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Scottish Trust Deed Forum
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Topic starter
16/05/2022 8:42 pm
Hi Guys,
QQ. Thankfully I am coming to the end of my 4 yr Trust Deed in July this year, apparently i have to pay roughly £3600 pounds to release interest in my house due to the small equity I had in it, alternatively there is an option to extend a further year and continue to pay monthly for another 12 months. Ideally I would like to pay the 3600 and get discharged as quickly as possible, my question is with regards to this one off payment, whats the process for this? for example if a family member gave me the money, is it as simple as sending a cheque/bank transfer? Or if i managed to scrape the money together by other means ( i have a small car which i could sell as now have company car)
17/05/2022 8:34 am
Morning Charles
When you executed your trust deed, did you sign a form 1B agreement in respect to your property?
Both an extension or a third party payment would be acceptable ways to pay in order for the trustee to relinquish their interest in your property.
P
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19/05/2022 10:54 am
Hi Charles07. It should be as simple as sending a cheque or arranging a bank transfer. Best speak to your case manager to get details as to how to go about this.
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