Occupiers Waiver and Posponement Form from Solex Legal Services

nndrv89

Hello,


I am tenant who lives in a shared house.
Today I received a letter from Solex Legal Services saying they were instructed by Halifax in re-mortgage of the house I live in. Enclosed is an Occupier Waiver and Postponement Form for me to sign, but I'm not sure whether I should.


The letter states:
"The form is required to ensure Halifax mortgage takes priority over any rights or interest which you may have in the property.
By signing, you are acknowledging the existence of the mortgage and postponing any interest which you may have, in favour of Halifax. The effect of this is that if the property is sold at any time whilst the debt remains outstanding, Halifax has the first claim on the sale proceeds to ensure that the mortgage is repaid."


And the form says:
"The Occupier (me) agrees:

- to the Lender making the advance and any further advances to the borrower
- to the Borrower giving the Lender a Mortgage over the Property
- that any rights or interest the Occupier may have in the Property no or in the future will be postponed and will be subject to the Lender's rights and powers under the Mortgage
- not to claim any right or interest against the Lender."


I don't fully understand and I don't wish to sign it before I do.
What "rights" precisely will I be postponing? Is there any chance that Halifax might ask me for money even though I'm only renting and didn't ask for any mortgage? Should I seek legal advice before signing?


Thank you for your help

Slithery

It just means that you are waiving any interest in ownership of the property (not that you had any in the first place).

It's a standard form that anyone over 18 living in a property is expected to sign when a new mortgage is taken without their name on it. As a tenant this will affect you in no way whatsoever.

kingstreet

One of my regular threads;-

https://forums.moneysavingexpert.com/discussion/2244515occupier+consent