Hi may2011,

Well done on the new job. It's a big decision to move for a new job never mind having to sell a home and relocate.

If your sell the property and pay all of your agreed contributions then your Trust Deed should finish within the agreed timescale.

If you are going to sell your property then after selling costs any equity left over should be paid into your Trust Deed.

It can be time consuming and difficult to sell a property in the current climate. Would you be in a position to continue to pay the mortgage on the property whilst it's on the market and you have potentially had to move down south to start your new job? Depending on the level of equity left over following the sale and if you have continued to pay the mortgage the Trustee might look on this favourably and allow you a small amount for relocating costs/deposit.

Best to speak with your Trustee and get something in writing regarding the property.

Hi may2011

I think this is one you would need to run past your Trustee.

In cases like this where the property is sold with we would allow a payment from the net equity to assist with removal etc as the creditors benefit from you maintaining the mortgage, keeping the place in order and making sure your George Foreman Grill doesn't burn the place down. I'm trying to get my grill into all my postings!

It will come down to the decision of the Trustee, however I'm sure it will be fine and allowances will be made. After all they will not require to extend the Trust Deed to deal with the equity.

Once the equity and final payment is made, then it should be a prompt closure.

Mark

Hi may2011,

To answer your question quickly:

1. The Trust Deed shall end when the equity has been dealt with, all agreed contributions have been paid, and any other assets (PPI etc.) have been realised by the Trustee;

2. The property vests with the Trustee therefore your entire share of the net free proceeds after all sale expenses shall automatically revert to the Trustee.

I am hoping the property will sell quickly as I would not be able to pay the mortgage and the rent as all my disposable income goes into the TD. Also, my contributions more than doubled in November from the agreed £250 to £520 due to a change in circumstances. Could this be taken into consideration for the move as I am paying alot more now than when my TD started?

Hi May

Unfortunately the contribution & equity are completely separate issues.

I would hope that the trustee would be reasonable and allow some payment from the equity to assist you with your move.

Mark

You need to talk it through with your trustee as they cannot expect you to pay what you haven't got. I have a feeling they will say that they would rather you continue your contribution payments and stop paying the mortgage while it is on the market if you cannot afford both.