Partion Proceedings - Joint Property Owners

A

AskAboutIt

Guest
Hello,

I am aware of a rather unusual situation and wondered if anyone had opinions or suggestion on it.


Background:
Joint Owners, Residential Property, both on title (Joint Tennants I believe), Joint Mortgage. Owners since 2006 (1 propery previous 2003-2006)
Both owners unarrried and resident in property with their child until recently. One owner decided to move out with child. Other owner remained in the property. Recently the owner who had moved out they had no interest in the property and expressed their wish to dispose of it.
Personal relationship between owners was difficult, however a number of options were put forward:

1)Sell property and slit proceeds (-ve equity 20-30K)
2)Resident owner take over full mortgage payments (good tracker)
3)One owner buy the other's share
4)Hang on to property for long term and rent out to cover mortgage payments.
5)Resident owner remain and rent rooms out to cover mortgage.

Non-resident owner wants released from joint mortgage which rules most of the above out and is the end of the good tracker mortgage.

Resident owner currently not in a possition to buy the other's share but might be with another person.
(Non-resident owner does not wish to buy other's share?)

Any other suggestions?

Non-resident owner was asked their preference but instead has sent the resident owner a legal letter threating to issue partition proceedings as they wish to discharge the mortgage they are not living there and the resident owner is living soley in the family home.

Would anyone care too share their view on how best to proceed or resolve?

(N.B. I assume the solicitor made an error or was not speaking in the legal sense by stating 'family home')
 
How would the debt be split in -ve equity situation?
Both jointly 50/50 split? Would it be usual to split 50/50 with joint ownership? Or say if one person had made for sake of argument 75% of mortgage repayments could the other imply that this person "owned 75% of the property and was therefore responsible for 75% of the debt"??

(or is the opposite true, one person paid 75% of re-payments and therefore the other should be responsible for 75% of the -ve equity as they never paid their way on mortgage? - Would that even be a valid arguement? Never sure when it comes to the Irish legal system!)
 
In fact in -ve equity situation is it even possible to force the other party to sell their share and pick up the debt against their wishes. Remember - joint owners are not married - so not a family home, simply joint property owners (& would be investors).

Owner wanting to sell has moved out as they preferred to stay with a relative. (again not a divorce type case with abuse, barring orders and the like but simply a person chosing to walk away from the mortgage as they suddenly don't want to have it. Can a sale be forced on the other owner??)
 
Are solicitors needed for Partition Proceedings? Is it the circuit court that deals with this and where could I find out more information on thise and what is involved in the process.

(Also curious to understand costs involved and get some idea as to the duration of proceedings and how soon they could be brought.)