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Scottish Trust Deed Forum
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Topic starter
26/08/2013 7:14 pm
Hi folks, I have completed my 3 years TD unfortunately there is lots of equity in my home and the only option is to sell, I was advised by a solicitor friend who admittedly didn't know too much about Trust Deeds but what he could found out that if everything else is fulfilled I can be discharged from the Trust Deed and the Trustee can stay in office to complete the sale (I think I maybe also read that on here but not sure)
My Trustee has advised that as my house is heritable property I cannot be discharge until its sold
Can anyone advise if this this is the case?
26/08/2013 7:39 pm
Hi gz20,
Thanks for posting on the forum.
Unfortunately it is your trustee who decides when to grant you discharge. If they require equity to be realised then you will not receive your discharge until this has been achieved by either a sale, or from another route.
It is common for heritable property to be dealt with at the end, sometimes the duration of the trust deed is simply extended in order to deal with this.
Rob is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
26/08/2013 8:53 pm
Thanks Rob, great to have a second opinion
Regards
27/08/2013 9:49 am
It might be possible for the trustee to transfer title into his/her name and then discharge you from your trust deed whilst remaining in office to sell the property. However, I'm afraid you are most likely going to have to wait until the property is sold before you are discharged, gz20.
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27/08/2013 10:38 am
Hi gz20,
When you entered into your Trust Deed was it agreed or were you made aware that your property would have to be sold at the end?
Also, how much equity is there in the property?
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
27/08/2013 1:50 pm
Hi David I was made aware of that it may be sold. but I was told by them it would never come to that and I would be able to re-mortgage at the end, pay what I can afford for 3 years and then re-mortgage...
In reality after a few months my payment went up a lot and I cant get a re-mortgage!!
At start there was 25k, now over 40k
The creditors will get 100% back and the rest will go on fees which have also doubled since original figures at start and they are also taking a percentage of the equity as a fee
27/08/2013 4:50 pm
What do you have in writing from the start of the TD?
