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Scottish Trust Deed Forum
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Topic starter
31/01/2018 3:17 pm
I signed a trust deed 4 years ago and have now paid all contributions but have not yet been discharged. When I signed there was little to no equity in my property so I paid the £500 abandonment fee.
I was now hoping to sell my property to further reduce costs however as the market has risen there would now be a profit should I sell. What would the implications be if I sold prior to being discharged (which I have been told could take a year)? Would the profit be claimed by the trustee even though I paid the abandonment fee?
Thanks
31/01/2018 3:23 pm
Welcome to the forum spicey.
You'd certainly put the proceeds at risk if you sold prior to being discharged.
You also probably wouldn't be able to do so without your trustee consenting to the sale (the trust deed will get flagged during the legal process connected to a sale).
Best not to proceed with this without full written confirmation from your trustee as to what exactly would happen if you sold and whether they would allow a sale.
My gut instinct is that it's going to be difficult to do this before you have been formally discharged I'm afraid.
Having said that, discharge a lot quicker than one year is usually possible.
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02/02/2018 11:36 am
Did they give a reason why your discharge should take so long, spicey?
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