JOINT OWNERS. REPOSSESSION WORRIESgreenspun.com : LUSENET : Repossession : One Thread
IF THE PROPERTY IS JOINTLY OWNED, MORTGAGE IN BOTH NAMES, CAN THE BUILDING SOCIETY PURSUE THE TOTAL AMOUNT FROM ONE OF THE SAID PARTY,ESPECIALLY IF THE OTHER IS UNABLE, REFUSES, TO ACKNOWLEDGE THE DEBT, WE HAVE A CONTRACT WITH THE SOCIETY THAT THE PROPERTY IS OWNED 50/50.
-- LANEY KEMP (LSK@ZOOM.CO.UK), May 15, 2000
The basis answer to this is yes -you are both liable we presume that the contract you refer to you will also have signed the Offer.Deed and the charge will be reg in joint names at land registry.
saying this there are various court cases over the years-some are on the website referring to the legal position of a partner regarding a Mortgage
The lender will go after the wage earner ie by Attachment of Earnings if pushed ,if both of you are not working or there is a question of illness ,then you should refer to your lenders insurance payments protection plan(presuming you have one)also you will see from the website -the rules re payment by the DSS of which the rules have changed
Should there be a reason that your partner diputes the mortgage then see a solicitor and state what grounds you dispute
Hope these guide notes help
-- charles twford (firstname.lastname@example.org), May 15, 2000.