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Buying with a friend
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if the mortgage is in default then the whole property will be repossessed, not just a "part" of the propertystardust09 wrote: »responsibilities/one person not being able to afford the mortgage and getting their part repossessed, etc.
all owners are required to be named on a mortgage and all mortgages are joint and several liability. If one cannot pay then the other must pay it all. If neither can pay then both are out
indeed, the exit strategy does not seem to have been considered at allstardust09 wrote: »In addition, further down the line, one or both of you might end up in a terrible ethical dilemma about wanting out but feeling responsible for the other person.
if the person who does not live there has a change in circumstances and needs to realise their "investment" it could be rather "awkward" for the person living there as their home if they cannot buy out the investor and the investor therefore must press for a sale0
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