consent of undertaking form MORTGAGES

elle1234_2

I have been given a form to sign from my landlord. can someone please tell me actually what does it mean.

I, being or who is about to be an occupier of the
property known as (the Property)
hereby:
1. acknowledge that OneSavings Bank plc (trading as Kent Reliance Banking Services, Kent Reliance and krbs) of
Reliance House, Sun Pier, Chatham, Kent ME4 4ET (the Bank) proposes to make or has made an advance to
(the Borrower) upon the security of a Legal Mortgage
over the Property dated (the Mortgage) and may from time to time make
further advances upon the same security.
2. consent to the making of the advance and any further advances by the Bank.
3. consent to the Mortgage over the Property to secure the advance and any further advances together with interest and any
sums payable by the Borrower under the Mortgage.
4. undertake and agree with the Bank that such present or future rights or interests (including overriding interests or otherwise)
as I may have in, over or to occupy the Property whether arising from agreement, statute, common law or otherwise or
whether pre-existing, known or unknown at the date hereof, shall be postponed, released and made subject to the rights,
and interests and remedies of the Bank under the Mortgage and that I shall make no claim to any such rights or interests
against the Bank.
5. agree that the Bank shall be entitled to exercise any remedies under the Mortgage or under the general law without
reference to me and in all respects in priority to and so as to override any rights or interests which I may have in the Property
or any right of occupation.
6. agree that I shall immediately vacate the Property and give up possession thereof to the Bank upon exercise by the Bank of
its rights under the Mortgage.
7. agree that none of the above shall in any way be affected by the giving of time or other indulgence to or any arrangement
with the Borrower or any other matter whatsoever.
8. confirm that the effect of this Consent and Undertaking has been explained to me and that I have received independent
legal advice upon it prior to my signing this document.
This Deed of Consent and Undertaking is intended to have binding legal effect between myself and the Bank as Mortgagee.
It is not intended to have any legal effect between me and any other person.

thank you in advance.

Thrugelmir

In summary. In the event that they repossess the property from the landlord. That you have no rights, other than receiving due notice to vacate the property.

aveylee

It appears that your Landlord wishes to take out, or increase a current, mortgage on the property your renting.
The thrust of this agreement is that the bank wants to be able to evict you immediately (see section 6), should your Landlord default on the mortgage.
Mortgage companies often experience delays in evicting sitting tenants when repossessing property. This appears to be the bank attempting to get your agreement to waive any rights to notice etc. should the bank wish to get rid of you.
There is no benefit to you in agreeing, your simply waiving your limited rights away (a bank will eventually be able to evict you in anycase should it be neccessary). The agreement solely benefits the bank.
However if you don't agree you may find the Landlord giving you notice to quit, as he likely won't get the mortgage otherwise.
My advice is speak to your local Council Housing Advice Team, CAB, Shelter etc. for advice before signing.

Thrugelmir

aveylee wrote: »

I
The thrust of this agreement is that the bank wants to be able to evict you immediately (see section 6), should your Landlord default on the mortgage.
Mortgage companies often experience delays in evicting sitting tenants when repossessing property. This appears to be the bank attempting to get your agreement to waive any rights to notice etc. should the bank wish to get rid of you.

Unlikely to be immediately. Repossession in itself isn't a quick process. The lender would prefer to be appointed a receiver of rent rather than have an empty property for a period.