Hi Nuttabean

You can only ask and see what the trustee says.

The trust deed itself should have no effect on you going abroad as such, however non payment of the contribution would. It may be the trustee accepts the lump sum payment, if not there is always the option to put the funds into the account the payments come from, that way they would be met each month.

It's difficult to comment on the property without knowing the position. Is there equity to be paid or any payment required for the property? If not the the property won't be an issue and there would be no problem letting it out. Even if there was a payment due, it would not affect you renting it.

Mark

PS Ahhhh! Spain. A wee bit of sunshine would be nice.

I can certainly see the attraction of moving to spain, with the weather we've had here lately.

Your partner could certainly make the offer to your trustee and the trustee may be willing to accept this, however they are under no obligation to do so.

If you chose to make a move which meant that you could not keep up your payments then I presume your trust deed would fail. However, there may be a middle ground here, where you partner could cover the remaining payments but you are not discharged until December as originally planned?

Thanks for the advice. I had thought about my partner keeping up the TD repayments until dec but if possible would prefer to clear the TD, what with it being a new job, life etc there's a few unknowns and I wouldn't like to be abroad facing not being able to meet my commitment - but it's always a consideration if the Trustee does not accept the third party offer.

The trustee put the interest in the house as nil. Like many I bought before the property crash so the house is in negative equity. It's good to know I can rent it if needs be.

Thanks again for your help, like many I've found your site a lifeline.
Muchos gratias!

Hi Nuttabean

No problem. Run the early settlement offer by your trustee and let us know how you get on.

Mark

Hi Nutabean,

A new life in Spain... sounds fantastic!

As others have said run it past your Trustee. I'd be surprised that given you are into the final year of your Trust Deed they would have any objection to this but you never know. From what you describe it's not something we would have a problem with at this stage of the Trust Deed.

Let us know how you get on and fingers crossed your Trustee is willing to close it off early for you.

Thanks again and I'll keep you posted on how I get on - fingers crossed!