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discharge of trustdeed

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(@jclubb)
New Member
Joined: 12 years ago
Posts: 4
Topic starter  

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


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Welcome to the forum jclubb.

If you've received your Form 5 I'd imagine you could sell the flat now.

Hopefully Mark, Kevin, David or Rob can confirm this for you here soon.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

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.


   
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(@sparky1)
Reputable Member
Joined: 12 years ago
Posts: 277
 

Mark is there anywhere you can look up to see if a inhibition has been recalled?


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

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.


   
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(@sparky1)
Reputable Member
Joined: 12 years ago
Posts: 277
 

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?


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

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.


   
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(@jclubb)
New Member
Joined: 12 years ago
Posts: 4
Topic starter  

thanks your your advice guys


   
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