Why is independent legal advice needed for an occupier waiver form?
The mortgage lender wants to ensure that the occupier is fully aware of the terms of the consent that they are giving. To evidence this the mortgage lender requests the occupier seek independent legal advice and during that meeting the occupier's consent form solicitor confirms:
At a meeting NOT ATTENDED BY THE BORROWER OR THE LENDER, the solicitor I have engaged has:
- Given me independent legal advice, including explaining the contents, nature, legal and practical effect of signing the Deed of Consent;
- Advised me (using a copy of the mortgage offer and mortgage conditions provided to me) of the purpose and amount of the loan advance, the interest rate, the term of the initial loan and the payment details and that further advances may be made in future;
- Warned me of the risks involved in my signing this Deed of Consent;
- Received my confirmation that I wish to sign the Deed of Consent; and
- Confirmed they were satisfied I understood the nature and extent of my obligations under the Deed of Consent and the impact and risks of signing it.
Who can provide Independent Legal Advice?
The requirements vary depending on the ILA, however the legal advisor will most commonly be a practising Solicitor, Licensed Conveyancer or a Fellow of the Institute of Legal Executives. You cannot use the same solicitor handling the purchase transaction to provide legal advice to the occupier. We can help provide the legal advice for a fixed low fee so get in contact to confirm the occupier consent form cost.
Do all mortgage lenders require independent legal advice?
Whether you can opt out from obtaining independent legal advice for an occupier consent form depends on the mortgage lender and their terms. In the Skipton Building Society Deed of Consent the occupier can opt out and it states:
"I understand I am strongly recommended by the Lender to take independent legal advice before signing the Deed of Consent. As well as reading the Deed of Consent, I have been provided with and considered the mortgage offer and mortgage conditions. I have decided not to take independent legal advice because I fully understand the consequences of signing and wish to proceed of my own free will."
Within the deed of consent it'll state whether independent legal advice is advisable or a requirement.
Who can be a witness to an Occupier consent Form?
- The witnesses should be over 18 years old and should be people you believe could give reliable evidence about witnessing your deed if asked in future (although this rarely happens);
- The witnesses should not be members of your family; and
- The witnesses and their husbands, wives and civil partners should not benefit from your deed in any way (they will lose this benefit if they act as one of your witnesses).
Get an Occupier's Consent Form Solicitor Quote
Our solicitor handles independent legal advice for Occupier Consent Forms (deed of consent/postponement or occupier waiver form). Click below to get a quote or call us on 0333 344 3234 (local call charges apply).
- Next day appointments
- Meetings via Skype or face to face
- Our solicitor can work with any mortgage lender including Halifax Bank Plc, Barclays Bank Plc (The Woolwich), National Westminster Bank Plc (Natwest), Skipton Building Society, HSBC Bank Plc and Aldermore.