Necessity
These forms are required when a non-owner resides in a mortgaged property. They ensure the occupier acknowledges they have no rights to the property if repossession occurs.
Implications
The occupier waives any legal claim to the property and must vacate if repossession happens. This can result in the occupier needing to arrange alternative accommodation at short notice, causing potential emotional and financial stress.
Procedure
A solicitor explains the form’s implications, and the occupier signs it in the solicitor’s presence. The lender receives the signed document. The solicitor will ensure the occupier fully understands the consequences and verifies their identity to prevent fraudulent claims.
Advice Covers
- Loss of rights to the property.
- Risks if the homeowner defaults on the mortgage.
- Possible scenarios leading to the enforcement of the consent and associated consequences.
- Options for seeking alternative housing arrangements if needed.