Thursday 18 January 2018

Bank can repossess Dublin couple's home

AN order permitting a bank repossess a couple's Dublin home has been granted by a High Court judge.

Stephen and Vicki Carroll had not defended Ulster Bank's proceedings in either the Circuit or High Courts seeking a repossession order for the property at Woodford Court, Clondalkin, Dublin 22. The Circuit Court refused the bank's application but the High Court later overturned that refusal in a verbal ruling .

The bank had asked Ms Justice Iseult O'Malley for a written judgment and, while delivering that today, the judge said she did so with reluctance.

"It must be stressed that this was an undefended and therefore unargued case and that this judgment is, as a result, of very limited value," she said.

The Carrolls had borrowed €420,000 from First Active plc in late 2006, repayable over 35 years, and secured on the Woodford Court property.  They also granted a charge over the property to First Active. Ulster Bank took over First Active in 2008.

It was claimed the defendants first defaulted on making one of their monthly repayments about January 2009.

In December 2010, Ulster Bank issued a letter calling in the entire amount of the loan, then some €426,073 including appears of €25,745.

The issue in this case was whether the terms of the Carroll's mortgage required a demand should be made or whether the entire principal sum became due and owing upon the event of default, Ms Justice O'Malley said.

Having examined the mortgage, she did not consider a letter of demand was necessary for the entire principal sum to become due.

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