Deed of Consent and Change

reverend

Hello,

I am in the process of buying a first time shared ownership flat.

Currently I am waiting (and have been for weeks) for a mortgage offer from a lender. In the meantime, my conveyancer will not agree to meet me, but he does send me the occasional letter.

The latest states:

I note it is a condition of the mortgage that the named occupier [my wifes name] enter into a deed of Consent or Waiver with the lender. I am unable to act for her in connection with this Deed and cannot protect her interests in the matter. She will have to seek independent legal advice on the Deed so the contents of the Deed can be explained and Deed can be witnessed by a solicitor or other legal adviser.

He has enclosed a letter template from my wife to himself, stating:

a) I am aware that i will not be on the title Deeds of the purchase of the above property and am aware of the implications of this.

b) I acknowledge that [convenyancers name] of [conveyancers company] does not act on my behalf and is not seeking to protect my interest in the matter.

c) I further confirm that I have been recommended by [solicitors name] to seek separate legal advice in the matter.

He has also included a form from my lender which is headed Deed of Consent and Change which reads:

1. I consent to the Borrower creating the Mortgage over the Property in favour of Abbey National Plc and acknowledge that the Mortgage will secure all sums due to Abbey from the Borrower both now and in the future, including both the loan and any further advance.

2. I agree that any rights that i have, or may aquire, in the Property or the proceeds of the sale shall by virtue of this Deed be postponed in favour of Abbey and shall be subject to the rights, interests and remedies of Abbey under the Mortgage.

3. If I have any estate, interest or right in the Property or the proceeds of sale which is not postponed under para 2 then I charge to Abbey and such estate, interest or right as security for all money and liabilities secured or to be secured by Abbey by the Mortgage.

4. I shall immediately vacate the Property and give up possessions to Abbey if it notifies me that it wishes to exercise its rights under the Mortgage to obtain possession of the Property.

5. I agree that Abbey may at any time transfer, charge or otherwise dispose of its rights in this Deed to any person aquiring an interest in the Mortgage whether under or through Abbey.

As you can see, my solicitor is unable or unwilling to tell me what this form is. If this Deed simply makes it clear that Abbeys Mortgage is lent to me, and not my wife, then I suppose that is okay. But is there something more to this that I should be aware of?

Secondly, is this standard procedure for occupants not on the title deeds to have to complete such a form, and will it prevent my wife from being added to a future mortgage on the same property?

Thirdly, is it really necessary for my wife to get legal advice about this form?

Thanks for any advice you can give.

reverend

silvercar

it is standard for adults not on the mortgage or title deeds to have to sign such a form. Often done by adult children still based at home.

It makes clear that, if Abbey needs to repossess for any reason, your wife has no claim on the house and can do nothing to prevent Abbey's actions.

In asking your wife to get legal advice they are saying it would be a conflict of interest for them to advise you and her as your interests are differentt and separate. by recommending her take legal advise, she cannot then say she was not advised or didn't understand what she was signing.

reverend

Thanks very much for your advice silvercar

reverend

Siennah

Just read this post & I have a question about this. In my case, it is my husband who needs to sign this form. But I'm worried that, if something happened to me, he & our little girl would be 'kicked out' of the house. How likely would this be do you know? Could a life assurance policy prevent this? Any advice welcomed.