Children's Rights of Occupation

Crazy_Saver

Hi everyone.

I'm just looking for confirmation please. I have searched through previous posts but they are a few years old so just wanted to clarify someting.

My husband and I are moving and have increased our mortgage. Both our children are over 18 and are moving with us.
Today they received letters from our solicitor asking them to sign an occupancy form.
This form states that they agree that any right of occupation and share of interest in the property they may have is postponed to the rights of the lender.
Am I right in assuming this is only in the case of repossion and when the mortgage is paid off the postponement ceases?

Thank you in advance

Crazy Saver

kingstreet

Yes. They are agreeing to be bound by the terms of the mortgage deed as you are.

Once the loan is repaid, the mortgage deed is cancelled and the charge removed from the property.

Crazy_Saver

kingstreet wrote: »

Yes. They are agreeing to be bound by the terms of the mortgage deed as you are.

Once the loan is repaid, the mortgage deed is cancelled and the charge removed from the property.

Thanks Kingstreet.

The solicitors letter "strongly advised that my children obtain independent legal advice" which frightened my daughter slightly.

I feel much happier already.

Thanks again :beer:

Thrugelmir

Crazy_Saver wrote: »

The solicitors letter "strongly advised that my children obtain independent legal advice" which frightened my daughter slightly.

Your solicitor is representing your lender in the transaction. They therefore cannot advise your children in any way. As a conflict of interest could potentially arise. It is the solicitors duty to recommend independent advice so that people understand what they are signing. By doing so there can be no complaint at a later date that they weren't forewarned.

Crazy_Saver

Thrugelmir wrote: »

Your solicitor is representing your lender in the transaction. They therefore cannot advise your children in any way. As a conflict of interest could potentially arise. It is the solicitors duty to recommend independent advice so that people understand what they are signing. By doing so there can be no complaint at a later date that they weren't forewarned.

Thanks Thrugelmir.

It does seem a tad unfair that we are paying the solicitors fees but at this point they are representing our lender and therefore can't give us advice???

Thrugelmir

Crazy_Saver wrote: »

It does seem a tad unfair that we are paying the solicitors fees but at this point they are representing our lender and therefore can't give us advice???

They do represent you. Not your children as they are not party to the transaction. As I said a conflict of interest could arise. With a dispute as to who said what and to whom. With your children claiming occupation rights. Hence the independence.