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Scottish Trust Deed Forum
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Topic starter
25/07/2018 9:20 pm
Hi all.
I am looking for some advice or thoughts on a heritage charge that is going to be applied at the end of my PTD in March 2019. I have been informed by Credit Fix that I will have to pay £425 to my creditors linked to not having to sell our house???
Can anyone advise if this is a recent amendment as I cannot see this payment or charge within my documentation.. unless it’s named differently or I have missed it?
Your thoughts Forum please
[:)]
26/07/2018 9:05 am
Hi Jimuc
This sounds like a nominal payment that the trustee is looking for in situations where the property is over secured - this means the mortgage exceeds the value of the property.
Not all trustee's seek this payment and it is dependent who you have entered into the trust deed with.
Once the payment has been made, it allows your trustee the ability to relinquish his/her interest in your property.
Hope this helps.
Sharon is no longer posting in the forum.
Topic starter
26/07/2018 8:43 pm
Hi thanks for the update. I thought it was unusual as I could locate anything within the documents that I signed previously.
Regards Jimuc.
27/07/2018 9:31 am
It should certainly have been in the paperwork you signed. In fact, there is a particular document which has to be signed at the start - Form 1B - which deals with equity in a home. If you don't have a copy then your trustee should be able to provide it to you.
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