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Scottish Trust Deed Forum
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Topic starter
16/09/2011 11:53 am
Hi Guys,
I was talking to someone earlier who has a property in Spain and was looking at the prospect of signing a trust deed. Their property in the uk is in negative equity and so this wouldn't be too much of a concern but the Spanish property is almost paid for, albeit, the spanish market has fallen considerably more than the UK. There are still properties on the development that have never been sold in ten years. What the general opinion on foreign property?
SkintAlly
16/09/2011 12:02 pm
Hello SkintAlly.
In terms of a trust deed it would be considered to be an asset. If it isn't the main home I'd imagine a Trustee would look to sell it fairly quickly.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
16/09/2011 12:51 pm
What would happen if the property didn't sell in the three years? would the asking price be lowered progressively until it sold? would it be given away at an auction?
Somebody (from a TD company) told them that the property might not even have to be involved????
SkintAlly
16/09/2011 3:41 pm
Hi skintally
The term is tantum et tale which generally means everything is an asset worldwide.
Problem is you need the co operation of the foreign courts which can be both tricky and expensive.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
16/09/2011 4:07 pm
Hi Mark,
Does that mean that there may be cases where a trustee might not chase these assets?
SkintAlly
16/09/2011 11:37 pm
Hello SkintAlly.
I think that your friend will need to be prepared to sell this property if they sign a trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
17/09/2011 9:07 am
Hi skintally
A trustee has an option to abandon assets, but there would need to be justifiable reasons,ie a pair of Jedward or Russell Brand tickets which were proving impossible to sell etc.
In the case of property abroad, they would need to weigh up cost against value.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
