Hi TDA, It's not that he's reluctant to give them his share the 11.500 in her house. it's more a case would he better off giving them 4.500
in his own money to take the trustee interest off the house were in?

Therefore meaning he would still own half the equity in the other house?

Or alternatively If He gave them his share 11.500 and if trustee didn't sell that property then we feel he's throwing 7,000 away to pay her Debt! and she also gets to keep the property as Trustee/Creditors would be reluctant to sell as it's normally a last resort? were assuming that's how it would work. It all doesn't make sense as there's going to be a shortfall off 34.000 after her Trust deed is finished..

were now at the stage of feeling like selling the property were in as the bank won't take her off the mortgage it feels like the only way out at this moment. we just want to move on with our lives [V]

The trustee is going to want to raise a sum equivalent to half of the equity in both properties I think lucy. That might be £16000 according to your valuation figures.

Could a deal be arranged with the trustee that the home you live in is legally transferred to your partner, and he gives up the first £4500 of his share of the sale of the other property?

He would be willing to do that TDA or even give the trustee the whole amount of his equity(11.500)from that property if they were to sell it. problem is she resides there and he can't get his name off that property either as she won't be able to remortgage being in a TD, the bank wont allow it..
Also the bank won't take her name off this property which I find strange as it was about to be repossessed we paid £2000 of her arrears to halt that process, think were going to make another appointment to see the trustee , what a carry on! [:(!]

That's probably a good idea lucy.

Remember that being on a mortgage does not necessarily mean that you are, were, or will be the owner. Title is a different thing.

It really doesn't matter if her name can be taken off the mortgage or not lucy. As long as the title is transferred into your partner's sole name then his ex has no ownership any longer.

Excuse my ignorance TDA and Kevin, The title deed bit is confusing.

If my partner gave them the trustee equity out of her house for her creditors, would he then be able to remove her from the title deeds [?] I know the trustee has said they would inform the bank and also take the inhibition off our house..

There would need to be a disposition transferring the title in the house into his sole name, which would have to be signed off by her trustee. Your partner should insist that this is organised by the trustee before(or at the same time as) transferring anything the other way.
He should insist that the trustee pays for all the legal fees involved too, as he would be giving up more equity in the other property than he would be getting back in his property, if that makes sense!

It does make sense Kevin thank you again for the advice [:)]

he will put that to them tomorrow to see if they'll agree.. hopefully they will reimburse us for the valuation report too.

Hi Kevin, My partner called Carrington Dean today and basically told them he was prepared to give them his equity in the other house, in order that they sign the title deeds over on his ex behalf, However they said they cannot do that, and she also advised that if he can't get her off the title deeds between them! then they advised against him giving his equity to them, as it wouldn't be in his best interest if she's still on the title d..they said it would lift the inhibition but not sort the Title deed out [:(!] so frustrating he's offering them 11,500 we thought they would snap his hand off so to speak that would pay a good bit to her creditors.

My partner called your advice line and think it was Andrew he spoke too, he mentioned perhaps we could organize 2 dispositions and then maybe Carrington Dean would sign it on his ex behalf.but they've already said it can't be done! what is the right answer here??
looks like were going to be out of pocket yet again! to see a solicitor to deal with this. It's like banging your head off a brick wall[V] any more help appreciated on this as we don't what to do or who to turn too[:(!]

Hi lucy.

Having spoken to my colleague I think what he was asking was whether:

A - The trustee had said that they couldn't or wouldn't be able to get involved in this type of disposition process at all or/

B - Whether the trustee would expect your partner to arrange the disposition process but would then be prepared to sign it off if it was in the best interests of the creditors.

Hopefully Kevin can add some comment when he next visits.

hi TDA they said they can't do it not that they won't. were back to square 1.. feels like a losing battle [V]

It will be interesting to hear from Kevin when he gets chance lucy.

Hopefully he can add a little more detail that might assist you.

Hi Lucy

Sorry I couldn't come back to you sooner. I wanted to have a chat with a colleague first, rather than risk giving you incorrect information. After all i am not a conveyancing solicitor and wouldn't claim to be an expert on the finer points of such matters.

It would be interesting if you could get an answer from Carrington Dean as to why the can't do it. Maybe there is a good reason that I am overlooking hyere, though on the face of it I believe that it could be done. How easy it would be might depend upon whether your partner's ex is willing to cooperate and also on the attitude of the mortgage lender.

It really makes little sense for the mortgage lender to block such a transfer - your partner's ex's liability to them is discharged as a result of the trust deed anyway. However, if they were to dig there heels in regardless then maybe it would create a problem.

In other words it is possibly not as straightforward as you might have hoped, and maybe that is why the trustee is reluctant to take it further.

You might be best served by seeking legal advice on this, lucy. There may be other simpler options that would serve the same purpose - for example the title could be left in both names but some form of legally binding executed agreement could be signed by all parties guaranteeing that any future equity is your partner's alone.

Thank you for taking the time to try get some answers for this Kevin we really appreciate all the help yourself and TDA the team have been..

My partner spoke with C&D today again, they think he should try to explain to his ex that by him giving all his the equity in the property she's in it's actually is helping her to pay off some of her creditors.. therefore hoping this will encourage her to sign the title deeds over. we'll see as a big communication barrier in that dept[:(!]

we have as I said in earlier post paid to have a new valuation done.
now we need to pay for a solicitor yet again! plus we paid her 2,000 arrears and also paid out a lot of money out to bring the house back up to a habitual standard... were so frustrated having to pick up the bill, as we both work hard and long hours.

Another option. not sure if this is an option though ? were thinking there's only 4,500 in my partners property but we've spent more than that doing the property up therefore maybe we could make the trustee a smaller offer and claim back for some of the compulsory work we've had to get done. we have all the receipts for the work. bottom line on that one is it still doesn't take her off the title deeds. although it lets my partner keep his equity in the other property should it be sold.

mixed up what to do so probably a Solicitor is probably the best answer Kevin [:)]

Not posted for a while although follow the forum with interest and thought I would update on our situation .We are now married and want desperately to sort this equity situation out so we can move on with our lives .
Over the last year we have been to see Carrington Dean a few times , been to speak to the two banks with it being two separate mortgages and are getting nowhere. The banks won't let my husband take his ex off the property were in this is really annoying as we paid the arrears after the bank was about to repossess, they won't let him take his name off the property she's in as they said their guaranteed their money with him being attached to that one also..
Now as the TD nearing the end the trustees have requested the equity from both properties. They are looking for 11,000 for her house one and 4.500 for house were in..
We were quite prepared to sign the equity over if they were going to sell the other property but trustee said is highly unlikely that would happen..
Even if the TD was extended for 2 years it would never cover her debt..
so what will happen from here? Anyone advice we just don't know how to move on from this situation [V]