Occupiers Consent Form

Hilton426

Good Afternoon!

I'm just trying to get a little understanding on a form I've been asked to sign, an Occupiers Consent Form. I understand this is in place to protect the lender from me laying claim to the property as I'm not on the mortgage. However I wondered where this would leave me should something happen to my partner?

- My partner has a Mortgage Decreasing Life Assurance policy. In an event, would this policy settle the mortgage and so I get to stay in the house?
If so, where does this need to be stipulated?

- We're not married at the moment. Should we get married, does this affect the terms & conditions of the Occupiers Consent Form or is it only if I go on the mortgage as well?

Any help would be grately appreciated as we're being pressured to get the sale / purchase through as quickly as possible!

Thank you guys

Goldiegirl

The occupiers consent form is to confirm that you are aware of the mortgage and won't make a claim on the property if the property is repossessed.

Everyone who isn't on the mortgage and is over the age of 17 needs to sign a Consent form, so it doesn't matter if you are married or not.

If your partner were to die and the proceeds of an insurance policy paid off the mortgage, the lender would have no further interest in the house, so wouldn't care who the property was transferred too.

The Consent form is purely to protect the lender in event of repossession.

Let_Us_See

Best to check who is the beneficiary of the DLA policy.

Thrugelmir

Hilton426 wrote: »

Good Afternoon!

I'm just trying to get a little understanding on a form I've been asked to sign, an Occupiers Consent Form. I understand this is in place to protect the lender from me laying claim to the property as I'm not on the mortgage.

In essence you have are waiving your rights to any financial claim on the property. Should you pay off a lump sum from the mortgage from your own funds for example or contribute on a regular basis to the household finances.

As you are suggesting ensure that there's sufficent life cover to repay the mortgage in the event of your partners untimely demise. Also speak to a solicitor and have a will drawn up so that all eventualities are covered.