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Selling House

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(@smit0310)
Active Member
Joined: 5 years ago
Posts: 6
Topic starter  

Hello - I wonder if you can advise me please. If I had to sell my house - I am in year 5 of a 6 year trust deed. If I made any profit I understand this would need paid to the trust deed however would this just be the remainder of the amount that is left on the agreed trust deed or would this be the amount of debt that was the very original amount of debt at the start of the trust deed? 
Many Thanks 


   
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Annmarie Macdonald
(@annmarie-macdonald)
Member Admin
Joined: 1 year ago
Posts: 38
 

Good afternoon(@smit0310)

Welcome to the forum.

Unfortunately if you sell you house while still in the Trust Deed then the whole amount of the profit would need to be paid into your Trust Deed for the benefit of your creditors.

 

Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@smit0310)
Active Member
Joined: 5 years ago
Posts: 6
Topic starter  

@annmarie-macdonald thank you for replying. So even if the profit was more than the original debt would they take all the profit? Thanks


   
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Annmarie Macdonald
(@annmarie-macdonald)
Member Admin
Joined: 1 year ago
Posts: 38
 

@smit0310 There is not just the original amount of Debt there is also the Fees and outlays of the Trustee to be taken into consideration and not to complicate things further your creditors may be entitled to statutory interest accrued if sufficient funds are available.  If you are thinking of selling your home before your Trust Deed ends I would approach your Trustee and ask how they would treat the sale of the property that way you will know what is expected from you should you decide to sell.

Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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