Hi All
I hope you can help
Our current mortgage deal is up so we're moving to another provider. We have been accepted on condition that we provide them with bank statements, utility bills etc. Also, my DH bought the house before we got married and is the only one named on the title deeds. As we want the mortgage to be joint, the bank said that I will need to sign a "Letter of Consent and Postponement by Deed" and the bank have asked us to look for independent legal advice re this. I don't mind going to a solicitor but just now I am not sure where the problem is and what I should be asking them.
I googled this letter of consent and it looks like I will have to agree that the bank would have priority over me in case we fail to make repayments. My understanding is that the bank will send me a form to sign so why should I speak to a solicitor? Or is it a solicitor's job to prepare such a letter?
Another option would be to add me to the title deeds but for some reason the bank advisor did not seem too keen when we mentioned this and said it would take too long. Do you know how much it would cost and how long it would take if we wanted to do this and whether there would be any tax implications? And whether I could sign this letter of consent now and get added to the deeds in the near future once the mortgage is in place?
I hope you can help
Our current mortgage deal is up so we're moving to another provider. We have been accepted on condition that we provide them with bank statements, utility bills etc. Also, my DH bought the house before we got married and is the only one named on the title deeds. As we want the mortgage to be joint, the bank said that I will need to sign a "Letter of Consent and Postponement by Deed" and the bank have asked us to look for independent legal advice re this. I don't mind going to a solicitor but just now I am not sure where the problem is and what I should be asking them.
I googled this letter of consent and it looks like I will have to agree that the bank would have priority over me in case we fail to make repayments. My understanding is that the bank will send me a form to sign so why should I speak to a solicitor? Or is it a solicitor's job to prepare such a letter?
Another option would be to add me to the title deeds but for some reason the bank advisor did not seem too keen when we mentioned this and said it would take too long. Do you know how much it would cost and how long it would take if we wanted to do this and whether there would be any tax implications? And whether I could sign this letter of consent now and get added to the deeds in the near future once the mortgage is in place?