Rogue solicitor’s holiday apartment repossessed

ROGUE solicitor Michael Lynn’s holiday apartment in Youghal, Co Cork, has been repossessed.

The repossession of the property owned by the fugitive solicitor was one of 10 repossessions granted by the High Court. The court also heard a woman defaulted on mortgage repayments on a €2.5 million loan before abandoning the €3.7m house in Co Waterford, having sold some of the contents.

Mr Justice Roderick Murphy heard that there were “exceptional circumstances” regarding the property owned by Michael Lynn at Red Barn in Youghal, who fled the country after details of multiple loans on various properties came to light.

The order for repossession was brought before court by Bank of Scotland (Ireland). The court was told that there had been no repayments on the holiday home since July 20, 2007, and that the total loan amount outstanding now stands at €827,261 for two properties, one of which is the Red Barn apartment and the other of which has already been repossessed.

The court was told that the property, described as a commercial property, was not usually occupied.

As the runaway solicitor has not been in Ireland for some time, the order of summonses was posted to an address in Sandymount in Dublin, while a newspaper advert was placed in an Irish publication on April 8 and in the Algarve Resident in Portugal on April 10 last.

Mr Justice Murphy granted the order for repossession and costs in the case, and put a stay of one month on execution of the order having been told that “no one is being lifted out of their home” in the case.

Nine other repossession orders were granted – two by consent – and the court also heard of a case in which a woman has wracked up mortgage arrears of €207,970 on a property in Co Waterford.

The case was brought before court by Bank of Ireland. The court was told that the mortgage of €2.5m, payable over 25 years, was secured by the woman in July 2006, resulting in monthly mortgage repayments of €11,912.

The purchase price of the property was a staggering €3.9m, but the woman defaulted on her repayments in February of last year.

There was one further payment in March 2008, but nothing since then and the balance owing on the property now stands at €2.64m.

The court heard that on April 1 this year the woman’s estranged husband wrote to the bank advising them that the property had been abandoned.

It later emerged that some of the contents of the home had been auctioned off, and when a visit was paid to the house on May 15 last the gate was securely locked.

Inquiries to neighbours confirmed that the house had been unoccupied for some time.

Mr Justice Murphy adjourned the case for two weeks so an affidavit on the insurance issue and any other matters can be submitted.