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18/11/2011 13:46:19 ahowlett Posts: 1	I'm currently in the process of remortgaging my home. My existing mortgage is currently in my own name and so are the title deeds for the house. I have recently got married but rather than going to the expense of adding my wife to the mortgage and thus the title deeds (current quotes are £1,000+ just for the legal bit!), I thought I could continue with the mortgage just in my name. I was under the impression that Family Law meant that, in the event of my death, my wife would become the owner of the property by default. However, the legal company currently acting on behalf of the bank have sent a letter to my wife asking that she consent to the postponement of any interest or right to the property. This means (in the words of the legal company involved): 'if {bank name} ever needs to sell the property to obtain repayment of the mortgage loan and other facilities provided to the borrower, it can make you leave the property' Being that we have sufficient life insurance to cover the cost of the mortgage in full, should I/we be concerned by this? Last thing I want to do is leave my wife without a home in the event of my death. Any help you can provide on this is much appreciated.
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18/11/2011 22:07:33 www.clicklegalservices.co.uk Administrator Posts: 374	No, this is perfectly normal to ask a person who may have pre existing rights in the property, to have their interests postponed to that of the new mortgagee. They will not grant the loan otherwise. The alternative is for her to enter onto the mortgage as well. The reason the bank have to do this is in case you are repossessed and they want vacant possession which they may not be entitled to get this if her interests in the house was there before theirs.
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