Hi catiscot

It is too general a question to advise properly, it would depend on equity, level of contributions etc.

Mark

Hello catiscot.

I doubt this will be an obstacle, but could you tell us a bit more about your circumstances to help us inform you further?

Hi Catiscot

I don't think it would be a problem being able to consider the Trust Deed, however Mark and Trust Deed Assistant are correct further information is required before choosing this solution. In relation to your other point. i would say that you would need consent if you were applying for a remortgage.

Michael

Hi

In answer to your questions:

1) Is it possible to have a trust deed.

Yes, but they will need to be notified that you have signed a trust deed and your trustee is acquiring an interest in the property you own with them.

2) Do you require their permission to remortgage

Yes. You jointly own the property with them and are proposing to burden in with further debt. They are required to provide their permission for this.

Whether a trust deed is the correct option for you, depends on the facts of your case.

Hi catiscot.

You had mentioned in your other post that there is little equity in your property. How much do you think that there is?

Robinhood has provided some excellent information about the remortgage process connected to trust deeds, but in practical terms getting a remortgage while in a trust deed is likely to be impossible (and especially as there is little equity).

Any equity that there is (or your share of it at least) vests in the trustee, so it might be that another way has to be found to raise this cash.

Thanks to all for their responses, it is very useful. I would like to request a further clarification. My wife would be entitled to half the equity in the house. Is her share compromised by here agreement I can have a Trust Deed, or would she be giving that up.

Only your share of the equity would be taken into account catiscot, her share is unaffected.

Catiscot, you don't require your wife's agreement to enter a trust deed, though the trustee would probably be happy if she was willing to cooperate with him/her in dealing with the property and in particular your share.

If the property is sold she would be given her share of the profits that flow from that share, if any. However, if it is sold and there is a shortfall, ie not sufficient funds to repay the mortgage provider, she would be fully liable for that as you would. If you sign a PTD and your liability is ultimately discharged, she would remain liable for the full amount.

She may, therefore, be apprehensive about you signing a PTD

A

No, the trustee would only have an interest in your share of any equity, not the half owned by your wife.

Your wife would not have to give her consent in order for you to sign a trust deed, catiscot.