Landlord faces repossession over €1.5m loan repayments

A LANDLORD’S rental income has dropped so much that he is unable to meet mortgage repayments on a €1.5 million loan, a court was told yesterday.

County registrar Susan Ryan heard things had got so bad for Co Cork property owner Declan Buckley that he had leased a pub in order to provide for his family. Barrister Niall Nolan, counsel for Buckley, of Waterfall Road, Bishopstown, said his client had experienced a significant fall-off in rents from a number of apartments he had bought at 203 North Circular Road, Dublin, and other property that he owned.

Mr Nolan, applying for an adjournment of IrishNationwide Building Society’s application to possess the property, said Mr Buckley had earlier negotiated a repayments deal but had been unable to maintain the agreement due to reduced rental income and loss of tenants.