advice needed please

izzywizzy2010

form of no ownership - for new house being bought my parnter and his parents

do i have to sign this and if i do where do i stand legally bearing in mind we are not married!

Partners mum has also told him that all bills need to be in his name - currently all in mine at our rented property

looking at it if i agree and sign this form - if we were to spilt i would have no claim to any share of the house

if the worse were to happen my partner has life insurance which would pay off the mortgage - but then would belong to his parents - where would that leave me with 2 young children to consider


but if my name isnt on the bills how do i prove that its actually me thats paid them? instead of my parter and me just giving him the money, to prove that i have contributed to the house through paying the bills and food shoppping


i am going to speak to my partner tonight as i cant argee to this

kingstreet

Is this form something required by the lender? Does it have the lender's logo?

Is it possible it's a consentor form?

This simply prevents you claiming rights to stay in the property if the lender wants to repossess it in the event of default. It's normal for anyone aged over 17 living in the property not party to the mortgage to be asked to sign one.

Does it advise you to seek independent legal advice? If so, it might be a good idea.

If you don't mind me asking, why aren't you a party to the purchase and mortgage?

On the other issues, bills and stuff, you need to take advice on this to ensure your interests are protected. Ask the solicitor when you discuss the consent to mortgage form. I don't really see why they all have to be in his name.

The consentor form and the bill payments are two separate issues and need to be viewed as such IMHO.

izzywizzy2010

i havent seen the form yet, just been told i must sign it? but surely if the lenders requesting it, it would need to be signed before their formal offer which we are told should be tomorrow.

i went into another branch of the bank that is supplying the mortgage and they said they sometimes request this but not always. he did try to help advise me as best he could without being able to disclose any information to me.

i have a few defaults on my credit file which prevented us applying together a broker did try this first for us.

Thrugelmir

To protect your own interests you need a declaration of trust drawn up.
Speak to the solicitor dealing with your house purchase.

kingstreet

izzywizzy2010 wrote: »

i havent seen the form yet, just been told i must sign it? but surely if the lenders requesting it, it would need to be signed before their formal offer

No. It's normally requested in the offer conditions which are issued to the solicitor. It can be done anytime during the process. It has to be in place before completion though.

If the lender gives access to them, I normally print one off and get it done with the mortgage application when I know I'll need one.

izzywizzy2010

So I really have no choice in signing this form then?!

kingstreet

As not signing would make you "repossession-proof" the lender would refuse to allow completion to take place without it.

Glass_Half_Empty??

I had to sign one when my ex got a mortgage in her name only and it wouldn't complete without the form. I would be more concerned you are even thinking this wont last before it starts. Even with a bad credit rating now you can be added to the mortgage in the future. If it is that much of a worry maybe you shouldn't be moving in. Just a thought..

izzywizzy2010

ok, so i've done abit of research about this form - and feel better about signing it now i know why it needs to be signed to protect the bank.

we are hopeful that in 2 years we can remortgage - in the process removing my partners parents and have a joint mortgage between myself and my partner.

although there seems to be no rush for me recieve this form considering we want to exchange and complete by the end of next week! and i havent recieved anything yet.

i am still concerned as to why im being told i cant have any bills left in my name!

Glass half empty - its not just me i'm thinking about i have 2 young children that depend on me. i want to make sure that our interests as a whole are covered should we split or my partner were to die. as right now it would be his parents that benifit as they are on the deeds with him not me.

now whilst things between them are great now - i dont want to tempt fate to just assume that for the future

mic200202

The form is pretty standard - as above its to prevent you from staying put should a lender want to repossess.You are consenting to the mortgage and agreeing to the conditions if a forced sale is necessary.There is nothing to prevent you either jointly or individually from setting up life insurance to pay off the mortgage and/or protect the children.You can easily put such policies in trust, so that if the worst happens, the money will go to whatever purpose you want it to.You can include mortgage cover and family cover within one overall policy.To do the policies individually (ie one on each of you ) gives more flexibility and costs very little more than a joint plan.Speak to an IFA.
There is no reason you cant have bills in your own name - ie utility bills etc (unless of course you dont intend to pay them!!) Some utilities can carry out a short credit check the default may show up.The default will stay on for 6 years.It is an idea to get a copy of your credit file to see the date it was registered (not the date you were notified or paid the debt) so you can plan forward to see when you can get on the title deed proper.

izzywizzy2010

all our bills are already in my name so thats not an issue

defaults was 27/06/06 so will come off this year