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Topic starter
10/05/2014 12:46 pm
How do you go about selling a house when in a trust deed?
I know any equity will go straight to trust deed and that the house will need to be sold for the agreed amount.
But do I start the process myself by going to an estate agency to start selling it or does the trustee need to choose who sells it?
Do i tell the estate agency that i am in a trust deed and they know what to do once it is sold and will deal with the equity going to trust deed?
Do i need to get in touch with trustee at every stage and decision i need to make regarding price to put it on for and when someone makes an offer?
My trustee isn;t that quick at getting back in touch with me and i want to sell house asap.
i am not looking to buy another property and my monthly payments shouldn't be affected either way.
Protected 2014...due to finish 2018...early finish after selling house!
10/05/2014 1:42 pm
Hi FF36
This is something you should probably run past the trustee as they will have the final say.
There's nothing to stop you beginning the process and contavcting the estate agents etc. Even without the Trustee's involvement, he would require to sign the disposition at the end to allow the sale to finalise.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
10/05/2014 1:51 pm
Thanks for your response...I emailed trustee twice in past few weeks and got a vague response but not details of exactly how to go about anything...so do I get in touch with estate agency and tell them I'm in a trust deed, but need to check with trustee to agree price to sell at and once it gets sold I get in touch to agree I can sell it at that price?
Protected 2014...due to finish 2018...early finish after selling house!
10/05/2014 2:00 pm
Hi FF36
There's no real reason to advise the Estate Agents of the Trust Deed, although the solicitor would need to be advised.
If you are getting little response from the Trustee, it may be wise to contact the estate agent and advise the Trustee of the position by Recorded Delivery. That way there is no confusion.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
10/05/2014 2:06 pm
Thanks,I well try phoning trustee Monday before seeing estate agency and get things rolling. Once again I can't praise this forum highly enough for all your support and advice.
Protected 2014...due to finish 2018...early finish after selling house!
10/05/2014 2:10 pm
Hi FF36
No problem. Hopefully the Trustee will be able to assist on Monday and you can get the ball rolling.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
11/05/2014 9:01 pm
Why are you selling FF36?
If it is to fulfill the requirements of the trust deed then maybe you should ask your trustee to manage it as otherwise you may end up paying the selling costs yourself. Is there a joint party involved who isn't in a trust deed?
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Topic starter
13/05/2014 10:36 pm
No, due to separation and other half is not in trust deed but it is joint mortgage.monthly payments shouldn't be affected.
Protected 2014...due to finish 2018...early finish after selling house!
14/05/2014 7:45 am
Hi FF36
Hopefully on Monday the trustee will at the very least give guidance in how to proceed.
As mentioned above, in an ideal world the trustee would take control of the sale with your assistance and hopefully allow matters to move forward, taking away all of the unknowns.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
