Tuesday 16 October 2018

Glenda Gilson's parents offer to pay €275k to save their Castleknock home from repossession

Glenda Gilson and her mother Aileen
Glenda Gilson and her mother Aileen

Ray Managh

TV presenter Glenda Gilson’s parents, Noel and Aileen, may have raised enough independent finance to save their home at 16 College Gate, Castleknock, Dublin 15 from re-possession, a court heard Wednesday.

The four-bedroom, three-bath house is currently listed for sale on Daft.ie for an asking price of €830,000.

Barrister Rudi Neuman, counsel for Shoreline Residential DAC, told Judge Jacqueline Linnane in the Circuit Civil Court that the couple had made an offer to pay €275,000 off their overall debt of €380,000 and the bank would have to consider it.

Mr Neuman, who appeared with Beauchamps Solicitors, said the offer had been made just before he had come into court, an increase of €125,000 on an offer made to the bank on Monday last which had been rejected.

When Judge Linnane asked if the offer involved a re-financing agreement or an offer from a totally different individual, Ms Aoife Beirne, counsel for the Gilsons, said it was a completely separate loan from a separate financial institution.

Ms Beirne told the court she had been instructed to make a substantial offer at 9:45 Wednesday morning but she was reluctant to go through the details.  She was seeking an adjournment as the defendants were in the process of raising short-term finance.

“Currently a solicitor back in the office is making arrangements for the payment to be made to Beauchamps Solicitors as soon as possible,” Ms Beirne said.

Mr Neuman said there had been engagement with the bank late in the day and an offer  received on Monday had been rejected Tuesday.  A new offer of €275,000 had been made this morning before he came into court against the total outstanding debt of €380,000.

“It is reasonable that the bank should consider this offer which I would estimate may take between four and six weeks,” Mr Neuman said.

Judge Linnane said negotiations had taken place and definite proposals were being made to reduce the substantial arrears in the case. She said counsel for the defendants had yet to furnish clarity about the source of the funding which would seem to have been borrowed from a third party.

The judge said she would put the matter in for further consideration by the court in early March and if the proposal to the bank was not satisfactory the application for possession would go ahead.  The court would probably adjourn the matter if it had been progressed in some shape or form and if the money had been received by the bank.

The court had already been told that Mr Gilson, now a retired painting and decorating contractor, had bought the site at 16 College Gate, Castleknock, Dublin 15, in 1992 and had built the house himself.

He and his wife, both of whom are now pensioners, had borrowed €300,000 in May 2008 to be paid back over a period of 10 years.  The purpose of the 2008 loan had been to refinance an existing mortgage and clear an outstanding liability in respect of his business.

Jeffrey Johnston, a director of Shoreline Residential, told the court that as at 4th July 2017 the outstanding debt was €382,746 which included arrears of €353,553.

Two legal companies, O’Gradys Solicitors and M.E. Hanahoe Solicitors were listed as representing the defendants.  Mr and Mrs Gilson, both of whom the court learned were suffering stress as a result of their financial difficulties, did not attend court.

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