Jason, Trini, Billy, Kimberly and Zack are actors that met on the film set of a film they all starred in. They became close friends during the production and decided to buy a large house together in London to enable them to be close to Arden Film PLC studios. The house is on 117 Haim Drive, the sale price was 2.5 million, and payment was divided between the friends. The conveyance was prepared without professional legal advice, and the friends agreed that they would all own the house as joint tenants in both law and equity. Jason sold his house in Leeds and put the money from this towards Haim Drive, contributing 20% towards the purchase price. Trini, whose parents are rather wealthy, contributes 40%. Billy has recently inherited some money from a deceased aunt, but wishes to spend this money on his acting career, and so acquires a mortgage from Arden Bank for his share of 20%. Kimberly has been very lucky recently and won 1 million on a lottery ticket. They contribute 20% to the purchase. Zack used to work as a builder but has little in the way of savings and contributes nothing. He says he will decorate the house and complete any renovations to make up for the shortfall in his contribution to the purchase price. Over the next few years the following events happened. Jason, shortly after purchasing 117 Haim Drive, is offered a very lucrative film contract in Canada and wishes to recoup the money he has paid toward the house in order to facilitate his move to Canada. Jason entered into negotiations with Scott about buying his share of 117 Haim Drive. Scott is unable to raise the necessary money so offers to pay Jason a monthly rent to allow him to live in the house. Jason agrees to this and charges Scott 700 per month to live in 117 Haim Drive with the other owners. Billy started to have an affair with Zack and initially the relationship was going well, but then Billy found Zack in bed with another man and broke off the relationship. Billy could not bear to be in the same house as Zack and, in a fit of rage, moved his belongings out of the house and wrote a letter to the others saying he wanted to leave forever, not come back and take his share in the property. He was so angry that he nailed the letter to the front door. Kimberly managed to get a film contract as a supporting actor and during filming, got pregnant by the lead actor. Upon discovering this she made a will leaving everything she owned on trust to her brother David for the benefit of her child. Sadly, Kimberly was diagnosed with a terminal disease and died shortly after childbirth. Her daughter Holly lives with her father. Trini's acting career is not doing well, and she decides that she needs money as she has exhausted her savings. She approaches Billy to see if he would buy her share of the house. Billy is not interested at that time and politely declines.

Later that year Zack finds out about Trini's offer to Billy. Zack decides to invest some money he has saved doing building work at the weekends. He approaches Trini to see if she is still willing to sell. The paperwork is drawn up and Zack purchases Trini's share.

Arden Bank has approached your law firm to seek advice about their position regarding the mortgage as they are very concerned that Billy has stopped paying the monthly instalments. type a letter to Arden Bank advising them of their legal position and suggesting a suitable remedy that they could seek.