flatmate-landlord mortgage change - legal advice?

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    flatmate-landlord mortgage change - legal advice?

    My flatmate/landlord is changing the mortgage of the flat into her name, from her parents', basically opening up a new mortgage. As I live here too, as [long term] lodger, I have a form to sign, for which I'm advised to seek independent legal advice.

    I'm confused and worried.

    I will try and find some legal advice, although I have way too much going on in my life right now, in addition to this... I never asked for this..

    In the meantime, maybe someone can help me out with what the legal advice might be needed for?
    I also need to know what the situation would be should I decide to move out, say in the next few-6 months or so.

    Can anyone help?

    #2
    The form will most likely be a declaration that you have no interest in the property and aren't entitled to anything out of it.

    Comment


      #3
      Well it would help if you told us what the form actually said! And who is it for - the owners, or the mortgage lender?

      The lender (presumably) will be advising you to take legal advice to cover their own backs, so that you can't try saying at some point in the future that you didn't understand what you were signing or somesuch. It does sound pretty routine, and not something worth getting worked up about.

      What sort of agreement have you been on up till now? Since the parents were owners, maybe you and the daughter were both their jointly tenants? Or was the daughter a tenant and sublet to you?

      Whatever, it sounds as if you will now be a lodger, rather than a tenant (although you may have been a lodger before), and certainly that does carry much less in the way of legal rights than a tenant.

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        #4
        Take the form to a solicitor specialising in conveyancing & LL/T matters, some may even offer free 30 min consultation.
        As you are a current 'occupant' of property and pres will be when sale is completed, I presume it will confirm, or require you to declare, you will have no financial or legal stake as co-habitee in the property on completion. Fairly standard precaution by Lender

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          #5
          Originally posted by Ericthelobster View Post
          Since the parents were owners, maybe you and the daughter were both their jointly tenants? Or was the daughter a tenant and sublet to you?

          Whatever, it sounds as if you will now be a lodger, rather than a tenant
          If Eleison is currently a tenant then the parents/daughters financial shenanigans can not affect those rights even if it results in the landlord changing to a resident landlord.

          Eleison - do you have a written agreement? Who is shown on it as landlord - your flatmate or her parent(s)?

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