Joint Remortgage

Under the jurisdiction of property law is a partnership style of owning property referred to as joint remortgage or joint tenants.

Many jurisdictions refer to a joint tenancy as a joint tenancy with right of survivorship.

This type of ownership determines the freedom of the parties to sell their interest in the property to other people. The same condition applies to "willing" the property or to severing joint ownership of the property.

The co-owners share some rights to the property. They are:

-An unrestricted right of access to the property

-A right to an accounting of profits made from the property

-A right of contribution for the costs of owning the property

Co-owners typically are not obligated to assist in costs of repairing or improving the property.

Also, each co-owner can independently encumber the co-owner’s own share in the property by taking out a remortgage on that share.

Bank loans secured by remortgage on co-owned property are one of the fastest growing areas in the mortgage lending industry.