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Hi All.... I have a complex problem


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Hi All,

 

I have only just joined up and already I come to you cap in hand for your help and advice.

 

I bought a house along with 2 school friends about 3 years ago, the house is now on the market and we are hoping to sell it ASAP, hopefully we'll make 100k between us which we all need to get our own places.

 

One of my friends has got himself into debt and now wants to borrow against the house by taking out a Home Owner loan. We are all named on the mortgage so can he do this without our permission and can he do this went we are likely to be selling the house in the near future?

 

Should I be getting legal advice to protect myself and my investment?

 

Thanks in advance for reding this and I hope somebody can help me out

 

Cheers

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Did you have a signed agreement between the three of you?

 

If the house was in the three of your names, then I would have thought that it would have to be agreed between the three of you before one of you could borrow against the property. Also should you go ahead with this, then I would definately have it in writing what will happen once the property was sold.

[sIGPIC][/sIGPIC]If you think my post was helpful, please feel free to click my scales

 

 

A prudent question is one-half of wisdom.

 

:D

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