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Scottish Trust Deed Forum
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17/02/2011 11:00 pm
Hi, i wonder if anyone has any advice, i entered into a trust deed in june 2010, my wife and i split the previous summer and in the seperation agreement i was signing the house we had a mortgage on over to her, i had thought everything was signed over before i entered the TD so didnt put down i had any capital or equity, but it transpired the transfer wasnt completed, now the creditors are looking for my ex to pay approx ?ú10,000 (half the equity of the house)which as she cant afford this is promting her to have to sell the house and render her and my son homeless even though the debts i ran up was after the seperation took place, has anyone ever came across anything like this? or have any suggestions of what to do? or what could be done?
Thanks in advance for ANY help
17/02/2011 11:10 pm
Hi bobcat
I'm afraid there is nothing you can do. I have came across similar cases a number of times where a minute of agreement is agreed and signed, but the transfer not formally registered. One the Trust Deed is signed, half of the net equity comes under the control of the Trustee.
Even if the property had been formally transferred, the trustee can challenge any sale/transfer in a 5 year period. There are a number of associated factors and defences, but in the circumstances you describe, there is little or no hope.
The only potential area would be to look at an action against the solicitor for failing to register the deed.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
