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Ronan
Ronan, Solicitor
Category: Republic of Ireland Law
Satisfied Customers: 1972
Experience:  B. Corp Law, Ll.B. Dip Comm Prop. In general practice for more then 6 years
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a father and two sons purchase a property, the fathers share

Resolved Question:

a father and two sons purchase a property, the fathers share is registered as joint tenant in land registrar, with the share going to the two sons upon his death
a bank lends money to buy the property- on the loan facility letter the only security
given is the property itself , also there is no mention of joint and several liability in the letter
the property is now in negative equity, the father dies, - has the bank any claim on the fathers estate with respect to this property ?
Submitted: 1 year ago.
Category: Republic of Ireland Law
Expert:  Ronan replied 1 year ago.
In the normal course the Life assurance that was put in place should deal with whatever is outstanding on the mortgage.

If for some reason this is not in place, then yes the bank can pursue the estate of the father in order to recover outstanding money
Ronan, Solicitor
Satisfied Customers: 1972
Experience: B. Corp Law, Ll.B. Dip Comm Prop. In general practice for more then 6 years
Ronan and other Republic of Ireland Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you - can you tell me on what basis can the bank pursue, as the property and mortgage is now in sons names (being a joint tenant this does not form part of the estate) and the bank did not give the loan on joint and several condition
Expert:  Ronan replied 1 year ago.
As a matter of contract, the father together with sons contracted with the bank for the money, as such they are entitled to pursue his estate to recover the money. In the same way the bank would be entitled to pursue either or both sons .

The standard mortgage conditions contain in the Deed would include a joint and severale condition

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