Another queston for Mike

[Lisa2009]

Mike, as you know i have been offered a firm remortgage offer. Today my 17 year old son was sent some papers to sign to consent to the remortgage. Something about postponing his rights of occupation and his interest in the property in favour of the mortgage company.
Why is this and what exactly does it mean?

[Lisa2009]

Does anybody else know the answer to this?

[MelanieGiles]

I'll hazard a guess that it is inappropriate as your son is still a minor - but as Mike does not tread on IP related issues on this forum I'll let him deal with the legalities of this one!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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[Lisa2009]

Thanks Melanie i appreciate what yu are saying.

[Adam Davies]

Hi
It,s standard and I had to get my 17 year old son to sign the same form.I think it is a safeguard against them having a claim on the property if it is repossesed.
As Melanie says MikeB will be able to give a difinitive answer when he,s back online [ I think he,s checking his NR share price]
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Andy Davie
IVA.co.uk Spokesperson

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[Lisa2009]

He has to have it witnessed by someone thas not family. We didnt particularly want everyone knowing thats the problem

[MelanieGiles]

They will only know that you are effecting a re-mortgage and nothing more sinister. Get him to get one of his pals to witness his signature - it is rather simple to do at the end of the day.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
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[Lisa2009]

Thanks both, as long as i know its normal. Thanks to Andy for that.
I just thought it a bit strange thats all, given that hes onl 17

[mikebdomain]

Hi Skint - sorry for taking so long to get back to you (pulled an all nighter - need about 50 cups of coffee)

It is quite normal.

Basically, it's just in case the lender wishes to repossess your property. Your son is of the age where he could (without signing this waiver) claim a right to occupation and automatic beneficiary interest.

I know it’s a bit strange as your son is under the age to consent to a contractual mortgage (so he could not go on the mortgage to safeguard his interests) but, he is old enough to claim right of occupation.

If he doesn’t sign your offer will be refused. They should always suggest that your son takes the advice of a solicitor, but it’s not actually required.

Anybody can sign as a witness as long as they are not a relation. As I said it is quite normal and not something you should be worried about. If you do feel unsure about it, the solicitor who is acting on your behalf should be able to eliminate your worries.

Andy just because you mentioned it - I have just checked out the shares and I'm 12p up - so won't be planning that trip to the Caribbean just yet...

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