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Scottish Trust Deed Forum
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Topic starter
21/04/2010 6:23 pm
Hi
I have just signed into a trust deed and now want out. The IP have not submitted my TD as of yet but have told me they still have an obligation to carry it through.
I have replied to Madwife's topic as she has spoken to the same companies that i have.
What happpens if i sell my house whilst in a trust deed ?
Do the IP take the equity? as i know i do have it but it has been valued to show no equity.
Elaine McCall
21/04/2010 6:38 pm
Hi Elaine (again)
In the Trust Deed you would be unable to sell the house without the IP's consent and if sold, the equity would go to creditors.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
21/04/2010 6:44 pm
Can i not pull out of the TD as my creidtors have not been informed yet?
Elaine McCall
21/04/2010 8:25 pm
Hi Elaine
No. It is similar to concluding missives for a property sale. It is legally binding. The contact with creditors is just a part of the process.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
