what is occupiers consent form?

Options
2456789

Comments

  • kingstreet
    kingstreet Posts: 38,767 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Write a will leaving the property to her.

    Write life cover in trust with the benefit payable to her.

    She repays the mortgage on your death and gets the property, mortgage free.

    None of this has anything to do with the consent form. All she is saying by signing is that she agrees to be bound by the mortgage deed and will accept the lender's right to repossess and will leave when you leave, should you default on the mortgage payments.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Goldiegirl
    Goldiegirl Posts: 8,805 Forumite
    First Anniversary First Post Rampant Recycler Hung up my suit!
    Options
    londonmania wrote: »
    Hi, I have just received this same form.
    I am re-mortgaging with Coventry (CBS) and have come across this point: Declare Other residents (non-owning occupiers)
    You must declare all non-owning occupiers aged 17 years and over at point of application.

    I live with my partner since 2008. I dont know what rights she has or doesnt have and what rights the Society will or wont have over the property but If there I was ever unable to keep up with payments, she can cover the payments and lets say in case of my death, I would want her to be able to stay in the property and pay it off etc as needed.

    The Legal LLP firm working for CBS has indicated that if my partner is unable to sign (as she is travelling) , it wont delay the completion due in a few weeks.

    Is this decalation required by Law or is it something lenders have started doing to be able to evicit people from houses should payments not be kept etc?

    Not sure how to proceed

    thanks in advance for your help.
    RS.

    The declaration isn't required by law - but it forms part of the mortgage conditions, and the solicitor won't complete the mortgage unless a signed declaration is received.

    It's nothing new - from memory, this requirement started in the 1980's
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • NCarleton
    NCarleton Posts: 2 Newbie
    Options
    Hi

    I have read the above posts and have a better understanding of the consent to mortgage form I have received from my fianc!s solicitor.

    My concern is that in the near future when we are married, I will be put on to the mortgage. By signing the consent to mortgage form, will it affect me being able to be put on to the mortgage in the future?

    Many thanks,
    NCarleton
  • Goldiegirl
    Goldiegirl Posts: 8,805 Forumite
    First Anniversary First Post Rampant Recycler Hung up my suit!
    Options
    NCarleton wrote: »
    Hi

    I have read the above posts and have a better understanding of the consent to mortgage form I have received from my fianc!s solicitor.

    My concern is that in the near future when we are married, I will be put on to the mortgage. By signing the consent to mortgage form, will it affect me being able to be put on to the mortgage in the future?

    Many thanks,
    NCarleton

    No, there'd be no affect on any future Transfer of the property.

    If you were accepted to be on the mortgage in future, the Consent form wouldn't be valid anymore, as, by being a party to the mortgage, you'd obviously be aware of having the mortgage.

    Once you were a mortgage holder, the lender would be able to evict you as part of a repossession order, so wouldn't need the Consent form anymore
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • NCarleton
    NCarleton Posts: 2 Newbie
    Options
    Thank you for your quick reply! That's great to hear!

    Just to check though, I will be paying half the mortgage with my fianc! as we have decided to split outgoings evenly. If we separated (God forbid), would I be able to claim in court or whatever to the amount that I have overall contributed to the house?
  • TatjanaJ
    TatjanaJ Posts: 1 Newbie
    Options
    Hi,
    thank you for all the useful information. Now this form doesn't look so scary. :)

    I have another question, what if after signing this form as an occupier at the time the mortgage is made I will have to move out of the property later on. Can I do that at any time?

    Kind regards
  • kingstreet
    kingstreet Posts: 38,767 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Yes.

    All this amounts to is a guarantee you will also leave if the lender obtains repossession against the borrower.

    Nothing more, nothing less.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Ricko1977
    Ricko1977 Posts: 2 Newbie
    Options
    Do I need to sign the Occupier's Consent and Postponement Deed form if me and the wife are both named on the mortgage deed and have no children over the age of 17??
  • kingstreet
    kingstreet Posts: 38,767 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    No. Only those not party to the mortgage/ownership need to sign. The applicants are bound by the mortgage deed.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Ricko1977
    Ricko1977 Posts: 2 Newbie
    Options
    Thank you for that.. on a separate note we did a remortgage about 8 years ago and it shows a sub account on our current mortgage, now that I am looking to move lenders do I need to put this in under the additional secured borrowing section or do I just give the total figure as the redemption??
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards