A deed of consent should be signed by any adult occupant who will be living at the property after the buyer has completed the purchase. (This does not include the co-owner since they are buying the property jointly and are therefore a party to the mortgage). The deed effectively suspends any legal interest the adult occupant may have in the property while there is a legal charge over it in favour of the lender.
The adult occupant will be advised to obtain independent legal advice regarding the deed before they sign it. They cannot use the same solicitor as the buyer’s solicitor. This is most common where there are adult children (over 18 years) or where a husband or wife is buying in their sole name but their spouse continues to live there. It is very important that the adult occupant fully understands the nature and legal significance of the deed before signing it. A lender will not lend if the deed is not signed by the adult occupant as their interest in the property will not be adequately protected in the event the adult occupant makes a claim in the future asserting an interest over the property.