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Does the declaration of trust state that you are to receive a sum to take account of your deposit before the remaining proceeds of sale are distributed? If not please state the terms of the declaration.
Yes when the house sells, which it is up for sale at the moment, i get my £60,000 back, ?
If by "yes" you mean that that DOT states you will receive your deposit back first then then once the lender has enforce the sale of the house any proceeds of sale following repayment of the mortgage and the lender's fees will be distributed in accordance with the terms of the declaration of trust. If there is £60, 000.00 of equity remaining then you will receive this.
You should advise you mortgage company of the declaration of trust to make them aware.
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if i own another property if there is a short fall, can they come to me for the difference?
If there was a shortfall and you owed some money then once they have obtained judegement on the debt then they could register a charging order against your other property.
If granted this would mean that upon sale of the property the proceeds of sale would first have to pay off the remaining amount before they are distributed to you and any other co-owners I'm afraid.
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