Letter of Consent and Postponement

LJB75

Hi, I've received a Letter of Consent and Postponement re the mortgage my boyfriend is taking out on a house we're buying. The mortgage is in his name as he's selling his to finance the sale; I have a property which I let out so I couldn't put equity in as it's tied up in that. I've read up and believe I understand what the Letter or Consent is for; to ensure I am aware of the mortgage and that if the payments defaults I will have no right to remain and will have to leave the property. I have been 'strongly recommended' to seek independent legal advice, but in my case it's not mandatory. I'm reluctant to fork out more money when I can't not sign it (or he won't get the mortgage!). I'd just like clarification on a couple of things: Is the Letter of Consent only about if the mortgage repayment defaults? My boyfriend has life cover so the mortgage would be covered if anything did happen. Also,we will be doing our wills before completion; do wills supersede the Letter of Consent? We're thinking of going on each other's mortgage somewhere down the line but that's something we need to look into more. Any advice gratefully received.

kingstreet

Yes, that is all the consent does.

His life cover should be written in trust with you as the beneficiary so you quickly get the funds to purchase the property from his estate to enable the estate to settle the mortgage.