28. Occupiers

When remortgaging a property, lenders often ask about other adults, besides the remortgagers or tenants, who will be residing at the property. This information is important for several reasons related to legal, financial, and regulatory concerns. 

Lenders need to know about all adult occupants because these individuals may acquire certain legal rights regarding the property. For instance, in some jurisdictions, adults who live in the property but are not on the mortgage might have a claim or interest in the property. If the lender needs to repossess the property due to missed payments, having other adults with established residency can complicate the process, as they might have rights that need to be addressed, potentially delaying or hindering repossession. 

To protect their interests, lenders often require additional adult occupants to sign occupier consent forms. These forms confirm that the occupants are aware of the mortgage and acknowledge that they have no claim to the property in the event of repossession. This step ensures that everyone is informed about the terms of the remortgage and safeguards the lender’s rights.