Occupier consent form

Rumana03

Hi,

As we are nearing the end of our purchase, our solicitor has sent me a occupier consent form to complete. The property we are buying is only in my husband's name although I am contributing to the deposit.
Can someone explain what this form means? I read online it means I'm giving up my rights of any financial interest to the property? Does it mean that if anything were to happen to my husband, the bank would claim the property? Or is it only if he can't make payments, the bank will take ownership of the property?

canaldumidi

What exactly does the form say you are 'consenting' to? That is the answer to your question!

But usually it is about the potential difficulty a mortgage lender could have if mortgage arrears build up and they have to repossess. They then have to evict everyone which can be more complicated if there is an (innocent) occupant.

user1977

It basically means you'll go quietly if the bank want to repossess. It doesn't affect your rights between you and your husband.

(and I presume it's your husband's (and the bank's) solicitor, not "our" solicitor, which is why they haven't given you advice about it!)

kingstreet

This should help;-

https://forums.moneysavingexpert.com/discussion/2244515/what-is-occupiers-consent-form/p1

TBagpuss

Normally it means that you are agreeingthat your rights are sibjet to those of the bank - in other words, that if they need to repossess the property, you accept that you will move out and won't seek to arguethat your have a right to remain in the proeprty and to stop them reposessing it.

Asbetween you and your husband, it wouldn't prevent you frm claiming a share in the hosue if you divorced or in the vent of his death, but you may want to discuss why your name isn't on the deeds in the first place, and whether it would be appropriate for you to have a declaration f trust to record your interest in it. 

Rumana03

TBagpuss said:

Normally it means that you are agreeingthat your rights are sibjet to those of the bank - in other words, that if they need to repossess the property, you accept that you will move out and won't seek to arguethat your have a right to remain in the proeprty and to stop them reposessing it.

Asbetween you and your husband, it wouldn't prevent you frm claiming a share in the hosue if you divorced or in the vent of his death, but you may want to discuss why your name isn't on the deeds in the first place, and whether it would be appropriate for you to have a declaration f trust to record your interest in it. 

I didn't want my name on the deeds as I already have a property (buy to let) and I didn't want to risk anything in the future if there's issues that money may be taken from there to cover any shortfalls in the new property. I felt it is better this way. I read somewhere online if you buy a property jointly, the bank can use your assets if you cannot meet payments. I'm not saying that will happen but it's good to think of all the possibilities.