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Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7676
Experience:  UK solicitor holding an England and Wales practising Certificate.
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I am in the process of buying a house and have been send the Mortgage Deed to sign fr

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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
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
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