Statutory Declaration

king100

Does anyone know how I can word a stat dec in regards to a secured loan on our property as the loan company is requesting it.

We have a small mortgage and wish to release the capital and i just need to know how to word it to say that i consent to this.

SquatNow

king100 wrote: »

release the capital

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

"Theres money trapped in my house... I have to set it free!!!"

It's a fracking LOAN. You're not "Releasing" anything you're getting yourself into DEBT.

king100

Excellent post just what i needed.

Your comments however are somewhat unhelpful and coming from a serious moneysaving fan I would expect something more helpful.

If you do not understand my post or do not have the answer i would keep your comments to yourself.

I have a very small mortgage and alot of cash in my house thus i wish to release this cash with a loan, so that i can make some improvements.

Your comment about getting into debt was uncalled for.

May i suggest that maybe you can take up what is obviously what you want to be doing and go squat on another post.

Richard_Webster

It isn't very clear to me why the stat dec is needed, nor am I clear as to why OP would be consenting to anything.

The first mortgage lender's consent might well be needed to allow registration of the second charge in favour of the secured loan, but this would be a document provided by, and signed by the lender, not OP.

Please explain who is requesting this and why.

By the way, the interest rate on a secured loan will always be higher than that on a first mortgage so if possible OP should approach his mortgage lender for a further advance or even consider remortgaging with another lender for the whole amount required.

tbs624

king100 wrote: »

.....Your comments however are somewhat unhelpful and coming from a serious moneysaving fan I would expect something more helpful.

If you do not understand my post or do not have the answer i would keep your comments to yourself.

I have a very small mortgage and alot of cash in my house thus i wish to release this cash with a loan, so that i can make some improvements.

Your comment about getting into debt was uncalled for.....

If you post in a public forum you will get people's comments (isn't that the point of a forum?) and those are likely to include both those that you consider helpful and those that you don't. What Squat says is true and may help someone else in a similar situation who is reading the thread, and who possibly hasn't realised the consequences of a secured loan. Squat just has a distinctive style of expression - try not to take it personally

A debt is, after all, money owed to another party:the fact that your house has sufficient equity (currently) for you to be able to clear the loan at some point doesn't mean that it isn't a debt.

Richard's post gives you useful advice. Hope you get sorted out.

Richard_Webster

We have a small mortgage and wish to release the capital and i just need to know how to word it to say that i consent to this.

Is it possible that OP doesn't own the property but lives with OH who does. if that were the case then OP would need to consent to a further secured loan because the lender would not know for sure that OP would not claim some share in the property and seek prevent a repossession if OH did not pay the instalments.

Is this nearer to the situation? I assume this is in England/Wales. I know when my sister in law sold her flat in Edinburgh some years ago she had to make a declaration saying she was single and there was nobody around able to claim any rights in the property - so it might be something like that if it is in Scotland.