Multiple lien on mortgaged flat

Mr A has a flat in his own name which is mortgaged to the company from which he took loan to purchase the flat. Now Mr. A owes certain some of money to Mr. X & Mr. Y which he can not pay back right now and need some time. Mr. A gives his flat on lien to Mr. X. Can the same flat be given on lien to Mr. Y?

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Adv Rohit Dalmia 9324538481 (Lawyer) 28 August 2012

Yes, he can give. subject to prior written consent of the earlier lenders and the same should be disclosed to the new lender. further, the charge on the property shall also be in cronological order only. i.e. first money lender shll have the first claim and likewise.

Regards,

Advocate Rohit Dalmia

9324538481