Help in a mess on tenants in common issuet

Gwendo

Here's the situation. Three of us cash purchased a property and own it as tenants in common equal shares. The thing is I have 'loaned one of the owners a proportion of the cash needed for their share (I paid part of their share) on the understanding that they would 'get a mortgage' (I don't know what we were thinking of!) to pay me back the shortfall in their share. I don't want my cash tied up like this and want the co-owner to pay me back their missing share. How on earth can we do this?

Thrugelmir

You purchased the property outright for cash?

getmore4less

Gwendo wrote: »

Here's the situation. Three of us cash purchased a property and own it as tenants in common equal shares. The thing is I have 'loaned one of the owners a proportion of the cash needed for their share (I paid part of their share) on the understanding that they would 'get a mortgage' (I don't know what we were thinking of!) to pay me back the shortfall in their share. I don't want my cash tied up like this and want the co-owner to pay me back their missing share. How on earth can we do this?

A mortgage on what?
They can't mortgage this house on their own.
Do they have other property?

Sell up if you want you money back or get them to start paying you back.

or get a joint mortgage(if you can) but that might just make things worse.

TrickyDicky101

How much are you talking?

I take it you didn't run this past any professional adviser first as you would have known your partner is unable to get a mortgage solely on their third.

They could take an unsecured loan to repay you but that could cost them big (in interest).

Not a great position for you to be in.

DandelionPatrol

What evidence do you have for having made the loan?

I think the best you can do in the short to medium term, unless they stump up the cash, is to get the TiC shares adjusted in your favour in clearance of the loan.

Your cash is now tied up until you can dispose of the property.