Mature couple break up, selling house issue

T

Troy McClure

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I have someone close to me in a corner.
A couple separated with kids grown up and in college etc. One has a decent job the other owes the banks money and ran a business into the ground. Also is not up front with anyone involved.
Family home has been on the market for nearly 2 years. They both agreed to sell and the bank involved agreed to put property interest only untill sale was made, as they are separated.
Party No 2 keeps knocking back any interest saying property is worth more. Meanwhile value is continueing to drop over time. A Serious offer came in last week and person close to me wants to sell and former spouse refuses. Person close to me wants to get their name off the mortgage and move on. House is worth more than the outstanding mortgage. If they took the offer they would probably get between 30-60k each after clearing mortgage pending costs. Party 2 knows no bank will ever give them a loan again due to their 'past' and is trying to scupper any deal as they want to stay living there irrespective of what they agreed.
Person close to me even called the bank to say they have a serious offer as they keep pressing them to sell.
Is there anything they can do to make the other party sell here??
 
Are they both living in the property?

What your friend needs is to go and see a solicitor and get an order for sale. The bank can do nothing for this warring pair. In any case it's irrelevant to them as they are getting their mortgage paid. It is up to your friend to act. Leaving it fester leads nowhere.
 
Its difficult with Dublin's property appearing to be going in opposite direction to where it was going for last few years.

If he pays the full mortgage payment - isn't that what the Bank would be wanting? They asked for interest only on basis of selling. It would seem to me that at the end of that period they will have to approach the Bank again. What then? The Bank may insist that this then should enter the MARP process ..

I see where Bronte is coming from, but I don't think that stage is reached - yet.
 
"A couple separated"

This is key. Was it by agreement? or by Court Order?

If by Court Order, then either party can go back into Court and seek the assistance of the Court. In this case where, there is , on the face of it, agreement to sell but, in reality, obfuscation by one party, this is the way to go.

If by agreement, it's time to take it to Court if needs be. And get the Order.

If both end up with a lump sum, in circumstances where they have agreed to sell, they have an offer etc.,etc it is the only way to go.

mf
 
They are married but one has filed for divorce. Other party would prefer to be still married and is 'holding on' as they say. Break up was amiable but one did leave the other. No big story just drifted apart. The person who does'nt want to sell is in the property alone. It was the other way around, but they insisted on moving back in, so the other left after that happened.
They are talking to solicitor who is doing the divorce. How long would that take to force a sale?
 
BTW The proceeds of any sale to the party who wont sell is probably worthless, as the 'strong likelihood' (Cant say as fact) is there are a banks or queue of people who may have a right to this money over them. So they probably wont profit from any sale. I am sure they are aware of this also.
 
Troy McClure said:
BTW The proceeds of any sale to the party who wont sell is probably worthless, as the 'strong likelihood' (Cant say as fact) is there are a banks or queue of people who may have a right to this money over them. So they probably wont profit from any sale. I am sure they are aware of this also.
Click to expand...

But unless those people know of the sale, and have registered the debts as a judgement mortgage how will they get their hands on the proceeds of sale.
 
Bronte said:
But unless those people know of the sale, and have registered the debts as a judgement mortgage how will they get their hands on the proceeds of sale.
Click to expand...

If the party is walking into the bank clearing a mortgage, I am sure it will be evident to this bank who are owed money independent of this mortgage. This is a side point to my main question though
 
"They are talking to solicitor who is doing the divorce. How long would that take to force a sale? "


They need to talk to that solicitor - depending on where they are based and whether or not the Divorce is contested or just delayed by the antics of one party, it could take 6 months or three years. It is very unlikely that a Court would order the sale until the conclusion of the entire case.

mf
 
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