Hi
I received my Form 5 a couple of years ago and my 6 year anniversary since signing my TD is in January 2019. There was an issue with one of my creditors locating my debt, which has now now been located and i am waiting on the distribution to the creditors soon, which will give me my Form 6, then onto Form 7 from AIB. Can I just check that as I am in receipt of my Form 5 (but not Forms 6 & 7), that any profit made on a potential house sale will not be required to be handed over to my trustees?
Thank you 🙂
Welcome to the forum Zoomer987.
My answer would be that, having been officially discharged, you could sell your home without such issues.
We have heard in the past from a couple of people who did this and then got told otherwise by their (former) trustee.
These situations got sorted out (without the equity being handed over) but not before an awful lot of worry first.
So... probably OK but I’d suggest getting the trustee’s office to confirm that in writing beforehand so that you feel secure about what you plan to do.
Hi
I have been advised by my TD provider that as long as my Trustee is in office I will need them to be involved in a house sale as my estate is in their name (until I receive my Form 6). Also this will incur a fee for the Trustee’s time and also for their solicitors time. Additionally they would require the following information; Mortgage Redemption Statement, the offer amount, property valuation, whether the property is sole owned or joint and the secured lending amount. Remembering I have been discharged for a couple of years and the property abandonment fee was paid. Does all this sound right? Should I continue to wait for the elusive Form 6? They have said that once I receive this they would not require to be involved.
Hi Zoomer987.
This is exactly what we've heard a couple of times before. There seem to be one or two firms that are passing this information on (while others take a different view).
You may wish to ask why the inhibition was removed (when you were discharged) if they consider that your estate is in their name until you get Form 6.
Thank you for your advice. My TD provider has responded saying that whilst I have been discharged from the Trust Deed the trustee hasn’t and due to this they still holds authority over my estate and would be required to grant authority on the sale. This would done by instructing their Solicitor to conduct the legal requirements. This is very frustrating as it would appear that other TD providers do not do this......
But given they have accepted an amount to buy out their interest and have lifted the inhibition and discharged you then surely the property has been dealt with? I think they'd be on shaky ground to try and argue that any funds should be going to them, however you may be better off biding your time until the form 6 just to avoid any issues. Just keep hounding them so that they do it quickly!