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I am being asked to sign a Deed of Consent and Postponement

Resolved Question:

I am being asked to sign a Deed of Consent and Postponement by Non-Owner Occupier and am concerned about the implications. My husband and I are purchasing a house together but because I am a freelance editor and because I am currently on a temporary visa (Further Leave to Remain for two years), my name is XXXXX XXXXX the mortgage. I am, however, putting forward the whole of the £50,000 deposit. How can I protect myself in this case? Is it a bad idea to sign this deed of consent and postponement?
Submitted: 3 years ago.
Category: UK Law
Expert:  Thomas replied 3 years ago.

Hi,

 

Will the mortgage company not permit you to be jointly named on the mortgage and therefore also the joint owner on the title to the property?


Tom

Customer: replied 3 years ago.
Hi,

Apparently because I have less than two years remaining on my visa (which is only a two year visa to begin with), they will not permit me to be jointly named on the mortgage. I cannot do anything about the visa situation until I am allowed to apply for Indefinite Leave to Remain.
Expert:  Thomas replied 3 years ago.

Ok.

 

The deed you are being asked to sign is essentially a statement that is required by all non-owning person who are to occupy a mortgaged property that they are not named on. It says that you understand that the mortgage company's interest in the property is the primary interest and that you understand that you will not be able to claim any interest in the property before them.


It does not mean that you cannot claim an interest at all, it just means that you are saying that your interest can only be claimed on the equity in the property after their charge. You would therefore be saying that you understand that you will not get your money back without their mortgage being paid of first.

 

If you are to live in the property you will have to sign it.

 

However, if you are contributing money to finance the purcahse then to secure this you should ask for a declaration of trust to be drawn up by the solicitor. This is a deed which would declare how the proceeds of sale are to be split. It can say that you should receive your contribution first, or that you and your husband should split the equity in the property in certain specified percentages. This will provide some security to you so that you wouldu receive your money when it is sold.

 

You can also ask that the deed is noted against the freehold title in the form of an agreed notice so that you will know when the property is to be sold.

 

If this is useful please kindly click accept so that I may be rewarded for my time. You will be free to ask follow up questions.


Kind regards,


Tom

Thomas, Lawyer
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