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children signing contracts
Comments
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Found this on a building society's website:Why do the Society require a "consent to mortgage" form to be signed by anyone over 17 years of age, who will be residing in the mortgaged property but not party to the mortgage?
Under common law, any occupant over 17 years of age has rights to remain resident should for any reason it became necessary for the property to be vacated.
As mortgagor, you waive these rights by securing a loan on the said property. However any persons resident at the time of the mortgage inception, who are not party to the said mortgage, still hold these rights. By signing a consent to mortgage form they are waiving this right, should for any reason the Society need to take the property into possession.0 -
It's quite a few years since I was 18 (cough), but I remember having to come home from uni to sign a similar declaration before my parents moved house.
My siblings were 17 and 16 and they didn't have to sign anything...I also would be surprised if this were binding on an under 18.import this0 -
The key point in all these documents / extracts is the phrase "over 17". This does not include 17 year olds.0
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The wording of the question on a Nationwide application, as an example, is;-Please give the names of anyone who is (or will be) 17 or over, who is living in the property but not on the mortgage (not Scotland)I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Still doesn't alter the fact that a contract is not legally enforceable if it's been entered into by anyone under the age of 18. That's why under 18's can't have their own tenancies etc.0
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Ok I hate an unanswered conundrum. At the end of call on another matter I picked a lawyers brain.
It is not a contract but a consent and a surrender of rights. While a parent or guardian may give consent or guarantee on other matters , here the parents are conflicted and that is the main reason that the minor must be advised to take independent advice .
How many weeks pocket money would that be Richard ?!
Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
propertyman wrote: »It is not a contract but a consent and a surrender of rights.
Ah seems to match post #22.0
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