Tenants in Common - 1 share holder has loan on property.

Discussion in 'Property Law Forum' started by Dallemma, 28 October 2018.

  1. Dallemma

    Dallemma Member

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    I am a 50/50 share holder of property as 'Tenants in Common'. The other party secured a loan with bank, I agreed to co-guarantee. Due to misleading circumstances by the other party and Bank, I was released from the guarantor by the FOS. The other party defaulted on the loan and the Bank tried to reposes the property to sell it and repay the other parties debt.
    I have fought this through the Supreme Court and I was fully released of any obligation and the Judge ruled that the property could not be re-entered by the bank, as I gave NO CONSENT.
    Now the Bank and the other party have done a deal and signed a deed, where a mortgage remains on the property (only in the other parties name) until that party repays the debt. This was all done via the Supreme Court in a mediation without my consent or knowledge.
    Now the Bank won't inform me of what the agreement is between the parties, ie: term(s) of the mortgage or amount secured. I have zero liability of the debt and I have no ability to use my equity in this property. The other party used 78% of the equity of the property value, from the commencement of this loan.
    What are my rights as a tenant in common?
     
  2. Rob Legat - SBPL

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    You have the ability to 'use the equity' just asuch as you ever did. Your problem will be in finding a lender who will work with your situation. If you could, that lender will almost certainly want an agreement with the other bank as to what their debt is and what the maximum lability will be capped at.

    Of course, even getting to that stage will need an understanding of what is owing to the other bank so they can work out what they're possibly willing to advance to you.
     
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  3. Rod

    Rod Lawyer
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    Tenants in common 50/50 and your release from the mortgage likely means you have your 50% free and clear. The bank is short of equity in the other 50%.
     
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  4. Dallemma

    Dallemma Member

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    Thank you. I appreciate your comment. I am more annoyed at the Bank that they are still able to use my property due to the misleading and deceptive conduct by the other share older and that they still have a mortgage over it and will not be forth coming with the agreement they have with the other party.
     
  5. Dallemma

    Dallemma Member

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    Yes, thank you that makes sense.
     
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