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Topic starter
06/12/2012 7:00 am
I received a letter from the Solicitor dealing with my Grandmother's estate advising me that as the beneficiary to her estate (family home)that they had passed correspondence to Registers of Scotland to transfer the title into my name.
Upon receipt of this letter I passed a copy of the letter to my trustee. From my previous posts you will note that rather than selling the family home I was keen to extend my trust deed, increase contributions and pay all debts in full.
I received a call from my Relationship Manager advising me that the Solicitor would not be able to transfer the title to my name due to the inhibition registered against me and without my trustee's consent.
I was under the impression that the inhibition only stopped me from selling the home and did not think that inheriting this or any other asset would have caused this kind of problem.
Any advice/info would be appreciated.
Thanks
06/12/2012 9:23 am
Hi gresgow
You are correct. The inhibition stops you disposing or burdening (mortgage) a property. The proposed transfer would only serve to alert the Trustee.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
06/12/2012 4:54 pm
Thanks Mark
Is my trustee incorrect then? Is there no barrier to the Solicitor transferring the title of the house into my name?
Thanks
06/12/2012 7:56 pm
Hi gresgow
I don't see how he can. I think the most the solicitor could do would be to allow the transfer of title, then, as acquirenda, register his own interest in the property.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
07/12/2012 9:37 am
I think your manager at the trust deed firm must be getting mixed up - maybe they misunderstood the information you were giving to them? As Mark says, an inhibition stops you from selling or mortgaging a property, not from receiving one.
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07/12/2012 11:08 am
I suspect it's the solicitor not knowing the law. Imagine that!
Its a really interesting scenario to be honest, ( well for sad guys like me) All the inhibition has done is indirectly flag up the new property. The inhibition itself will have no effect on the new property, until the Trustee registers an interest/title.
Legally if he failed to do so, the as the property was acquired after the initial inhibition, you could sell this with no incumbrances. Not advising that you do, but the Trustee will need to alter his stance on this.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
07/12/2012 7:02 pm
Can't get my head round this to be honest - I was quite clear enough in the information that I gave to the Relationship Manager. I have inherited the family home which I would like to keep rather than sell to settle TD debts. My Relationship Manager had said that selling the family home was a last resort. If I go to them and say they are basically talking nonsense then they might insist that the house is sold to pay TD and I really do not want that
07/12/2012 7:43 pm
Just a thought , even though the inhabition is in place can you not transfer title to the property to your budgie ?? , as you can not dispose of it or raise funds on it .
Feel I missed a trick when my trustee did not re-new inhabition on my property 8 months after the first one .
I'm sure my dog would be very happy about that , and that I am acting as his trustee . Food for thought ??.[^]
07/12/2012 8:20 pm
Hi gresgow.
Maybe you should bypass your relationship manager and write directly to your trustee?
Kevin and Mark seem pretty clear that there might be some kind of mix-up or miscommunication here.
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