Occupier consent form

kartingmad

Hi

So basically my partner has the mortgage through but because I'm not on it I have to sign a consent form sayin if she defaults I'll move out etc etc

Do I actually need a solicitor to sign this if I understand it and work in the legal sector. It just a another con they don't tell you about when buying a house

The other thing is what if I don't sign it what will happen to the mortgage?

Cheers

SuperSaver123

You certainly don't need a solicitor if you understand what declaration you are signing.

Your second question - I am not sure, would only be guessing so I will leave it for others to answer.

Senior_Paper_Monitor

1a) Nearly all lenders require this processed by their solicitor


1b) You are not "buying house"


2) It (the mortgage/purchase) will not be completed

Browntoa

Without the declaration they won't proceed with the mortgage offer

SuperSaver123

Senior_Paper_Monitor wrote: »

1a) Nearly all lenders require this processed by their solicitor

Agreed but you, as occupier, do not need a solicitor.

amnblog

Why is it a 'con'

Senior_Paper_Monitor

Actually some lenders, in certain circumstances - set by them, will require that the 'consenter' receives independent legal advice.

amnblog

It's what we call PMA in our office.

kartingmad

Its a con because they don't tell you at the start of the process its going to cost £100 minimum to get a bloody signature from a human being. Just thing how rich I would be if I could sell my signature.

Also I have heard they credit check the occupier which may lead to the offer being withdrawn or re evaluated. Im hoping this is nonsense because no where on the form does it state they will credit check me?

Cheers

Senior_Paper_Monitor

The credit checking of 'occupants' is becoming more common practice (quoting MMR requirements to ensure that affordability is achievable) - a number of lenders have introduced this as standard practice. In most cases they provide a clear authorisation form to the occupant BUT the standard declaration for the applicant can cover this on the basis of the 'financial associates' clause.


Discovering that a financial associate (whether co-resident or not) has bad credit and or considerable debt can be sufficient grounds for a lender to decline.

kartingmad

So they should send a consent to credit check form as well.

They haven't sent this form to me so if they do credit check me do we stand in good stead to take it further.