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    • This is a ridiculous situation.  The lender has made so many stupid errors of judgement.  I refuse to bow down and willingly 'pay' for their mistakes.  I really want to put this behind me and move on.  I can't yet. 
    • Peter McCormack says he has secured a 15-year lease on the club's Bedford ground.View the full article
    • ae - i have no funds to appoint lawyers.   My point about most caggers getting lost is simply due to so many layers of legal issues that is bound to confuse.  
    • Lenders have a legal obligation to sell the property for the best price they can get. If they feel the offer is low they won't sell it, because it's likely the borrower will say the same.   Yes.  But every interested buyer was offering within a range - based on local market sales evidence.  Shelter site says a lender is not allowed to wait for the market to improve. Why serve a dilapidations notice? If it's in the terms of the lease to maintain the property to a good standard, then serve an S146 notice instead as it's a clear breach of the lease.   The dilapidations notice was a legal first step.  Freeholders have to give time to leaseholders to remedy.  Lender lawyers advised the property was going to be sold and the new buyer would undertake the work.  Their missive came shortly before contracts were given to buyer.  The buyer lawyer and freehold lawyers were then in contact.  The issue of dilapidations remedy was discussed..  But then lender reneged.  There was a few months where neither I nor freeholders were sure what was going on.  Then suddenly demolition works started.   Before one issues a s146 one has to issue a LBA.  That is eventually what happened. ...legal battle took 3y to resolve. Again, order them to revert it as they didn't have permission to do the works, or else serve an S146 notice for breach of the lease   A s146 was served.  It took 3y but the parties came to a settlement.   (They couldn't revert as they had ripped out irreplaceable historical features). The lease has already been extended once so they have no right to another extension. It seems pretty easy to just get the lawyer to say no and stick by those terms as the law is on your side there.  That's not the case   One can ask for another extension.  In this instance the freeholders eventually agreed with a proviso for the receiver not to serve another. You wouldn't vary a lease through a lease extension.  Correct.  But receiver lawyer was an idiot.   He made so many errors.  No idea why the receiver instructed him?  He used to work for lender lawyers. I belatedly discovered he was sacked for dishonesty and fined a huge sum by the sra  (though kept his licence).  He eventually joined another firm and the receiver bizarrely chose him to handle the extension.  Again he messed up - which is why the matter still hasn't been properly concluded.   In reality, its quite clear the lender/ receiver were just trying to overwhelm me (as trustee and leaseholder) with work (and costs) due to so many legal  issues.  Also they tried to twist things (as lawyers sometimes do).  They tried to create a situation where the freeholders would get a wasted costs order - the intent was to bankrupt the freeholders so they could grab the fh that way.   That didn't happen.  They are still trying though.  They owe the freeholders legal costs (s60) and are refusing to pay.  They are trying to get the freeholders to refer the matter to the tribunal - simply to incur more costs (the freeholders don't want and cant's afford to incur)  Enfranchisement isn't something that can be "voided", it's in the Leasehold Reform Act 1967 that leaseholders have the right to.... The property does not qualify under 67 Act.  Their notice was invalid and voided. B petition was struck out. So this is dealt with then.  That action was dealt with yes.   But they then issued a new claim out of a different random court - which I'm still dealing with alone.  This is where I have issues with my old lawyer. He failed to read important legal docs  (which I kept emailing and asking if he was dealing with) and  also didn't deal with something crucial I pointed out.  This lawyer had the lender in a corner and he did not act. Evidence shows lender and receiver strategy had been ....  Redact and scan said evidence up for others to look at?   I could.  But the evidence is clear cut.  Receiver email to lender and lender lawyer: "our strategy for many months  has been for ceo to get the property".  A lender is not allowed to influence the receivership.   They clearly were.  And the law firm were complicit.  The same firm representing the lender and the ceo in his personal capacity - conflict of interest?   I  also have evidence of the lender trying to pay a buyer to walk.  I was never supposed to know about this.  But I was given copies of messages from the receiver "I need to see you face to face, these things are best not put in writing".  No need to divulge all here.  But in hindsight it's clear the lender/ receiver tried - via 2 meetings - to get rid of this buyer (pay large £s) to clear the path for the ceo.   One thing I need to clarify - if a receiver tells a lender to do - or not to do - something should the lender comply? 
    • Why ask for advice if you think it's too complex for the forum members to understand? You'd be better engaging a lawyer. Make sure he has understood all the implications. Stick with his advice. If it doesn't conform to your preconceived opinion then pause and consider whether maybe he's right.
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Trust deed that has lasted for 6 years! Help!


