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24/06/2012 10:23 am
My partner owns five properties with her estranged husband. Her estranged husband entered a Trust Deed two and a half years ago and the Trustees registered their interest in each of the five properties. The trustees have let it be known to me (about two years ago) that as far as they are concerned there is equity in all five properties and in order for them to discharge their interest they would require from me a sum of roughly £100,000. I did not do anything and did not part with any money.
The Trust Deed entered into by my estranged husband is due to 'finish' (after three years) in about six months time.
I do not know what the trustees will do at this time. Will they ask me again for a sum of roughly £100,000 to discharge their interest or will their interest lapse when the Trust Deed finishes?
Any help much appreciated.
24/06/2012 10:52 am
Hi jurq01
The trustee will retain an interest in these properties until that interest has been discharged by making payment of the sum.
They would need to try and raise the funds somehow, although in the current climate this may be extremely difficult. Worst case scenario is the trustee could get a court order forcing the sale of the flats.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
24/06/2012 11:10 am
Mark
Thank you for your very quick response, very helpfull information.
