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joint ownership with secured debts

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  • joint ownership with secured debts


    i have a jointly owned property with the council. I have a 65k mortgage and they own 30% which they put in at the start. I have 1 loan secured and 2 other loans that now have a charge against the property. The property will be lucky to break even if sold.

    My question is that if the council were to buy out the mortgage therefor giving them full control for the property would the secured loans then become unsecured or would the only way for the council to take ownership would be to clear the mortgage and the loans secured

    many thanks