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Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7600
Experience:  BA (Hons), PgDip, Practising Solicitor
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My wife and I have just moved our 18 year old son lives with

Resolved Question:

My wife and I have just moved our 18 year old son lives with us but has no financial interest in the property. He is being asked by our lender to sign a Deed of Consent Postponement and Charge. Is this normal practice? Any information you can provide will be very much apprecaited.
Submitted: 5 years ago.
Category: UK Law
Expert:  Thomas replied 5 years ago.

Thanks for your reply.

This is perfectly normal. Where an adult is to occupy a property which they are not the owner of and which is mortgaged the lender needs to know that they shall not claim an interest in the property in preference to their charge.

It is a form of reassurance for the lender that your son cannot subsequently claim that he did not know about the charge and challenge the primacy of it. He will state that he does not have a financial interest in the property at the time of occupation and shall not claim such before the lender’s first legal charge (ie. the lenders mortgage over the property). It protects the charge, it does not prejudice you and you will be in breach of your mortgage conditions if you do not secure his execution of the Deed.

You should ask your lender if they require him to take it to a local solicitor to witness his execution of it, they probably will and this will cost around £10.00. If he wishes to receive advice from a local solicitor on it then it would cost around £60.00

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Kind regards,

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