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Is deed of postponement needed?
mercexe
Posts: 25 Forumite
I'm applying for additional borrowing.
Parents are living with me temporarily whilst their own house is being renovated. Are they classed as "occupiers" and therefore do I need to declare and have them sign a deed of postponement?
Thanks...
Parents are living with me temporarily whilst their own house is being renovated. Are they classed as "occupiers" and therefore do I need to declare and have them sign a deed of postponement?
Thanks...
0
Comments
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A deed of postponement is a totally different thing for a totally different purpose.
If they will be resident in the property on he date the mortgage completes, they should complete the new lender's consent to mortgage form.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 -
My solicitor told me they'd have to sign a "deed of postponement"!kingstreet wrote: »A deed of postponement is a totally different thing for a totally different purpose.
If they will be resident in the property on he date the mortgage completes, they should complete the new lender's consent to mortgage form.
Assume that they are mistaken and it's just a "consent to mortgage" form that they have to sign?0 -
Deed of postponement moves a charge down the rankings.
I would worry about the solicitor if I was you!I am a Mortgage AdviserYou 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.0 -
Will this affect my mortgage offer or is it just a formality?0
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Just a formality.
It prevents an occupier claiming an implied tenancy from the point the lender repossesses, if it ever did.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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