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Scottish Trust Deed Forum
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Topic starter
20/05/2014 2:58 pm
Hi
I am new on here but could do with some advice.
Myself and my partner entered a trust deed 2 years ago (separately). There was no equity in the house of which we had a joint mortgage and we paid the £250 each to Carrington Dean to forgo their rights to anything to do with the property. My partner walked out on me a year ago now and when i phoned CD to explain this they suggested that if i could keep his name on the mortgage then that would be the sensible thing to do. He has never paid anything towards the mortgage in the year he has been away. (i dont even know where he is now). I have sought legal advice but have been told that because of TD no mortgage company will let me remortgage on my own. My trust deed runs out June 15 and basically i wondered if any company take me on my own once im out of TD. My ex partner has said in the past that he doesnt want anything from the house but that could change i suppose. CD have been great to be fair. I also need to take out life insurance and house insurance, am i better to do this with the trustees (they have been phoning constantly to get me to take life cover)to ensure that if anything should happen to me that there are no hidden clauses that my son would lose everything. sorry if im not making much sense . thanks
20/05/2014 3:16 pm
Welcome to the trust deed forum JB68.
It's likely to be very difficult to remortgage soon after your trust deed has finished. The trust deed will remain on your credit file for six years from the time that it began. The more time that passes the more likely that this will be possible.
Please be aware that being named on a mortgage and being the owner of a property are two different things. Taking your ex partner off the mortgage will not necessarily make you the sole owner if that's the goal that you have.
You can buy life insurance and home insurance wherever you like.
With life insurance, be sure to explain about the trust deed to the adviser that you select. You'll want the policy to be set up in a way that results in the policy paying out to the intended beneficiaries rather than into your trust deed if the worst happens.
With home insurance it's worth checking the small print to see whether there are any policy exclusions related to protected trust deeds or personal insolvency in general.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
20/05/2014 6:49 pm
The life insurance company that cd use are quite persistent but if you tell them you are taking a policy out with someone else they are fine and will stop phoning.
Topic starter
21/05/2014 9:43 am
Hi
Thanks for replying so quickly. I'm wee bit confused though. What is the difference between between being named on a mortgage and being the owner? i though if i do manage to get his name off then he wouldnt have any right to anything to do with the property from then on. sorry if im being a bit stupid. Thanks Tara. Yeah they are very persistant.
21/05/2014 10:43 am
Hi JB68.
Don't worry about it, this is a common misconception that comes up here quite a lot.
Typically the people named on a mortgage will be the owners of the property, but being named on a mortgage does not make you the owner of a property.
Ownership is more to do with the title deeds for the property.
For full ownership to pass to you you'll need to get in touch with a solicitor at some point in the future. If your ex partner doesn't cooperate this could be a tricky process, but hopefully that will not be an issue for you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