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Nearly 6 years ago I signed a trust deed, I was advised that this would be the best route to take as I could not pay debts that had mainly been incurred as a result of my husband entering into an ill judged buiness arrangement. I signed the trust deed before a valuation was carried on the IPs instructions. In my opinion the valuation was considerably over the market value of the house and I argued this but nothing was done at this time i have continued to pay the agreed amount every month. At the end of 3 years I was told that the IP still had an interest in the house, at that time I gathered evidence that the house had been overvalued by showing the prices other houses in the street had been sold for at the time of valuation and also information showing over valuation based on the Bank of Scotland Scottish Price Index and the Nationwide house price calcullator, in addition I paid for a chartered Surveyor to carry ou a retrospective valuation, all this information confirmed thay the value of my house was approximately £106000 and not £123,600. (I have an interest only mortgage of £95,000). I received information back from the IP saying that additional sums were still required to allow the equity to be bought out. That was in March 2010 and I'm still paying my monthly contribution. I have no way to raise this sum and I cannot remortgage due to my credit rating, I have lived in the same home for the last 16 years and have 2 children to look after, I decided on the trust deed as I was told that I could stay in my home. After all this time and worry can they still force me to sell my home and end up homeless? Also my husband and i have been separated for 7 years and although his name was not on the mortgage he considers that he still has an interest in the equity of the house if I sell it, I'm not sure how this affects the situation? Can anyone give me any advice about what I should do. From what I can see from the statements my IP sent me, (not had one of these for a few years) it shows that all I'm really doing is contributing to the IP's annual fees. A solicitor suggested going to see an Advocate that specialises in these matters, but I'm sure that will cost thousands too?

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  • 1 month later...

Hi 6 year trust, Have you spoke to your solicitor to find out if you can get legal aid, i dont know much about trust deeds, hopefully someone who does will be along.

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  • 2 weeks later...

Without knowing the full terms of the Trust Deed it is difficult to comment as the process CAN be extended beyond the normal 3 year period. However if you want to lodge a complaint you should contact the following.

 

If the client thinks that the trustee's actions are unreasonable or contrary to the law, s/he could make a complaint to the company that the trustee works for and/or the professional body that the trustee is registered with. If the trustee is an accountant, complaints should be made to:-

91 Institute of Chartered Accountants of Scotland

CA House

21 Haymarket Yards

Edinburgh

EH12 5BH

 

Tel: 0131 347 0100

Fax: 0131 347 0105

E-mail: [email protected]

Website: www.icas.org.uk

92 If the trustee is a solicitor, a complaint should be made to:-

The Law Society of Scotland

26 Drumsheugh Gardens

Edinburgh

EH3 7YR

 

Tel: 0131 226 7411

Fax: 0131 225 2934

E-mail: [email protected]

Website: www.lawscot.org.uk

The Accountant in Bankruptcy (AiB) has a general power of supervision and audit of protected trust deeds. The AiB can investigate complaints about trustees but will expect the client to have raised her/his concerns with the trustee and their governing body first.

 

I hope this information is of assistance.

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In many cases the Trust Deed is extended in circumstances wher the debtor owns a property in order to buy out the equity without selling the property. There are a few other examples relating to assets.

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