Co-ownership

Question 1

What if one co-owner wants to sell the house but the other doesnt?

Answer 1

Apply to court under s14 or s15 TOLATA

Question 2

S15 TOLATA?

Answer 2

court will consider
* children’s interests
* beneficiaries
* purpose property is held

Question 3

How does a mortgage show on the Register of Title to the Property?

Answer 3

Notice on Charges Register

Question 4

A property has 3 mortgages (charges) registered at the Land Registry.

They were registered at different times:
1st mortgage: 10 years ago (this has the highest priority)
2nd mortgage: 5 years ago
3rd mortgage: 9 months ago (this has the lowest priority)

The owner has stopped paying the 2nd mortgage, but is still paying the other two.

Can 2nd lender sell property + how are proceeds distributed?

Answer 4

Yes, first pay 1st lender, then themselves then 3rd lender if any left