Adding or removing someone from the plan
If you'd like someone to move into your property
If you are the only plan member but would like another person to join the plan, you must ask for our consent. A fee will be payable by you to us to make this change. Please see our latest Tariff of Charges for details of these costs. We recommend you both take financial advice as to the effects of doing this.
Provided you are not in default, we will consent to the transfer providing:
i. We are satisfied you have taken legal advice as to the effects of making the transfer;
ii. You were both aged 65 or over at the date the original Home Reversion Plan Offer was signed by us;
iii. You will both live at your property;
iv. You repay to us part of the original cash payment to reflect the amount that would have been paid for a joint life tenancy.
You will both be required to complete and sign an application form for this and sign the necessary documents to put this arrangement in place.
You will require independent legal representation in the matter and will be responsible for any legal costs incurred by you and us and any costs resulting from you taking financial advice.
If you would like someone to move into the property but not become a party to your reversion plan, you must ask for our consent. A fee would be payable by you to us for this.
Where you are not in default, we will consent to this provided:
i. You do not create a Lease or tenancy with the new occupant and;
ii. The new occupant signs a deed to acknowledge the priority of our interest in the property.