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Topic starter
19/07/2011 12:47 pm
My husband is within a protected trust deed and has been since 2009. He owns a house which we put on the market as we could no longer afford to live there, we moved into rented accomodation and have been here since May 2010. We were told that if we put the house on the market all we had to do was to get a valuation, inform the trustee who the estate agent was and they would take care of the rest. Now the tables have turned. There is no equity within the house and the offer that the trustee accepted will cover the mortgage and the fees of the estate agent and that is it. We have now been told that the trustee isnt selling the house and that we have to do it ourselves, when we were told the complete opposite. This is now leading the estate agent to consider pulling out of the sale and us being told that we are liable for the fees of not only our estate agent but of the estate agent of the gentleman from which the offer was received.
Any help would be much appreciated as this is now causing stress between myself and my husband.
19/07/2011 1:12 pm
Welcome to the trust deed forum daisy2608.
It sounds as though your Trustee no longer has an interest in the sale as the property effectively isn't an asset that will produce a payment into the protected trust deed (i.e. it will not sell for a "profit"). If they keep doing work it could be reducing the dividend payable to creditors due to the chargeable hours involved.
Can you not continue with the sale directly with the current estate agent? Seems like that would be in everyones best interests at this stage. He/she will get their fee that way; something which might take a long time otherwise.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
19/07/2011 1:18 pm
I think that the estate agents are a bit annoyed with the whole situation hence the fact that they are deciding whether to cancel the whole sale or not. I am quite happy to sell the house myself and do that rather than it being repossessed. Can you go from being in a trust deed to bankruptcy as its something that my husband has thought about as he isnt very happy with the way that his trust deed has been handled with the agency.
19/07/2011 1:33 pm
That cannot happen with the Trustee bringing the trust deed to an end first. It would also mean that payments for three years would start again which would be a huge shame given that your husband is nearly two years through his trust deed.
It does seem like it would be in the commercial interests of the estate agent to get the property sold; hopefully something that will help them to overcome their annoyance in a property market where there aren't that many transactions right now.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
19/07/2011 10:21 pm
I'm not sure why the estate agent would want to pull out of the process. Has the trustee said that the sale cannot go ahead?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
20/07/2011 8:35 am
Hi Daisy2608
Could you let me know exactly how far ahead the sale went, as I am unsure why your husband would be responsible for the other estate agents fees! Is there enough to conclude the sale ie estate agents, mortgage & legal fees?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
