What if one of the co-owners absconds?
If a co-owner deliberately goes into default by absenting themselves without making arrangements to maintain their share of the mortgage – subject to a time-limit of two months – the remaining co-owners can rent the absent party’s space (paying his/her share of the mortgage and retaining any profit for the aggravation) or purchase or sell his/her share of the property at the current market rate. Any residual monies, after deduction of reasonable expenses (e.g. legal fees), will be placed, where possible, in the bank account of the absconder.
