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Friend in trouble

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(@sparky1)
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Joined: 12 years ago
Posts: 277
Topic starter  

A friend of mine is in a trust deed year 2 and one of her parents died leaving the house in life rent to her parents partner, the house is also in a trust so no title deeds have been signed over. She doesn't speak to the life rent due to a fall out. However the solicitor has made contact offering to hand over the title deeds to my friend in agreement that the life rent could remain living there the rest of her life, then when the life rent dies the house is hers automatically, so I'm guessing the solicitor wants all the legal work done now and settled. The ip is unaware of this only as nothing was actually gained until now, what's the best advice for this situation plz


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

Hi sparky1.

If the property is transferred to your friend the trustee is going to have an interest in it.

Given the status of the property that could lead to a very long trust deed as far as I can tell from threads that have covered the same issue here in the past.

I think it's best to see what Mark, Kevin, David or Rob have to say about this.

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


   
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(@sparky1)
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Joined: 12 years ago
Posts: 277
Topic starter  

Can the ip force her to sign the house over into her name


   
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Mark McFadyen
(@mark-mcfadyen)
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Joined: 16 years ago
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Hi sparky

No, they couldn't. As TDA says, if the paperwork was signed the the trustee would gain an interest in the property.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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Mark McFadyen
(@mark-mcfadyen)
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Joined: 16 years ago
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Hi sparky

We had a case recently, not too dissimilar, where the person was beneficiary in a Will in the event of his father's death (obviously!) and the father amended the Will to exclude the son. This was a voluntary free act by the father and not something a Trustee could dispute oor overturn.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@sparky1)
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Joined: 12 years ago
Posts: 277
Topic starter  

Thanks TDA for your reply.

Mark, as the will stands without any changes she gets nothing until the life renter dies then the title deeds get signed over to her then. So I hate talking like this but I guess you never know what happens - say my friend gets discharged next year by her IP as well as themselves being discharged could she make arrangements then to have the deeds signed into her name once completely discharged?


   
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Mark McFadyen
(@mark-mcfadyen)
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Hi sparky1

Yes, once discharged then she is free to deal with this with no issues. In fact, she would be fine to deal with it when she is discharged, irrespective of the Trustee.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@sparky1)
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Joined: 12 years ago
Posts: 277
Topic starter  

Thanks I will pass on your wisdom of knowledge to her, we both should have taken out our trust deeds with your company. Sorry to the other IP's if that's favouritism. Btw as for my own trust deed - still not discharged yet :o(((


   
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Mark McFadyen
(@mark-mcfadyen)
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Hi Sparky1

Not a problem. Always glad to assist.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@sparky1)
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Joined: 12 years ago
Posts: 277
Topic starter  

Mark another question, I wish she would join. Under scots law a child could make a claim on their parents money. Now her father left his money to his partner (the will has been set up to avoid her causing any problems) but she is entitled to make a claim if she wished under law can she do this after discharge or can her IP make her do this?


   
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Mark McFadyen
(@mark-mcfadyen)
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Hi sparky1

From memory the rights of challenge relate to moveable property not heritable ( house) but to answer your question, she could challenge this, but the trustee could not force this.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@sparky1)
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Joined: 12 years ago
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Topic starter  

Could the title deeds of the property be transferred to another family member time being, to look after as the solicitor is being very pushy just now?


   
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Mark McFadyen
(@mark-mcfadyen)
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Joined: 16 years ago
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Hi sparky

There are a number of areas which would need to be checked to fully clarify things as we are moving away from insolvency matters, however If the property was left to her parents partner then they have the right to transfer the property to whoever they like.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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