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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7626
Experience:  UK solicitor holding an England and Wales practising Certificate.
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My husband got approved for a mortgage. And he instructed

Resolved Question:

My husband got approved for a mortgage. And he instructed the solicitors firm in connection with the purchase of that property with the aid of financial assistance from a mortgage lender.
I also have a document to sign called Occupiers Consent and Postponement Deed. That letter will confirm that I will not assert any right or interest that I may have in the property which could prejudice the rights that the lender (my husband) will have under the terms of its mortgage. In the letter mentioned that I am advised to take independent legal advice; given an opportunity of doing so but have decided not to take such advice.
Is it really the normal practice here in the UK that wives are just occupant? Will it have an affect on me in the future?Is there something that I have to worry about?
I don't have any interest to any property that my husband have or will acquire in the future but it still put me off a bit. Looking forward to see any advice.
Thanks in advance.
Regards,
Rhea
Submitted: 3 months ago.
Category: Property Law
Expert:  Thomas replied 3 months ago.

Hi Rhea

Thanks for your question.

If you are not purchasing the property together with your husband then this is both a standard issue and also a requirement. The mortgage lender would not give your husband a mortgage unless you signed the document.

Assuming that the document is in standard form, it does not mean that you do not have an interest in the propert. It just means that you cannot claim any interests ahead of the lender. This means that you cannot subsequently attempt to claim money from the Equity of the property before the lender. Essentially it means that the lender will have first call on the Equity of the property, which means that they would be repaid the amounts owed on their mortgage before anybody else including you.

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Kind regards.

Tom

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