Hi, we’re buying a house and have found out the sellers are in a trust deed and are waiting on consent from the trust to sell their home (they said it shouldn’t be an issue) however we were meant to be concluding our missives this week and getting the keys tomorrow. We still haven’t had confirmation from the sellers solicitor that the trust deed has consented to the sellers selling the house. So it’s not likely we will be getting them tomorrow.
My questions is how long does it typically take for a trust deed to consent to the sale of a house and is it likely they would not allow the sellers to sell?
Welcome to the trust deed forum Megan247.
I'm afraid that I don't think there's a useful "normal" period of time we can offer to you here.
The trustee may have a couple of things to consider.
Generally speaking the trustee will need to collect in all of the seller's proceeds from the sale (to help repay their creditors). We have heard of a couple of instances where a seller in a trust deed might not have been aware of this, and might not want this to happen once they become aware.
The trustee might also want to take a view on whether the agreed sale price is reasonable and that the outcome of the sale is fair to the creditors of the seller.
Hopefully this will all work out fine for you, but I can fully understand that it must be a real worry at the moment. However, in most instances the sale of a home will be a positive event as far as a trustee is concerned.
As long as the house has been marketed on the open market and the price is a fair one based on that then there should hopefully be nothing for you to worry about. However, inevitably it will slow things down a little when another party such as a trustee becomes involved as they will have to check these things if they have not been kept informed from the start. They will also require to have an input into the missives and the terms of any sale.
How long this might take probably depends upon what stage exactly the trustee found out about the sale, but I'd say at least a few weeks from that point.
Hi Megan247,
If you know who the sellers Trustee is (person in charge of the Trust Deeds) I would give them a call directly to find out the situation rather than go through your solicitor and then they go through the sellers/Trustee solicitor. That can slow things down.
If you don't know who the Trustee is then ask the sellers for the contact details.
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