Mortgage After Divorce
Blanchardstown, Castleknock, 27 Mount Street Upper, Dublin City Centre
Dealing with Mortgage After Divorce
Get Help from Solicitors based in Dublin City Centre
Divorce and separation are themselves stressful events, and on top of it all, we know that the media reports moving house as one of the most stressful tasks you can undertake…
It is usual after separation that there are readjustments and changes to living arrangements for one or both parties.
Sometimes one party will remain on in the family home with the existing mortgage remaining or take over the mortgage, or perhaps re-mortgaging to purchase out the interest of the other owning or non-owning spouse.
Family law and new arrangements can be big adjustments and involve substantial financial decisions.
In joint mortgage separation cases where agreement cannot be reached the Courts can make property adjustment orders and orders for sale. Having early solid reliable advice can greatly inform your situation and ability to make decisions.
At Carmody Moran Solicitors in Dublin City Centre we know that in addition to having your case handled by experienced professionals with the highest level of expertise and sensitivity, that cost is a serious factor, as well as the value of expert and early legal advice. That is why you can arrange to have an initial Consultation in family law matters for a reduced fee and this gives you an opportunity to review your situation and ask the expert questions regarding your specific circumstances.
What happens to a joint mortgage when you divorce?
From your mortgage provider’s point of view, your divorce is irrelevant; you each signed the joint mortgage contract, and so as things stand, you both remain as liable for paying it as if you were still together.
Divorce >
There is a wide range of options that can be determined as regards property and mortgages. The Courts or you both directly can reach an agreement regarding:
- Divisions of ownership
- Timing of sale
- Distribution both sale
- Payment or contributions to the mortgage
- Indemnities regarding the mortgage
- Release from the mortgage
- Purchase out and re-mortgage
At Carmody Moran our family law team is supported by an experienced team of conveyancing solicitors, skilled in dealing with re-financing, re-structuring, and land transfers. This enables our family lawyers to provide objective, realistic, and practical advice. They draw on their experience to provide an early assessment of the likely outcome of each case such as that of divorce.
Taking over a mortgage after a divorce
As you can gather there can be various options with regards to the future of property ownership following separation or divorce.
Some people hold valuable tracker mortgages or wish to simply stay with their existing mortgage provider, in cases where they are opting to take over the ownership of the property in full from the co-owner and release them from the mortgage.
This is not the consideration of the borrowers alone however and in the first instance, the lender must agree to the change. A joint mortgage underwritten on two incomes may not pass the lender’s affordability test with just one income – even if you’re not asking for any more money and even if you have been paying it on your own for some time. You will have to make an application to the lender to obtain their consent to the change and you can anticipate they will have requirements including that the family law dispute is resolved and either a Separation Agreement or Court Orders are available to vouch for the situation, as well as other matters concerning the change in ownership.
The future financing and accommodation needs are important considerations in assessing financial options. At Carmody Moran our family law team is supported by an experienced team of conveyancing solicitors, skilled in dealing with re-financing, re-structuring, and land transfers. This enables our family lawyers to provide objective, realistic, and practical advice. They draw on their experience to provide an early assessment of the likely outcome of each case.
At Carmody Moran Solicitors in Castleknock, and on Mount Street Upper in Dublin City Centre we know that in addition to having your case handled by experienced professionals with the highest level of expertise and sensitivity, that cost is a serious factor, as well as the value of expert and early legal advice. That is why you can arrange to have an Initial Consultation in family law matters at a reduced fee and this gives you an opportunity to review your situation and ask the expert questions regarding your specific circumstances.
Your Expert Divorce Claims Legal Team in Dublin City Centre
At Carmody Moran Solicitors our experienced Divorce Solicitors Ireland are on hand to advise and skilled in handling all natures of Family Law including divorce, joint mortgage separation and more.
The two partners of Carmody Moran Solicitors have a combined total of in excess of twenty five years professional legal experience. Together with their associates they aim to make the Court process as straight forward and navigable as possible while being on hand to alleviate their clients concerns and worries about going through the Court process.
Anthony Carmody
Partner
Anthony Carmody is one of the founding Partners of Carmody Moran Solicitors.
He has significant experience in personal injury cases and general litigation having handled literally thousands of cases on behalf of clients based in Ireland and abroad.
Niamh Moran
Partner
Niamh Moran is one of the founding partners of Carmody Moran Solicitors and is a solicitor with wide ranging experience across all areas of general practice.
Niamh manages the family law, conveyancing in Dublin, and probate divisions of the practice. Niamh’s practice of law is extremely varied and she is regularly sought out for her expertise by clients and colleagues alike.
*While we have made every effort to provide accurate information, the law is always changing and it affects each person differently. This information is not a substitute for specific advice about you personally and it is not intended as legal advice. We will not be liable to you if you rely on this information. In contentious business, a solicitor may not calculate fees or other charges as a percentage or proportion of any award or settlement. This statement is made in compliance with Reg.8 of SI 518 of 2002.
You should note that no solicitor/client relationship or duty of care or liability of any nature shall exist or be deemed to exist between Carmody Moran Solicitors and you until you have received a written letter of engagement from us in which we confirm our appointment as your Solicitors.
