Monday 18 February 2019

'Quarter of Dublin apartment' advertised for sale at €57,000

The advert said you could buy 1/4 of the apartment for €57,000
The advert said you could buy 1/4 of the apartment for €57,000
Amy Molloy

Amy Molloy

An advertisement stating one quarter of a Dublin apartment is up for sale has been removed from a website - but such an arrangement is legally possible, according to a leading solicitor's firm.

The advert featured on Adverts.ie, a site which enables people to buy and sell various products.

It said anyone interested could buy 25pc of an apartment in Balgriffin - worth €230,000 overall - for €57,000.

The seller said the prospective buyer could move in at the end of summer and live in the apartment for five years.

The advert outlined there would be a mortgage of €900 per month.

"You move in end of summer '19 and can live in it for five years. I will be moving to Spain," it stated.

"After five years, I have choice to either live in or rent for five years. If I decide to live in it, I will pay you rent for your 1/4. Approx €300 per month.

"After 10 years is up. We can sell apt and take whatever profits is made or we can continue to rent if we both agree. Interested people. Message me and we can set up a viewing."

The advert was published on the website over the weekend and was still online this morning.

When contacted for comment, Adverts.ie said: "The ad was removed as Adverts.ie does not allow property listings."

Independent.ie contacted a leading property law firm to see if such an arrangement is legally possible.

Susan Cosgrove of Cosgrove Gaynard Solicitors says it can be done, but it would be "very risky".

"Looking at the ad it appears the person owns 100pc of it and so is looking to give a share in the property," she said.

"This can be done i.e. they can sell 25pc of the property and it can be formally registered. The problem is the mortgage. They will have to get the consent of the bank to sell 25pc of the property. It is very unlikely. 

"Alternatively a remortgage could be obtained in both names however a mortgage is nearly always joint and several between all parties meaning you would become liable for a lot more that 25pc. If the bank would agree to limit your exposure to 25pc then perhaps it would be possible.

"The last comment I would make would be on the arrangements on renting as mentioned – a formal co-ownership agreement would have to be entered into between the two parties to agree on the repayments to be paid , by whom and the occupancy of the property.

"Overall my advice would be that it can be done but it is risky," she added.

Independent.ie has contacted the person who advertised one quarter of the property for comment.

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