, relationship etc.

The thrust of the article appears to be aimed at the holders of judgment mortgages (banks and similar creditors) rather than the debtors against whom the JM was obtained. Why would they be doing this?

The article also gives advice on the necessary steps to debtors who which to have JM's removed. Every application is considered by the PRA on a case by case basis. Before the PRA can proceed with the cancellation of the burden, it must serve a notice of the cancellation on the judgment mortgagee (the judgment holder). If no objection is received the burden may be cancelled. The process should take less than 6 months.

Jim Stafford

 

[sammyj]

The normal Capital Acquisition Rules apply. Depends on valuation, prior gifts, relationship etc.




The article also gives advice on the necessary steps to debtors who which to have JM's removed. Every application is considered by the PRA on a case by case basis. Before the PRA can proceed with the cancellation of the burden, it must serve a notice of the cancellation on the judgment mortgagee (the judgment holder). If no objection is received the burden may be cancelled. The process should take less than 6 months.

Jim Stafford

thanks very much jim you have been very helpful will i have to pay gift tax if the family home is signed ober to me or do i have to be living there for 3 years or more to avoid paying gift tax thanks in advance ?

 

[sammyj]

hi does anyone know how long the process is of cancellations of burdens is sent in a afterdavit to PRA in early november and heard nothing since dont know if thats a good or bad sign hopefuly someone on here might have a idea of it thanks in advance