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Topic starter
13/11/2012 1:16 am
Hello,
Wondered if you could clear something up for me. I am currently on a TD and found out that my name is on the title deeds for a bit of land near to my home.
I dont actually own the land, it was purchased and is owned by my parents who bought the land for about 30k. My name was put on the title deeds as I had dealt with the exchange. They are now selling the land but my concern was because my name is on the deeds. I wont be getting any on the money for the land because it isnt mine.
I take it I dont have to disclose this to my trustee? I wasnt sure?
13/11/2012 1:41 am
I'm afraid that if your name is on the title deeds, it sounds like you are the (part) owner? Legally speaking.
I'd suggest you get legal advice on this one, as quickly as possible.
I do think that you need to disclose this to your trustee.
Sorry. [:(]
13/11/2012 9:59 am
I'm afraid candlewick is right Gofar010. The fact that you are named on the title deeds would mean that you are the owner, or part owner at least.
When you entered your trust deed the trustee will have registered an inhibition against you, which will be picked up by the solicitor dealing with the conveyancing when the land is sold. They will not be able to proceed with any sale without the say-so of your trustee, who I am afraid is likely to insist that your share of any proceeds as per the title deeds is paid in to your trust deed.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
13/11/2012 10:24 am
Hi Gofar010
Unfortunately, it is a lot more common than people think. If your name was on the title deeds at the start of the Trust Deed, thenit will should you have part ownership normally (50%,25% etc) Prior to concluding the sale, the solicitor will need to check to see if he can give clear title to the purchaser and the inhibition will show up. This will stop the sale of the land without the consent of the Trustee.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
15/11/2012 2:37 pm
Thanks for your replies. I have made the Trustee aware and they are going to get back to me.
I thought that because they had paid for the land that they were the owners. Is there any way that their names can be put on the title deed. I'm not sure how they are going to be able to sell the land.
15/11/2012 2:41 pm
Hi Gofar010.
There wouldn't normally be any way to transfer an asset in that way while you're in a trust deed. The trustee would expect fair value to be paid for such a transfer I'd assume.
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15/11/2012 2:54 pm
The land, or the funds to buy it, has essentially been gifted to you by your parents. As such, your trustee has a legal obligation to collect your share of the value of the land for the benefit of your creditors - you would not be able to gift it back to them I'm afraid.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
18/11/2012 9:38 pm
It would be too easy for people to pretend they didn't own land etc by saying they didn't pay for it but we're down on the title deeds.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
