Hi Stevieo

Welcome to the forum. You would be surprised how often this happend. I have dealt with a number of cases where a Minute of Agreement has been signed, however the actual registration of the property has never taken place. Unfortunately this is the key part of the agreement.

As matters stand the Trustee will have an interest in your one half of any equity within the property, irrespective of any time which has passed on previously signed agreements.

The only option unfortunately would be for your wife to pay over one half share of the net proceeds from any sale and possibly try and recover the sum from the solicitor's indemnity for their failure to register the Trust Deed.

Sorry its not better news for the start of the New Year.

Mark

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Originally posted by Mark McFadyen
[br]Hi Stevieo

Welcome to the forum. You would be surprised how often this happend. I have dealt with a number of cases where a Minute of Agreement has been signed, however the actual registration of the property has never taken place. Unfortunately this is the key part of the agreement.

As matters stand the Trustee will have an interest in your one half of any equity within the property, irrespective of any time which has passed on previously signed agreements.

The only option unfortunately would be for your wife to pay over one half share of the net proceeds from any sale and possibly try and recover the sum from the solicitor's indemnity for their failure to register the Trust Deed.

Sorry its not better news for the start of the New Year.

Mark

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Hi Mark thanks for the speedy reply, what happens if she doesnt sell the house, will the Trust Deed still be after me for my half of the equity and if they are would i be able to pay it up over a number of years.Also who would value the house to see what equity is in it. Also when i signed the Trust Deed it was signed under the understanding that i did not own any property as i didnt think i did

Welcome the the forum Stevieo.

Your trustee will likely still want to raise the value of your equity. If you can pay that within a reasonable period of time, perhaps a couple of years, that might be acceptable.

If it would take a lot longer than that the situation for your ex may become tricky, albeit she might have redress against her lawyer if she can prove negligence.

The trustee would appoint a professional valuer to put a value on the property and your equity share.

Until any equity has been dealt with you'd remain undischarged.

An understanding that you owned no property is irrelevant if it has now become apparent that isn't the case.

Hi Stevio

if she does not sell the house, the Trustee will extend the period of the Trust deed until the equity is dealt with. The other option would be ( as a last resort) proceed with an Action of Division and Sale to force the sale of the property.

The Trustee will have a valuation carried out and obtain a redemption for the mortgage to assess any equity. Depending on the equity, you could extend your Trust Deed and make payments in reduction of this as long as the repayment period was reasonable.

I note your point on the house position when this was signed, however this will make no difference to the current position.

Mark

Thank you both for your replies
as mentioned by trust deed assistant that the sitiation would become tricky for my ex wife, could the trust deed sell the house from under her, Also if she doesnt sell the house i reckon my share of equity would be about £12000 and i would not be able to pay that over a couple of year more like 4 year what would happen there. Last question if i started paying monthly installments to make up the equity then she sold the house would the trust deed take the money from the house sale and my monthly instalments would stop

The time period would need to be discussed with the Trustee once the equity had been assessed.

If you made payments and the property was sold, then the trustee would seek the balance still due, taking account of any payments made in reduction of the equity.

Mark

Was there any equity in the property when you formally separated?
It sounds to me like you might benefit from independent legal advice, as would your ex if the trustee did indicate that they were considering taking
legal action to sell the property.

However, I'm not sure it would get that far. Your trustees claim on half of the equity may be technically sound, but it Might be a different matter persuading a sheriff that it would be reasonable to force a sale of the property given the circumstances. As such, I think a reasonable compromise should be possible.

Hello everyone, i read all the posts and i come to know here is a discusion about trust. Someone say a trust is a trust which makes me think a trust is a trust. But then you use the term NFA trust each time you specifically talk about getting a suppressor. My wife and I are wanting to set up a trust (with a lawyer) to protect what little we have for our kids and grand kids after our deaths, instead of letting the government get its grubby hands on it first. Can I use that trust to buy a Trust Lawyer, or do I need to set up my own NFA trust specifically for suppressors, etc. ?

Thanks

Hi anne.

We can't answer any of this I'm afraid.

The phrase "trust deed" has a number of different meanings.

You're talking about legal agreements related to property in the USA.

This website covers personal insolvency in Scotland.