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Category: Property Law
Satisfied Customers: 33522
Experience:  Barrister at Self Employed Barrister
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Can a property be bought by two people as tenants in common

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Can a property be bought by two people as tenants in common when one pays for half of the property in cash and the other has a mortgage for which they are solely responsible?
In theory they can -although the mortgage company would seek to have an interest in all of the property rather than just the half owned by the one paying the mortgage. Happy to discussPlease rate positively
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Customer: replied 2 years ago.
If the tenant with the mortgage defaulted and the property were to be repossessed, would the second tenant lose their investment.
Potentially yes. Because the mortgage company would normally want a mortgage to apply over the entire property and that would be the risk. You would need to speak to the mortgage company.
I hope that helpsPlease remember to rate positively
Customer: replied 2 years ago.
It did. Have already rated.