By Finbar Markey
N.B…. update : A deeper analysis of the “Bank of Ireland Mortgage Bank -and- Laura Finnegan and Christpher Ward” case within 24 hours of its reading from the bench reveals a number of exclusions within this judgement and accordingly the author of this article adds the following…
To clarify some details about yesterday’s great win in the High Court regarding applications to the Circuit Court for possession Orders on family homes and the jurisdiction level of 75k. Having read the Judgement in its entirety a number of times now, the ruling has most significance for those who took out their mortgages between 2001 and 2009, and in which the bank’s initiated proceedings prior to the 31st of July 2013 (the date that the Land and Conveyancing Law Reform Amendment Act 2013 took effect).
For those whom the bank have initiated proceedings after the 21/8/13, the ruling is not so clear in that the 2013 Amendment to the LCLRA amended the law facilitating banks to initiate home possession cases in the circuit courts despite there being no rateable valuation. For those whom the bank have not initiated proceedings before the 21/8/13, do not be downhearted as there are a number of avenues to push this over the line for you too.
The 2013 amendment is facing a constitutional challenge as we speak because it is essentially retrospective law which is an abomination to the basic principles of law. It would also appear where the loan was an equity release on a property already paid for and not for the purpose of buying a domestic dwelling, and in which the home was used as security and not a “housing loan mortgage”, and this is where most older people have been trapped, the case must be heard in the High Court…..
Analysis of the Judgement continues………
Related to this Article : BANK’S DEALT MASSIVE BLOW WITH HIGH COURT JUDGEMENT TODAY: HOME OWNERS CELEBRATE