When it comes to Purchase conveyancing, if you are purchasing a property with mortgage finance and there are adult occupiers (defined as persons of 17 years or more and does include your children) who will be living at the property with you ( including your children if they are over 17), then they will have to sign an Occupancy Form/ Waiver Form in the format supplied by your Lender.
You must inform your proposed lender and your conveyancing solicitor if there will be any adults living in the property are not going to be owners, for example any grown-up children who have not left home. The reason for this is that occupiers of a property may be or become entitled to rights of occupation that could have priority over a mortgage. If an occupier had a right to refuse to leave a property, any mortgage that a lender had on that property would be useless because it would be unsaleable. For this reason, lenders insist that adult occupiers who are not owners of the property sign a Occupancy Form/ Waiver Form consenting to the mortgage and confirming that, if they have any rights in the property, they will not assert those rights against the lender.
We recommend that adult occupiers should seek independent legal advice on this point, especially if they are making a contribution to the purchase price. If Fridaysmove are conducting the conveyancing for your purchase we will not be able to advise the occupiers at the property. We will not be able to draw down on the mortgage advance if the occupiers do not sign the Waiver Form/Occupancy Form