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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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I co-own a property in England in 50:50 share with my sister.

Customer Question

I co-own a property in England in 50:50 share with my sister. A lawyer connected to her mortgage provider has drawn up an Equity-Sharing Agreement which allows her and her husband to take a mortgage out against our property. I understand most of the document, which gives them responsibility to pay back the mortgage. But I don't understand the implications of the situation if they ever went bankrupt. The agreement is lending her all the equity in the property but the mortgage is for 45% of the estimated value.
Submitted: 4 years ago.
Category: Law
Expert:  Alex J. replied 4 years ago.

Thank you for your question and welcome.

My name is AJ and I will assist you.

Does the mortgage give her mortgage company a first legal charge?

What does the equity sharing agreement actually say? Can you copy the wording in?

Kind regards