The civil court heard of a dispute between a couple and their bank, AIB, with regards to the sale of a house on Ballea Woods, Ballea Road, Co. Cork on Thursday the 19th of November. The would-be sellers of the house, a divorced couple, purchased the house for a sum of €375,500 in 2007 but are unable to service a mortgage of €311,000, leading to them agreeing to the sale of it for €215,000, only for the bank to dispute the sale as they believed it to be far below its market value, and only permitting it to go through if certain conditions were later adhered to. The most pertinent of these being that AIB requested that €205,000 of the proceeds would go to them, as well as failure to agree on what would happen to the residue of the sale and the outstanding balance of €79,000 owed on the mortgage.
The sale has had difficulty going through as a result, as the selling couple believe the bank’s conditions to be unreasonable, and the purchasers have failed to agree on terms with the selling couple apart from the actual flat cost for the house itself.
Judge Galligan noted the peculiarity of the case, saying that there didn’t appear to be a precedent for one such as it. He recommended that each party should deal with their respective solicitors going forward as a means of reaching an agreement, and if one can still not be made to come back to the court on Tuesday the 24th of November.