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Scottish Trust Deed Forum
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Topic starter
15/09/2011 4:14 pm
At the start of my trust deed my house was valued and there was negative equity so i was told a 3rd party could pay £500 for the trustee to no longer have an interest in the property, at the time i didnt have anyone that could do that. Now just over a year later the housing assocation are about to start major works on the outside of the property that could add some decent value to my property. what i would like to know is if my girlfriend pays the £500 will the ip def not have any interest in the property even if there is equity in it at the end of the trust deed or can they just change there mind and demand the equity be released once all my payments have been made?
barrie cook
15/09/2011 4:38 pm
Hi bboy001
It is difficult to comment as I would be guessing the IP's thoughts.
Best advice would be to contact the IP and ask the question. Hopefully they will agree.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
15/09/2011 4:44 pm
surely though if i pay the £500 payment like they have asked and they have stated that will end any interest they have in the property that has to remain the case and they cant change their mind at a later date?
barrie cook
15/09/2011 5:07 pm
Hi bboy001.
I think the question Mark was pondering was whether they are still prepared to accept the £500 at this point in time.
You should be able to confirm that with them very easily. Hopefully they'll be happy to accept the money now.
As always, it's worth getting confirmation in writing that once the £500 is paid over no revaluation of the property will take place in the future (unless the trust deed were to fail prior to your discharge from it). That is the purpose of the payment and I'm sure there would be no problem getting this clarification.
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