Hi, im a portion owner of a house, the other owner have remortgage on his partially, where on earth do i stand legaly?
the house was fully paid stale when we recived it, and now he has advise me that he is unable to pay sour his mortgage, because it is 50/50 on only his fifty is mortgaged, will i have to rate off his half, or does it be determined he has already taken his half of the property and it wont affect me at adjectives?
Answers:
If it is a house, he mortgaged the house. Banks don't loan on partly a property. Since he didn't tell the bank you are bit owner and such, that was fraud. Get a lawyer ASAP. You may lose your property if you do not bear immediate action.
Describing yourself as "part owner" is not plenty to answer your question.A “part owner” of land contained by the UK is either a “joint tenant” or a “tenant in common”.Only the work under which you “received” the property will show which applies to you and the other person.You obligation to check exactly what kind of "ownership" it gave you.If you are a “joint tenant” afterwards it is unlikely that the other person could have raise a mortgage on the property without your knowing. If it did happen you requirement to see a solicitor.If you were both “tenants in common” later it is that the other person raised a morgage but unlikely that you are liable for it.You should still however see a solicitor.There is not really ample detail in your question to hand over a complete answer.The only sensible thing to do is to a solicitor..
whatever happens you still own partially of the equity in the house. if he defaults the mortgage company will put a charging decree on the house to the value of 50% and this will be paid if the house is ever sold. It wont effect you at adjectives.
apart from the fact that you will have to reimburse all the insurances etc yourself and maintenance and repairs etc the mortgage company will not assist surrounded by the upkeep of the house.
they will remain a silent partner until the house is sold if ever
this answer assumes the mortgage company were aware that your friend only owned 50% of the property.
at some point surrounded by the future the mortgage company may make a some sort of buy and sell with you to purchase the outstanding debt
at very propitious rates, so it is not all doom and gloom. you may finish up economically in front at the end of the year
and they do lend on half houses
to refi on a property he wasnt full ownership of had to be impossible to get. is this a duplex? if so, they run over his half of the duplex and sell it as generally done. i dont know how he could have possibly refied on property owned by you if you didnt sign off on it if it isnt a duplex. possibly the underwriters were asleep at the wheel or something
sounds fishie to me
Get down and see your attorney asap or you will end up with not even partially a house, it look like the second mortgage was made on house and not on his partially, no bank or building society will give a loan on partially a house, all the best.
As you own partially the property I don't see how he could have borrowed money on it without have your OK first. Any search would have shown the property to be contained by joint ownership and in the present climate I'd be surprised he borrowed minus a search being carried out.
As others own said on here already you need a solicitor, and soon. If this guy had borrowed fraudulently after it's his *ss on the line, but that won't help you much if you lose your partly of the property. Good luck.
That's a tricky one - I'd get down the citizens proposal to talk to a lawyer.
Cant see how it could have happen without your consent without it person fraud. Get professional advice and the sooner the better.
Related Questions:
Which building society are offering best remortgage deal?
I hold to remortgage - tracker or fixed?
Mistake I voted wrong B/answer. 300k to lift up on unsullied home, will preserve behind the times home + remortgage out-of-date for deposit.?
Trying to remortgage, but valuation is capably below flea market price,any suggestions?
Is it a pious time to remortgage to a better settlement?
Answers:
If it is a house, he mortgaged the house. Banks don't loan on partly a property. Since he didn't tell the bank you are bit owner and such, that was fraud. Get a lawyer ASAP. You may lose your property if you do not bear immediate action.
Describing yourself as "part owner" is not plenty to answer your question.A “part owner” of land contained by the UK is either a “joint tenant” or a “tenant in common”.Only the work under which you “received” the property will show which applies to you and the other person.You obligation to check exactly what kind of "ownership" it gave you.If you are a “joint tenant” afterwards it is unlikely that the other person could have raise a mortgage on the property without your knowing. If it did happen you requirement to see a solicitor.If you were both “tenants in common” later it is that the other person raised a morgage but unlikely that you are liable for it.You should still however see a solicitor.There is not really ample detail in your question to hand over a complete answer.The only sensible thing to do is to a solicitor..
whatever happens you still own partially of the equity in the house. if he defaults the mortgage company will put a charging decree on the house to the value of 50% and this will be paid if the house is ever sold. It wont effect you at adjectives.
apart from the fact that you will have to reimburse all the insurances etc yourself and maintenance and repairs etc the mortgage company will not assist surrounded by the upkeep of the house.
they will remain a silent partner until the house is sold if ever
this answer assumes the mortgage company were aware that your friend only owned 50% of the property.
at some point surrounded by the future the mortgage company may make a some sort of buy and sell with you to purchase the outstanding debt
at very propitious rates, so it is not all doom and gloom. you may finish up economically in front at the end of the year
and they do lend on half houses
to refi on a property he wasnt full ownership of had to be impossible to get. is this a duplex? if so, they run over his half of the duplex and sell it as generally done. i dont know how he could have possibly refied on property owned by you if you didnt sign off on it if it isnt a duplex. possibly the underwriters were asleep at the wheel or something
sounds fishie to me
Get down and see your attorney asap or you will end up with not even partially a house, it look like the second mortgage was made on house and not on his partially, no bank or building society will give a loan on partially a house, all the best.
As you own partially the property I don't see how he could have borrowed money on it without have your OK first. Any search would have shown the property to be contained by joint ownership and in the present climate I'd be surprised he borrowed minus a search being carried out.
As others own said on here already you need a solicitor, and soon. If this guy had borrowed fraudulently after it's his *ss on the line, but that won't help you much if you lose your partly of the property. Good luck.
That's a tricky one - I'd get down the citizens proposal to talk to a lawyer.
Cant see how it could have happen without your consent without it person fraud. Get professional advice and the sooner the better.
Related Questions: