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Topic starter
17/09/2013 2:17 pm
Hi all,
my partner and i are about to split up and we have a house together [:(]. We also are in a trust deed [:(]. I don't want to involve my Trust Deed company just yet until i know what my partner wants to do with the house ie sell or keep. He earns quite a bit more than me so would be able to afford the mortgage on his own whereas i wouldn't. Does anybody know if a transfer of property has either been or can be done whilst in a trust deed? Our mortgage is with the Nationwide if that helps anybody.
Many thanks in advance to anybody with any ideas.
17/09/2013 2:20 pm
Hi ambertails.
I'm not sure that could happen without the consent of the trustee.
Is there equity in the property?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
17/09/2013 2:27 pm
Hi TDA,
many thanks for your quick reply. I thought that we would need the trustees permission.
I have no idea if there is any equity but i do know that my partner would have to buy me out. We had to extend our deed for 2 years to repay the equity that we alledgedly had. The deed ends in August next year. Our mortgage is now less than what we paid for the property so i would imagine that there probably would be some equity which i'm assuming the trustee would want?[xx(]
17/09/2013 3:50 pm
That's right, ambertails, your partner would need to buy out the trustee's interest in your half share of the equity if a transfer of title is to take place.
I guess the other unknown quantity is whether your partner is going to ba able to get a mortgage in his sole name.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
17/09/2013 7:07 pm
Hi ambertails
You would need the consent of the trustee, however it could be done as a fairly simple disposition transferring your interest. This however would not affect the rights of the Nationwide mortgage company without their agreement as the mortgage would not change unless a remortgage took place. If that makes sense.
Mark
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
