Sunday 20 August 2017

I haven't heart to sell €500,000 home, says owner in arrears

Justin Daly Photo: Collins Courts
Justin Daly Photo: Collins Courts

Ray Managh

An unemployed hedge fund consultant and financial programmer told a judge he could not bring himself to sell his €500,000 Malahide home despite being unable to make any mortgage repayments.

Judge Jacqueline Linnane directed that Justin Daly's home at The Warren, Malahide, Co Dublin, be returned to the Bank of Ireland on foot of a debt totalling €315,000, which includes almost €62,000 arrears.

Barrister John Donnelly, for the bank, told the Circuit Civil Court that no money had been paid off the overall debt for five years.

Granting the bank possession of the property, Judge Linnane said she would allow a stay of three months to allow Mr Daly to engage with the bank.

He told the court he believed the house to be worth €500,000 in the current market and said: "I could not in my heart bring myself to sell it."

Judge Linnane said that on his valuation alone there was up to €200,000 equity remaining in the property.

"If you take the option of selling the house yourself you will get something out of it after clearing the mortgage," she said.

Mr Daly, who represented himself in court, said he had been attempting to set up his own business but had run into a difficulty with another bank. He was finding both banks "intractable".

Irish Independent

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