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Entering a Joint Mortgage
LUCY-_7
Posts: 1 Newbie
I wonder if anybody can help me?? My partner and I wish to buy a property together. He is however a silent partner (unofficially) in a buy to let joint mortgage venture with an ex business partner, he pays no money out and takes no profit, the ex business prt can or will not take the mortgage on officially meaning on paper they own this property and debt still together.
My concern is as there relationship is hostile if the ex business partner defaults their mortgage could the lenders then seek our property as payment? is there anything I could do to protect our home, legal clause? Help!!
My concern is as there relationship is hostile if the ex business partner defaults their mortgage could the lenders then seek our property as payment? is there anything I could do to protect our home, legal clause? Help!!
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Comments
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Messy! I think your partner is in some difficulties anyway over taking on his own mortgage as the BTL one would have to be disclosed. But if you got a mortgage, your property would not be liable to repo as long as payments were kept up on that property. If it were sold, then money could be taken at that point.
The right thing to do is for partner to extract himself form BTL and insist on sale if partner will not take over.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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