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Topic starter
02/04/2013 10:39 pm
Hi All
I'm new to this forum and looking for some advice if possible, we need to move home to be closer to my wife's work(she not in TD) and at the moment household bills are split 50/50 even though mortgage is in my name. Bills are likely to increase slightly as it will cost me £120 per month to rent out our current property due to insurances etc but a wage increase next month will cover this. Will we be allowed to do this?
Any help is appreciated
02/04/2013 11:23 pm
Welcome to the trust deed forum April1212.
There's nothing in principle stopping you from moving house, your trustee will just need to be mindful of the interests of your creditors in terms of any extra costs that will be incurred (and any potential savings, reduced travel costs for example).
You'll need to run it by your trustee. I hope that they're supportive.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
03/04/2013 10:15 am
It's actually fairly common, either from rented to rented when the lease/tenancy agreement runs out or increasingly people moving from properties with negative equity into rented accommodation and allowing the property to be repossessed. That way any shortfall is caught as an unsecured debt in the trust deed.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
03/04/2013 10:19 am
I meant to say in my earlier post, situations happen occasionaly where the property has been valued and agreed nil equity, however they later decided to market the property. In this situation, if the property achieves a decent market value, then any net equity will almost certainly go to the Trust Deed.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
03/04/2013 12:31 pm
Presumably your wife's travel costs might reduce a bit too?
As long as there are good reasons for the move then I am sure you will find that your trustee will be understanding.
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