Welcome to the trust deeds forum MadGit.

You'll receive a "Form 5" when you are formally discharged.

It sounds as though this hasn't happened yet?

If it hasn't you'll want to ask your trustee at what point they'll discharge you.

Hopefully this will be once they have from you whatever documentation they need to pursue PPI claims (assuming there are any to chase).

Unfortunately a couple of firms choose not to discharge their clients until the full PPI reclaiming process has run its course. Hopefully you're not with a firm that handles things this way.

Has your mortgage lender agreed to remove your ex from the mortgage? Is there an urgency to this?

My Mortgage was not included in my trust deed and there are no secured loans. I have a meeting with my mortgage lender next week to discuss and now I'm worried sick that this will be a problem as the removal from the mortgage needs to happen in the next month or 2 at the most. Will i be able to remortgage with another lender while this is outstanding?

The firm have been most unhelpful its taken them since Monday to tell me they are waiting on a form I never got.

Sorry I also meant to say thanks for your reply Amy and taking the time to help out.

Hi MadGit.

I'm not entirely sure that the situation will make a big difference, though of course the prospects might be a little better had you been discharged.

Mortgage lenders are typically very reluctant to move a joint party to a mortgage out of the contract. They lose some of their security when this happens... if you fail to pay at the moment they can chase the other party. That would be lost if the other party were removed. Commercially they therefore have very little interest in allowing this to happen.

With the mortgage market as it is it's likely to be extremely difficult to remortgage very soon after a trust deed has ended (or while still in one).

Why is the removal from the mortgage such a priority?

So that I haven't been able to be more positive. Hopefully I'm wrong.

I also have the option of someone else joining me on the mortgage so hopefully that will be a good option for the lender.

Personal circumstance have conspired to mean that either I take on the mortgage or a sale will be forced through.

Hi MadGit

There are a few issues and potential issues.

I think firstly you should check to see if you can receive your form 5 to discharge you while the PPI thing is ongoing. This would greatly assist your position.

The position with the property is less clear. If there is no equity and this has been stated and finalised, then I don't see the removal of the other name being an issue as this does not free up equity as such. If there is equity, then potentially you could be doubling the Trustee's interest by removing the other party.

The easiest way may be to get the agreement of the Trustee, although as you say, they have been less than helpful. The process from their point of view is actually quite straightforward.

Mark

Thanks for the reply Mark. The Trustee have now stated that they are willing to provide written confirmation that I have full filled my obligations to the trust deed and that I will be discharged once the PPI process has been finalised.

Hi Madgit

Excellent. Normally transfer of titles etc would require the consent of the Trustee, however this should not be required where the other party is not subject to the Trust Deed, so hopefully it goes through fairly smoothly.

If you look to remortgage etc after the transfer, then the Trustee will require to give consent if not discharged. Just be very careful that the Trustee does not see this as an opportunity to revisit the possibility of equity with the property being in your sole name. Belts and Braces!

Mark

Hi Mark, thank for the advice. If I transfer the mortgage into my name only, but keep the title deed in joint names until I have my "Form 5" would this prevent them doing that? My Trustee has had mt final settlement for 2 months at this point!

Hi MadGit

Yes, its only the title which would have an effect. ie you both have a 50% interest in any net equity. If title is transferred, then you have the full 100%. This is not the case with the transfer of mortgage.

I'm sure it will be fine, but I've seen and read enough to follow the belts and braces approach.

Mark