Hi worried1

The answer could get a wee bit complicated. Generally, there are 4 possibilities:

The Trustee would have no authority to foce the sale of the property and could request a third party to pay your third interest in the property.

The Trustee would run the Trust Deed as normal and on the basis that it is unrealistic to continue to extend the period of the Trust Deed to wait for the property to be free of the life rent position, discharges you and therefore discharges any interest in the property.

The Trustee decides it is worthwhile to extend the Trust Deed and not issue the discharge until the life rent position is clear and then seek to sell or receive the part interest in the property from a third party.

The Trustee looks at the position with the life rent to see if this took place in the period of 5 years before and look at a possible challenge to this. This scenario is extremely unlikely in my opinion, but better to take a belts and braces approach.

In summary, the Trustee is probably the only one who would be able to comment on the approach they would adopt.

Mark

is getting a third party to pay off my trust deed an option, my share in house is substantionally more than i ever owed creditors, my share would be 60k approx I only owed creditors 12k how would that work ??

Hi worried1

No, this would not discharge the Trust Deed as such.

Another option would be to ask the Trustee how much would be required to pay the debts in full plus interest and costs. This would allow the trustee to bring the whole thing to a close. This would then discharge any future interest in the property.

Sorry I think I started with 4 options and have jus added a 5th!!

Mark

Thanks for that mark think that last option would be best one, that way I know where I stand other owner of property is becming troublesome so would rather try and get things sorted sooner rather than later.

Hi worried1

You're probably right as this would deal with both the Trust Deed and any potential issues with the property.

Mark