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Ask Buachaill Your Own Question
Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10491
Experience:  Barrister 17 years experience
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If two people but a home together and are jointly named on

Customer Question

If two people but a home together and are jointly named on the deeds and the mortgage, is it possible for one of the owners to transfer their part ownership of the house but still remain on the mortgage account or does the bank need to be informed?
Submitted: 1 year ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 1 year ago.

1. It is possible for one of two co-owners of a property to transfer their share to the other co-owner without it affecting any mortgage on the property. The situation would then result whereby one co-owner would then own all the property but the two former co-owners would remain liable for the mortgage. There is nothing unlawful about this. However, be aware that it is usually a term in any mortgage that the bank be notified of any changes in ownership of the underlying property. But the bank cannot object or stop a transfer. Be aware that the consent of the bank would be necessary to remove one of the owners names from the mortgage even after a transfer.

Customer: replied 1 year ago.
Hi, thank you for your reply. Would there be an issue if the transfer was made to another party that is not currently a co-owner but with the consent of both co-owners. The only reason we wouldn't want the bank involved is if there is a chance they can change the terms of the mortgage and we would lose our tracker mortgage.
Expert:  Buachaill replied 1 year ago.

2. There definitely would be a big issue if the property was transferred in whole or in part to another party who is not currently a co-owner. That would make the bank very unhappy!! YOu would certainly lose any tracker mortgage and might see the loan called in, I regret to say.

Customer: replied 1 year ago.
Ok, would there be a way of talking to the bank about changing ownership as the co-owner that wants out can't afford the property and as a result he has let the mortgage fall into arrears. Do you think the bank would chat to us about the new co-owner coming on board who is in a much better financial position to pay the mortgage and may restructure the loan as a result rather than calling in the loan by which I think you mean demanding full payment?
Expert:  Buachaill replied 1 year ago.

3. The bank will certainly speak to you about arrangements for re-working the mortgage. Some plan for restructuring is always more favourable from the bank's point of view that no plan at all. HOwever, you should discuss options with them as they will have some non-negotiable lines which you will need to find out. Generally, when you change the owners, the banks very often want a whole new arrangement and a new mortgage, as they will want to assess the creditworthiness of the new owner or co-owner. However, these parameters will only become apparent after you chat to them.

Customer: replied 1 year ago.
Thank you so much for your speedy responses!
Expert:  Buachaill replied 1 year ago.

4. You are welcome. Please RATE the answer.