A separated couple, who own a €1.5m Spanish holiday home, have had the second of two Dublin houses they own repossessed within a fortnight of each other on foot of a €2m mortgage debt with KBC Bank Ireland Plc.
Judge Jacqueline Linnane granted an order for possession today in the Circuit Civil Court for a home owned jointly by Gerard and Mary May located at Coldwater Lakes, Saggart, Co Dublin, and used as a residence by Mr May since the couple’s break-up.
The judge heard earlier this month that May, who runs a roofing business, and his ex-partner Mary May, had each been living at different personal Dublin homes since their separation. The second property at Woodstown Rise, Ballycullen Road, Knocklyon, Dublin 16, used as a residence for Ms May, was repossessed two weeks ago.
The Mays had not made mortgage repayments on either of their two Dublin properties since July 2016 apart from a payment of €1,400 in January last only several weeks before proceedings were issued by KBC Bank.
Barrister Padraic Hogan, counsel for Mr May, had told Judge Linnane on the previous occasion that all parties had agreed to an order for possession being granted on the property at Woodstown Rise, Ballycullen Road, Knocklyon, Dublin 16, which had been occupied by Ms May.
Judge Linnane granted a six-month stay to each of the Mays on the execution of the repossession orders to allow them time to find alternative accommodation.
The court had heard that the Saggart property had been bought with a loan of €1.5m from KBC and now had arrears of over €700,000. The Woodstown Rise property had been bought with a loan of €555,382 and the mortgage was in arrears of €166,586.
At the earlier hearing Mr Hogan, who appeared with McCanny Solicitors, said the Mays owned a holiday home in Marbella, Spain, which they had hoped to sell to raise funds in order to make a payment to KBC Bank.
Judge Linnane said that due to the fact a third party was in occupation of the holiday home, along with the fact it had been signed over to Ms May, any attempt to sell it could lead to a three-corner fight.
She said Mr and Ms May had agreed to make their mortgage repayments when they initially received their loan and had defaulted on their agreement with KBC Bank Ireland Plc.
Judge Linnane said the Mays had received plenty of warning about their situation and had been in court six times over the past two years.