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Scottish Trust Deed Forum
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Topic starter
02/09/2020 8:19 pm
due to finish my TD in Feb22. My partner is buying a home for us and our son. I obviously can't be on mortgage due to TD. My second cousin has offered to gift us 7k towards a deposit. Mortgage lender has advised him that a gift like that must come from a relative or at the least me. I obviously can't accept the money into my account, can I? Its getting so complicated, we never experience luck or generosity like this but starting to look like its no good to us #128533; my main question is would I be able to take a break from trust deed in order to have this gifted from my cousin and pass to my parter for the deposit, for us all to live in a better house? I don't want to or need to take a break financially, I want to be free of it ASAP but trying to think of a solution. Thanks for any advice you can offer x
03/09/2020 8:41 am
Morning Keeingupwiththejones
It is unlikely your trustee would allow a break from your trust deed.
Would it not be possible for your cousin to gift the money to your partner or to a relative of your partner?
The issue I see if that if you acquire the funds then those funds would be conveyed to your trustee to benefit creditors.
p
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03/09/2020 8:56 am
Welcome to the forum Keepingupwiththejones.
I agree with Paul. You personally receiving this money is highly likely to create a large new liability to your trust deed rather than helping you to buy a house.
A pause in your trust deed payments wouldn't solve the problem because you'd still be in a trust deed and would still be responsible for handing over windfalls to help repay your creditors.
You mention about not being on the mortgage (which is important) but being on the mortgage is different to being the owner of a property. You should also be careful that your partner is legally the sole owner of the property.
Presumably there might be a way for your second cousin to gift the money to a trusted relative of your partner?
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