Deed of Consent and Charge

nailzy

Hi all,

Wow, did not realize such comprehensive forums existed! Thanks to all that help out here.

I've just had a formal offer from Santander for a mortgage on a property I'm buying - they have however asked for a "Deed of Consent and Charge" to be completed by my partner - who is not named on the mortgage.

Whilst I completely understand the necessity for it - the difficulty I'm having clarifying is that - in the unfortunate event of my death - does it mean that even if I left the property to my partner in a will along with a life insurance / death in service policy sum - that Santander could just choose to sell the property as they would have all favor over the property?

The wording in particular says

"I agree that any rights that I have, or may acquire, in the Property or the proceeds of sale shall by virtue of this deed be postponed in favour of Santander UK plc and shall be subject to the rights, interests and remedies of Santander UK plc under the Mortgage"

Cheers for any help - I'll be approaching the solicitors about it when they reopen as this came through over the Xmas period!

[Deleted User]

It just means that if santander try to repossess the property due to non payment then he won't kick up a fuss saying he needs a roof over his head and try to block the sale.

Also, if you were to die and he wasn't on the mortgage then you can't transfer a debt to him. Santander would be within their rights to request the property sold to give them back their money as the person they had a contract with is dead now. Life insurance would sort this out of course.

He isn't giving up any rights, just agreeing that he falls behind the lender in any money due on sale.

Thrugelmir

nailzy wrote: »

Whilst I completely understand the necessity for it - the difficulty I'm having clarifying is that - in the unfortunate event of my death - does it mean that even if I left the property to my partner in a will along with a life insurance / death in service policy sum - that Santander could just choose to sell the property as they would have all favor over the property?

Why would they wish to incur unneccessary expense. Providing they receive any outstanding monies that is owed. All will be fine.