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Help with trust deed


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Hi

I am currently in a trust deed which finishes in February 2015.

I have separated from my partner and moved out of the house which she will be keeping.

I am getting no payment for this.

She is trying to get the mortgage transferred into her name only but has been advised that this is not possible because of my trust deed.

Can anyone offer advice.

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Hi irishboy

 

Was the property (or your share of it) specifically excluded from the Trust Deed when it was initially set up?

 

If not, this explains the obstacles to her transferring the mortgage into her sole name.

 

Typically in a Trust Deed, control of your assets belongs to the trustee handling the arrangement. This would include your share of that property, meaning it cannot simply be transferred or handed over to a third party without the trustee's approval. Certainly if there is equity in that property, the trustee would want to get their hands on your share so that this money can then be paid into the Trust Deed.

 

I think the very first thing you need to do is to refer back to the Trust Deed paperwork to establish how the property was to be dealt with. If it does not make sense, you should ask the trustee for a plain English explanation and take further advice from there.

 

Dennis

@natdebtline

For Free, Confidential and Independent advice: 0808 808 4000

Monday - Friday 9am to 9pm // Saturday 9.30am to 1pm // 24-hour voicemail. Please leave a message to request an information pack. http://www.nationaldebtline.org // http://www.mymoneysteps.org

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