Important information on fees and charges you need to consider.
Section 134 (2) of the Consumer Credit Act 1995 requires the Bank to provide you with an estimate of the legal costs in relation to any potential repossession proceedings (if repossession proceedings have not already commenced) regarding your property. Please note that the estimate also includes the legal costs incurred by the Bank in relation to the preparation of any repossession proceedings.
If repossession proceedings are not defended by you, it is estimated that the legal costs and outlays incurred by the Bank, from the time that an external legal services provider is appointed by the Bank until the time when a property is taken into possession by the Bank, will amount to approximately €8,000.
In the event that repossession proceedings are, for example, defended and/or adjourned on a number of occasions and/or if the repossession proceedings are complex and/or in the event of any appeal or court applications for an extension of a stay on any order made, additional legal costs will be incurred by the Bank. It is estimated that the legal costs and outlays incurred by the Bank in relation to such matters, from the time that an external legal services provider is appointed by the Bank until the time when a property is taken into possession by the Bank, will amount to approximately €16,500.
In addition to the legal costs regarding repossession proceedings set out above, property management and sale costs are incurred by the Bank in relation to the maintenance and sale of your property and it is estimated that they will amount to approximately €18,000.
Costs associated with the possession, marketing and sale include but are not limited to Property Management Fees, Non Principal Private Residence (NPPR), Local Property Tax (LPT), Capital Gains Tax (CGT), Value Added Tax (VAT), Management Company charges/ fees, solicitor conveyancing and auctioneer costs as applicable.
In the event that certain specific events happen, i.e. when an alternative repayment arrangement/settlement is agreed with you, when a Court determines that legal costs must be paid by you or when your mortgage is redeemed, some/all of the estimated costs noted above become due for payment by you depending on the circumstances of your case. Please note that no interest will be charged in relation to these costs.
In the event that the property is sold, including where the property is sold by the Bank, all parties to the mortgage loan will be jointly and severally liable for any outstanding debt remaining (which includes any accrued interest, charges, legal, selling and other related costs) after the net proceeds from the sale of the property have been applied to your mortgage loan account. You must continue to make your monthly repayments until your loan has been repaid in full. Interest will not accrue in relation to any legal and/or third party costs applied to your loan account. However, interest will continue to accrue in relation to the balance of your outstanding debt until the loan has been repaid in full.