Consent to Mortgage: Do I understand what is stated correctly?

pakkun_2

I am currently preparing for the documents for the lender's solicitor and one of the documents is named "Consent to Mortgage". Although I think I understand what is said (below), could anyone confirm whether I fully understand what I am signing for?

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Consent to Mortgage

1. The lender proposes to make an advance to the borrower in return for the borrower giving the lender a mortgage over the property.

2. The occupier agrees
-to the lender making the advance and any further advances to the borrower;
-to the borrower giving the lender a mortgage over the property;
-that any rights or interests that the occupier may have in the property now or in the future will be postponed and will be subject to the lender's rights and powers under the mortgage; and
-not to claim any right or interest against the lender.
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So my understanding is that the above says that the lender (Lloyds TSB) will repossess the house if I fail to repay what I owe to them. So there should not be anything I need to worry about as long as I keep my payment to them. Is this correct?

It would be great if anyone can give me assurance.

Best regards,

pakkun

Yorkie1

Are you the buyer of a property?

Is anyone else moving in with you who isn't going to be on the mortgage documents?

Usually this document is signed by an adult who is not on the mortgage documents in order to say that the lender can repossess the property if repayments are not made.

pakkun_2

Dear Yorkie1,

Thank you for your reply.
I am applying for the remortgage so not buying a house.
My partner's name will be added to the deed (transfer of equity).

So do you think it ok to assume that we do not have to sign this documents as all the parties living in the house will be on the deed after the transfer of equity?

Best,

pakkun