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Topic starter
07/12/2010 7:05 pm
Hi,
I'm looking for some advice please.
I've had a protected trust deed (PTD)since May 2009 and have never missed a repayment. I am a home owner and the PTD took this into consideration by allowing a third party to pay an additional amount every month for the 3 year period to release the equity in my house and allow me to keep my home.
Since my PTD was set up I've got married and my husband is now a joint owner of our house.
Now we would like to sell our property and move somewhere else.
Can anyone please advise how/if this effects my trust deed if i contine to make all repayments, as does the third party?
Any advice is greatly received.
Thanks!
07/12/2010 7:52 pm
Welcome to the forum lisamcl.
It will be good to get some input from our trust deed company representatives on this question. However my understanding is that it might need to be your Trustee that sells the house rather than yourselves during the course of a trust deed.
If that's correct my assumption would be that the Trustee might feel compelled to collect the remaining equity liability from the proceeds of the sale rather than continuing to accept monthly contributions from the third party.
Hopefully one of our trust deed experts will be able to add their comments soon.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
08/12/2010 8:25 am
Hi Lisamcl
can you clarify how your husband has become joint owner. This would require the Trustees consent and a legal transfer of one half share. Did this take place?
Re the sale of the house, it really depends on the above and the agreement at the start. It may be that the Trustee will accept the equity agreed at the start from the sale proceeds, although he may demand it all.
I think it is unlikely you will get to sell the house, keep the proceeds and be allowed to maintain the payments. Although if the Trustee allowed for the transfer as mentioned, who knows!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
08/12/2010 4:24 pm
I agree with all that Mark says. I think the outcome is likely to be that the trustee would ask for all of the proceeds from the sale minus the amount of the equity already "bought out" by the 3rd party.
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