Under Section 96(1)(b) of the Land and Conveyancing Law Reform Act 2009, a power of sale for mortgagor,( Lender) arises as soon as the Mortgage is created.
Section 100 of the same Act, provides that a power of sale will only become exercisable when the following occurs:
- Notice of arrears has been sent to the Mortgagor and there has been a default in that debt for three months after that Notice has been issued; or
- If interest payable on the Mortgage has fallen into arrears for two months after being due; or
- There has been a breach of some provisions contained in the Mortgage and a letter must be sent to the Mortgagor giving 28 days’ warning of the possibility of exercising the power of sale.
A 28 day warning letter alerting the Mortgagor to the possibility of sale must be served and a Court Order must be granted.
For anybody who is in difficulties in relation to same, please do not hesitate to contact us on contactus@powderlysolicitors.ie