You are a joint borrower. Liability on the loan is joint & several meaning that you are fully liable for the outstanding loan facility although owning only a share of the property. Assuming that this is a Tenancy in Common the residual share of the property will pass according to your co-owners will (presumably to the widow). She will own a share of the positive equity in the property and here is your quandary!! I.e. you need to either buy out her net share or make some agreement with her re the loan/continuing usage of the property.I'm a joint borrower and my business partner has passed away. We owned property on a 66.6%/33.4% basis as well as the corresponding debt in respect of same. I'm unable to establish if the lender has made a claim against his estate. If not, has the lender prejudiced my position assuming they have a duty of care to both borrowers?
. 44brendan, I've seen you post something similar before, but I couldn't find relevant legislation. Would you have anything concrete to confirm this view? What sort of 'difficulties' would the bank have?However they [bank] will also have difficulties if the ownership/borrowing position is not cleared up within a 2 year period from death
Civil Liability Act, 1961
9.—(1) In this section “the relevant period” means the period of limitation prescribed by the Statute of Limitations or any other limitation enactment.
(2) No proceedings shall be maintainable in respect of any cause of action whatsoever which has survived against the estate of a deceased person unless either—
(a) proceedings against him in respect of that cause of action were commenced within the relevant period and were pending at the date of his death, or
(b) proceedings are commenced in respect of that cause of action within the relevant period or within the period of two years after his death, whichever period first expires.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?