Notifications
Clear all
Scottish Trust Deed Forum
2
Posts
2
Users
0
Reactions
2,151
Views
Topic starter
03/02/2017 3:44 pm
Hi All
i have just found out my partner entered into a trust deed. I do not have full details of the TD but I imagine it will be a protected trust over our jointly owned home. I have 2 questions relating to this I wonder if someone can assist with?
1. is it legally correct that he can enter into a trust deed over a jointly owned property (assuming this is the case) that is the subject of an ongoing court action? specifically my solicitor is in the process of raising an action for division and sale against him. Also I have a claim for a capital sum under a separate action?
2. will i be able to access my share of the capital whilst the TD is in place? I don't want this to freeze up my share for years.
many thanks
Hannah
03/02/2017 4:15 pm
Welcome to the forum Hannspree.
We cannot give you legal advice - you need a solicitor for that. But we certainly can explain how joint properties might be dealt with when one party signs a trust deed in Scotland.
The effect of your partner signing a trust deed is that they make their assets available to a trustee to help repay their debts.
If the house is jointly owned then we'd almost always only be talking about his 50% share of the equity in such a property. Nobody can sign away your share of the equity.
If the house were sold 50% of the proceeds would usually go to you and 50% to the trustee.
You may want to contact the trustee involved to discuss how this will all work if it was your intention to sell the property anyway. It cannot be sold without the trustees consent, but they'd usually be pleased for it to be sold if it was going to result in funds being paid into the trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
