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Scottish Trust Deed Forum
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Topic starter
28/10/2014 6:39 pm
Hello,
I have been discharged from bankruptcy for over a year now but I am still making the voluntary payments agreed each month to the trustee until March next year.
I have a buy to let property which I rent out, due to the monies owed, the valuation at the time and little equity this was allowed to be kept and monies received paid the mortgage payment
My father has been paying up the £500 for the buy out interest agreement. If he was to pay this in full now would I be allowed to sell the house and keep the any additional monies from the sell which I would believe due to the market conditions to be 10k now.
Would I require a letter from the trustee relinquishing their interest in the property?
Any assistance would be greatly appreciated
28/10/2014 6:51 pm
Hi Feduplandlord
Firstly welcome to the forum. It's a good question, but as always the answers will be to take the belts and braces approach.
The idea of paying the £500 is normally to buy out the trustee's interest to ensure there are no further valuations should there be a future rise in value. However the sequestration acts as an inhibition and would stop any future sale without the consent of the Trustee.
My advice would be to make the payment as discussed and have the Trustee confirm in writing that he has formally discharged his interest in the property.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
28/10/2014 7:01 pm
Mark,
Thanks, If I receive such letter would that allow me to move forward with the sell without the consent of the trustee whilst I was still paying my monthly monies due until March next year.
Would this normally be a fairly straight forward process, dare I say it?
Cheers
28/10/2014 7:37 pm
Unfortunately no, unless the Trustee issues Form 14 which would discharge the inhibition.
If this was not to happen, the a Trustee would be required to sign the disposition on any sale. There's no real reason for him not to do this as it takes 2 minutes and costs £15.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
28/10/2014 7:50 pm
Mark,
When would the inhibition usually be discharged at the end of my payments or is this indefinitely on the property?
Cheers again.
28/10/2014 9:35 pm
Hi there
Automatically on the 3rd anniversary of its registration in sequestration, unless it's renewed by the trustee ( although there would be no reason)
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
28/10/2014 9:48 pm
Great advice and forum, thanks Mark. I will advise here of any update with these matters.
28/10/2014 10:26 pm
No problem. Hopefully it all works out, but keep us posted.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
