Hi Chris

you will need the trustee's consent to sell the house.

There are a lot of factors here and a lot may depend on the agreement at the start, the potential equity etc and what you are able to pay after the sale.

If you can give me figures for the above, I can hopefully advise further.

Mark

Mark
I have basically no equity with the house. I have a secured loan and 95% mortgage. If the house were to realise it's current Market value I would be able to clear the mortgage and approx half of my secured loan. Following a sale I would be paying approx 250 to 350 in digs leaving around 750. Am I right to assume that any leftover debts would become unsecured but not be covered by the trust deed? To settle my trust deed I have ?ú500 pound fee to relinquish any interest in my property as set put in the terms of the trust deed.

Hi Chris

firstly it is extremely unlikely that you would be able to sell the house as you need the mortgage holder and secured loan companies consent and this is unlikely unless you achieve a price sufficient to clear both of them. In my experience, I have never known a secured loan company to agree to a sale unless they are being paid back in full.

That said, the options seem to be wait till the Market picks up and you can clear both or hand the keys back as any resulting shortfall from the subsequent sale of the property would become a claim in the Trust Deed.

Mark