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Topic starter
12/08/2013 8:33 pm
I've had a protected trust deed in place since April 2013.
I jointly own a property with an ex partner who has been less than cooperative over many years when I've tried to remove my name from the mortgage. I've never lived in the property for almost 8 and don't have keys. It was planned that we would put the property on the market this summer. However I received a letter from the mortgage leader last week - this was a final demand letter. On calling the lender I was advised that the last payment they'd received was March 2013. Unbeknown to me my ex had left the country (in March) and has made no contact with the lender.
I have had a number of conversations with the lender via telephone to advise that I have trust deed in place, as well as going to the local CAB.
I've advised my trustee, although I haven't spoken to them directly. I have sent the trustee a copy of the letter. Will I still have to go to a lawyer to liaise with the mortgage lender? I am unclear whether I can opt for voluntary repossession when I have no keys, or whether leaving it to be repossessed is the best option as I am not contesting it.
12/08/2013 8:41 pm
Hi Finlay
The matter should be dealt with by your trustee.
One of 2 things will happen, either the mortgage company will repossess and the shortfall will be a claim in the trust deed or the trustee will waive the calling up period and the property will be repossessed, although this may require the consent of your ex. Either way the shortfall will be a claim in your trust deed.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
12/08/2013 9:00 pm
Thank you for your response.
I'll call and try to speak to my trustee in the morning. My relationship manager said that it would likely become a claim in my trust deed, but also that all of the shortfall would be claimed through my trust deed. I had assumed that I'd be liable for only 50%...
12/08/2013 9:12 pm
It's all to do with being jointly and severally liable. You and your ex will be chased for the full amount. You will be protected by the Trust Deed. However, if your ex comes back, they will be liable for the shortfall too. I'm in exactly the same position as you with the only difference being my ex had started a TD but then went abroad and stopped paying into it.
Glad that's over with....
12/08/2013 10:34 pm
Hi Finlay and welcome,
upstream has covered the point very well about the debt and liability.
It's pretty straight forward to deal with. Give your Trustee/Relationship Manager a call as Mark said and they should take care of things for you.
David is not currently posting in the Trust-Deed.co.uk forum
