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Topic starter
10/03/2014 3:58 pm
We have a personalised registration number that at the start of our trust deed was valued at £295. We are now nearing the end of our trust deed and the number plate has been revalued at £378. Is this change in valuation permitted?
Also, we removed the number from the car and put it on retention. As we were close to the end of the trust deed. At the end of November last year we decided to pass the retention certificate to the trustee in order for them to realize the funds, by way of selling the number.
As it had not sold as of this week, I contacted them to find out why. They said it is being advertised. When I checked on line. It is being advertised for between £925 and £1500. This does not seem right considering they valued it at £295 and then £378.
I asked if I could sell the plate and they said yes. So they forwarded a copy of the retention certificate. When I received this, I noticed that it expires at the end of this month (31 March). Under DVLA rules the number must be assigned by the expiry date, or renewed. But with not less than 4 weeks prior to the expiry date.With less than the 4 weeks left now I am worried that the number will be lost back to the DVLA. The Trustee is basically saying that is my problem. As under the terms of the trust deed the number was only allowed to be removed from the car for a short time. Yet they never mentioned this 3 months ago when they accepted the certificate.
Where do I stand if we lose the number. Am I still responsible for the valuation amount?
Ken Macleod
10/03/2014 4:20 pm
Hi Ken
Its certainly a strange stance to take. I would have thought it was the duty of the Trustee to protect the asset by renewing the retention and not trying to pass this to you as its a bit of a win win for the Trustee as you cover the cost of the renewal and he gets the funds from the sale.
You should put this to the Trustee that the onus is on him to renew or make him an offer for the plate.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
10/03/2014 5:02 pm
Thank you Mark.
That is more or less exactly what I have said to them.
I was just needing some independent advise as to where I stood or what tact to take.
Do you think I could be held responsible for the estimated value, should the number be lost back to the DVLA?
Regards
Ken Macleod
10/03/2014 5:08 pm
Hi Ken
No, the onus is completely on the Trustee to deal with the plate. If he fails to renew the retention and the plate is lost back to the DVLA, then that is a decision he has taken.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
11/03/2014 8:05 am
Thanks once again Mark.
I emailed the Trustee again after reading your post, and low and behold, within 20 minutes I got a reply saying that they would be renewing the retention certificate.
If I may, can I ask another question?
What would happen if at the end of the Trust Deed the number had not sold. Would we still be liable for the valuation costs. Or should that £378 valuation be taken straight off our outstanding balance now?
The Trust Deed should have ended in November, but it has been extended due to two missed payments in year one, and also the £500 required to release the Trustees interest in our home. Also they added the £378 for the plate.
Regards
Ken Macleod
11/03/2014 8:31 am
Hi Ken
No, the trustee has an obligation to deal with the sale of the asset and cannot transfer the balance to you personally. The only alternative would be if you agreed to purchase the plate back for a specific sum.
There should be no reason why you can't seek your Form 5 discharge after the contributions & £500 matters have been concluded, leaving the Trustee in place to deal with finalising the trust deed after the sale of the plate.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
12/03/2014 11:50 am
Mark, a huge thank you once again.
Emailed back to the Trustee, and now have everything sorted. It actually looks like we were going to be overcharged by some £275 also.
Now have the whole matter resolved, and it looks like we will have the Trust Deed ending in early May.
Your advice and guidance has been invaluable. Can I also say that having now spent several hours reading through many of the blogs on the forum. I wish I had registered years ago. Some really interesting reading I have to say, along with some horror story's. Without people like yourself and your fellow professionals on here, I am sure there would be a lot more worse off people out there.
Thank you once again.
Regards
Ken Macleod
