Hi guys,
i recieved ny form 5 back at the start of august but due to selling my flat i contacted my trustee about when the whole process would be finished. I have now been told that they will discharge me and the form 7 is being sent out soon. How long should it take for all this to be complete so i can sell my flat as i need to rent a place now due to having a baby on the way
thanks in advance for your help
Hi jclubb
It depends on the trustee's position with the flat. I suppose legally and technically he may still have an interest in this, however part of the Form 5 discharge is that the trustee must recall any inhibition which would stop the sale going through. I do not imagine he would do this if there was an interest in the flat.
If he's discharged his interest, then you should be able to sell just now.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Mark is there anywhere you can look up to see if a inhibition has been recalled?
Hi sparky1
You would need access to the Register of Scotland online service to check this unfortunately.
If you have been discharged and received your Form 5, then this is a statutory requirement in terms of Regulation 19, so there should be no doubts it has been discharged. The Trustee should be able to confirm this.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
I was discharged on the 11th of October as stated on the aib website but should receive form 5 next week. So im guessing if my trustee remains in office after I have been discharged and the inhibition remains in place they are still legally bound at this time to have an interest if any property or land which may be signed over to me?
Hi sparky1
However they try and disguise it, if you have been discharged then Form 5 has to have been issued & and the inhibition has to be recalled. There's no way around it as it's a requirement.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
thanks your your advice guys