My husband and I purchased a property jointly in 2000. My husbands business is in a lot of debt with Bank of Ireland (our mortgage is also with Bank of Ireland). Bank of Ireland have already agreed that I am not party to my husband's companies debts but are now refusing to release the title deeds of my property to enable me to sell and return to England from northern ireland. It was Bank of Ireland that forced me to put the property up for sale and now they wont allow the sale to go through by withholding my title deeds? Can they do this. I am now about to lose my deposit on my new home etc. This cannot be right?? PLEASE HELP ME....

-- Rosalind Gallagher (rozgallagher@hotmail.com), October 17, 2003

Answers

I think what is clear here is that the BOI wish to exercise a "lien" over the property which you and your husband bought in order to use that to offset your husband's debts insofar as his "half" of the asset goes.

This is perfectly legal and they are clearly not going to let you BOTH walk away with the proceeds of your sale when your husband owes other accounts with the same bulding society as this would prejudice their rights to the excess.

You need to take some speedy professional advice over this - if you don't and the BOI take legal proceedings over the house (i.e. to repossess it) you are both likely to lose your home.

-- David J. Button (davidjohnbutton@supanet.com), October 18, 2003.