Some banks ask whether anyone will occupy a property over 17 on the mortgage application; they state these people must not have an interest in the property; my question:
1 - What do they mean by interest?
Thanks for this, I understand your point, a few further questions if I may:
1 - If the person also signs the mortgage deed, does this not almost waive their right, certainly as far as not being evicted is concerned, as they are bound by the mortgage conditions; thus the lender would have the power to evict?
2 - Is there any time limit after which this interest expires were it not to be exercised?
3 - Is there any way of officially recording / documenting that this person waives any interest they may have acquired to the property?
On point 2 can you possibly give me examples, i.e. types of interest and time after which it is deemed to have expired if not exercised.
If a property is owned jointly and then one person transfers their share to the other person (via transfer of equity) where does the person who has transferred their share stand in respect of interests; are they not forfitting any interest?
Also please let me know if any further payment is needed for the above question,