Welcome to the forum carolb.

I'm afraid you won't be able to without your trustee's prior consent.

Do you expect the sale to yield a profit?

What's the financial problem driving you towards this decision?

my house is already up for sale as i can no longer afford to pay the mortgage,or afford to live life for me right now is not worth carrying on i feel as if i am just existing

Oh dear carolb - it sounds like you're having an awful time.

If you'd like to let us know any more about the background to this please do - it's perfectly possible that we'll be able to offer you some assistance that might help to make things better for you.

You should let your trustee know about the sale. There will be an "inhibition" in place as part of the trust deed. That means if you have sold the property the solicitors will pick this up at the last minute and nothing will happen without the consent of your trustee anyway. The potential to cause you (and the purchaser) expense, hassle and delay is significant.

Hopefully a couple of people here might offer you a little support also. Many of our contributors have themselves been through very tough times and will understand well how you must be feeling right now.

Hi carolb

TDA is correct; depending on when searches are carried out over the sale of the house (it could be early on before missives are concluded) the inhibition will be picked up and passed onto the purchasing solicitor. The company I work for do these searches every day.

I think you might need to talk to someone, there is plenty help out there, both financial and emotional. You sound like you are having a really bad time but with support things really will get better for you.

Thought with you

TS

As the others have said, your trustee would need to know about this, carol. You might find that it is helpful to talk it through with them anyway - perhaps they may be able to adjust your payments to make things easier for you? Worth a try.

Thanks everyone for your in put but selling is the only way out for me,my son lived with me which helped pay the mortgage and he moved out to live with his girlfriend he needs his own life,then I lost my pressious mum on the 2 nd december 2015,i only earn around £200 per week i need to pay mortgage,gas,electric,insurances council tax and I am really struggling as I said earlier I am on antidepressants and fell everything is going wrong for me .

Hi Carolb,

Sorry to hear about the change in your financial circumstances and the difficulty of losing your mum.

We will try to give you as much support and guidance as we can on the forum.

If you didn't have to pay your Trust Deed do you think you could afford to sustain the mortgage payment and basic living costs such as council tax, gas & electricity and food to enable you to keep your home?

As others have said your Trustee would eventually become aware of the sale and the only way they would allow this to take place is if they received any equity from the property. The Trustee would also have to sign off on the paperwork to sell the house.

Do you know if your property has any equity within it?

I have contacted the TD and was informed that i didnt have to let them know until I had a buyer ,I asked how much I would have to pay them to clear all my debts and it turns out that I would have to pay more than I started with not happy about that I thought a TD was there to help you get out of debt not further into it

Hi carolb,

A Trust Deed works on the basis that you pay a minimum amount back to creditors based on your circumstances at the point you enter the Trust Deed. If your circumstances remain the same throughout the full Trust Deed then this is what you repay back thus writing off a proportion of debts.

If at any point during the Trust Deed your circumstances change for the better or worse then the proposal and amount you repay back to creditors can change.

If you can repay more because of the sale of your house then the maximum you can be asked to pay back is your total debts, plus statutory interest and any additional costs that the Trustee has.

How much were your debts when you entered the Trust Deed?

Also, how much equity do you think you have in your property?

How long do you have left until the end of your Trust Deed?

if i get what i want for my house i should have over 60 grand left over my TD was due to finish in june

Hi Carolb,

Thanks for this information.

Ultimately if you choose to sell your property before you are discharged then the Trustee will require a sum equal to your total debts, plus the interest and costs.

To avoid having to sell your house as you are unable to afford the mortgage could you consider a lodger for example to assist financially?

How much was your debt when you entered the Trust Deed?

not wanting to take a lodger as once the house is sold I am mo ing in with my partner ,my debt was 20 grand when i started

Hi carolb.

Thanks for being so open. There are obviously many important factors for you to consider.

Maybe your trustee would be prepared to give you an indication of how much they'd need to retain if the house hold tomorrow? Obviously with fees and interested added the sum will be higher than you'd like, but all the contributions that you've already made will count against that total.

It certainly doesn't sound as though selling your property is going to put you further into debt, but I appreciate you'll be paying back more than you'd previously anticipated.

I just want a new start no debt ,no mortgage,living with the man i love stress free [ha ha ]