Whilst obviously great news that the realisations fee was agreed at 15% with creditors at the start rather than 20%, nevertheless it is a bit of a worry that this was overlooked in the first place!

In terms of the cost of challenging the required sum via the AIB, I don't think it is necessary to ask them to perform a full audit of the trustee's accounts, which would incur a fee as described. Instead, you could request that the AIB consider the matter and give a formal direction to the Trustee as to how the calculation should be made. I don't think this should incur any fee.

Have they explained what the "contingency" is for. It may be that these funds would be returned to you afterwards as long as no unexpected outlays have arisen during the closure process.

It'll be up to your Trustee as to whether they are happy with your proposed timescale for selling the property, but I'd be very surprised if it was a problem. However, it is likely that the fees/interest would indeed increase as a result I'm afraid, unless the Trustee agrees to freeze them.

Thanks to all for their continued support and guidance.

In the hope of clearing my Trust Deed balance and taking into account the current condition of the property a quick sale isn't an option unfortunately. As such, I'll do some work on the property before putting it on the market in the New Year. However, as advised further interest and fees will start accruing from January.

Someone had mentioned about a guarantor mortgage with my wife's name on the heritable property and a family member acting as guarantor. I'm not sure on this but would allow me to clear the Trust Deed quicker, potentially sell our own property post discharge and move into the heritable property for a year or so.

I'm not sure if we would want to do this or even if it's possible but does anyone have experience with the guarantor mortgages?

Thanks.

Hi 194.

I'm afraid I don't have any direct experience with guarantor mortgages.

This is quite a niche area, so I'd suggest that you contact a whole-of-market mortgage broker to get some expert advice on this.