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Scottish Trust Deed Forum
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Topic starter
01/10/2017 3:31 pm
Hi there. Looking for some advice. 2 years ago my wife had ran up a lot of debt I wasn’t aware off and had to enter a trust deed.
I have recently been given a lump sum from my parents as part of any inheritance to help us move out of our small flat as we now have 2year old twins.
Housing market is slow and there is one on the market this now that I really would love to move too. We have had one interested party so far but they can’t reach the value that we are asking for. I have enough savings in my name to fall our asking price to meet the buyers offer but that would mean selling for less than the Home report value thus not giving any profit at all.
Home report is 70k
On market at 65 but looking to fall to 62 just to get the sale through as I really don’t want to miss out on this house I have seen.
Is this something the TD could block and stop happening as they won’t make any money and it’s selling for less than it’s valued?
01/10/2017 8:52 pm
Hi SBoyd79 and welcome to the forum.
There are a couple of factors involved here and it’s something that you should be speaking with the Trustee about but I think it should work out ok.
What was the agreement in respect of the property at the outset of the Trust Deed? For example was there equity and did the Trustee expect some of this to be paid into the Trust Deed?
How long has your property been on the market for and does the Trustee know you are trying to sell this?
Is there sufficient funds to cover the marketing and solicitor costs?
As your wife is part of the Trust Deed then the Trustee will be required to sign the disposition on your wife’s behalf to conclude the sale. That’s why it’s key to ensure that the Trustee is aware of the sale. They will probably require their own solicitor to review the legal paperwork for the sale.
Also, would moving property change any of your outgoing to the point that it would impact on your wife’s monthly payment to the Trust Deed?
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
01/10/2017 9:49 pm
Hi David. Thanks for the reply.
The Trust know that we are looking to sell as my wife has spoken to them. I have portioned off enough money to cover all legal fees and have a deposit for new place hence not needing to make any profit really from this flat.
It’s been on the market since July but since then another 2 in our cul de sac have came in which really isn’t helping the sales process.
The house we have seen wouldn’t impact our outgoings in any way at all as I was just looking to extend the mortgage term to keep our outgoing similar to this now.
With our current flat I’m not exactly sure what the deal was when the trust was signed. I know we were in negative equity 2 years ago or if In equity then only by 2k max
01/10/2017 10:59 pm
Hi SBoyd79,
From what you have told us I don’t think your Trustee will have any issues in allowing the sale to complete.
The best thing to do is to speak with the Trustee as soon as possible to let them know that you have an offer and that you wish to accept this. The purchasers solicitor will find out about your wife’s Trust Deed when they come to do their searches before concluding the sale so you want to also let your solicitor know about the Trust Deed so they can inform the purchasers solicitor and the disposition can be drafted appropriately.
Please let us know how you get on when you speak with the Trustee.
David is not currently posting in the Trust-Deed.co.uk forum
