Mortgage of another property
KHUMESH
(Querist) 07 January 2017
This query is : Resolved
We have dispute between two partners , my land is mortgaged in MPFC where we have agreed mutually to release my mortgaged land and keep another property by partner.
We have partnership deeds between us so I will have to sign the documents of another property for its mortgaging. But I do want to do it. Can it be possible after dissolving partnership or any other way so that my land will be released and another property my partner can get mortgaged by him self registering it
Please suggest .
Rajendra K Goyal
(Expert) 07 January 2017
Ask from the lending agency the terms under which property can be released and another property can be mortgaged.
Can use RTI to get information.
Rajendra K Goyal
(Expert) 07 January 2017
If you sign any document of remortgage, it is possible you automatically entering in the agreement as borrower / guarantor. Situation would be more risky in such case.
Inform the lender that you have resigned / retired from the firm, it is reconstituted. New Firm would be liable to pay the loan.
Your liability may not exhaust presently but you can claim benefit as per Rule in Clayton case.
Kumar Doab
(Expert) 08 January 2017
you can benefit from the advise of Mr. Rajendra K Goyal.
