How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Thomas Your Own Question
Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7620
Experience:  UK solicitor holding an England and Wales practising Certificate.
28732269
Type Your Property Law Question Here...
Thomas is online now

I am in the process of buying a house and have been send the Mortgage Deed to sign fr

Resolved Question:

Hi, I am in the process of buying a house and have been send the Mortgage Deed to sign from my conveyancer. The Mortgage Deed is also asking for my two sons to sign the Deed as they are both over the age of 17. Is this normal and would they still be able to benefit from the proceeds of the property in the event of my death?
Kind regards.
Mrs Watson
Submitted: 1 year ago.
Category: Property Law
Expert:  Thomas replied 1 year ago.
Hi Thank you for your question and patience, I’m Tom and I’ll try to help you.Yes, this is normal. They are likely being required to sign the deed of consent/postponement which is sometimes also contained on the mortgage deed.This is essentially your sons acknowledging that the mortgage in favour of the lender exists and has “first call” on the equity of the property. This means that they essentially agree that you owe sums under the mortgage and that the lender can claim these sums from the equity in the property before anyone else.It does not mean that your children do not have an interest in the property or that they would not be able to inherit the equity in the property in the future, it just means that their eventual interest in the proceeds of the property is subject to the mortgage so that the lender will get their mortgage repaid before any money ultimately is passed to your sons. A deed of consent/postponement is a standard document and no high street lender would proceed unless your sons signed the document in these circumstances. My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question. Kind regards,Tom
Thomas and other Property Law Specialists are ready to help you