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 Inherited 50% of property during trust deed

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T O P I C    R E V I E W
Bill76 Posted - 06 October 2020 : 17:56:56
Hi,
I stand to inherit 50% of property due to a family bereavement and this will be split with my sibling. I have agreed that my sibling will move into the property and due to her financial circumstances will pay me an affordable sum monthly.

I'm aware that this will have to be declared with my trustee and that the extra income will be taken into account and I have no problem with that but my huge concern is that there could be any potential of a forced sale of the family home I'm looking for some advice around this as its really worrying me that my financial issues could impact my sibling and hoping that it is acceptable that if I have an agreement in place and any gains I have from the property are declared and taken into account that this will be ok?

Many thanks,

Bill
8   L A T E S T    R E P L I E S    (Newest First)
TDA (Debt Adviser) Posted - 09 October 2020 : 17:45:43
Hi Paul,

Bill76 mentioned that he's paying 300 per month and that he's contributed around 2,000 in total so far. I think this probably means that Bill's still in the relatively early stages of his trust deed.
Paul McDougall Posted - 09 October 2020 : 12:19:36
Bill79

Can you provide more information - when did you enter the trust deed?

The trustee only has an interest in the property is you acquire it within 4 years of entering the trust deed.

Once you respond to the above queries, we will be in a position to advise further.
Kevin Mapstone Posted - 07 October 2020 : 10:19:29
Hi Bill76
I would fully agree with what TDA has said - there may be a solution involving extending your Trust Deed instead and paying over the extra funds you are receiving too.

Do you know roughly how much the property is worth?

TDA (Debt Adviser) Posted - 07 October 2020 : 10:00:38
Hi Bill76,

I suggest that you contact your trustee and start working on a plan to deal with this.

For example, it might be workable to agree an extra 3rd party contribution (the rent) plus an extension of your trust deed to gather in the extra money that has now become due to your trust deed.

Your trustee certainly will want to avoid a forced sale if there's a viable and fair alternative.
Bill76 Posted - 06 October 2020 : 18:46:02
I owed 27k and have paid in around 2k.

I pay 300pm to the trust deed and think that I would get around 250 more in payments from my sibling. It would be a legal agreement with my sibling to buy out my share of the property over a number of years.
TDA (Debt Adviser) Posted - 06 October 2020 : 18:28:59
Hi Bill76.

I can fully understand your worry about this. A couple of questions to better understand whether an extra monthly payment (from rent) might be a solution that works for your trustee...

How much did you owe when your trust deed began?

How much have you paid into the trust deed so far approximately?

How much do you expect the monthly rent payment will be?
Bill76 Posted - 06 October 2020 : 18:23:58
Thanks for your reply. Unfortunately my siblings financial situation isn't good so there would be no chance of obtaining a mortgage. I had hoped that a forced sale could not be done due to me only having 50% of the property and that by having additional income from the asset that would be paid into my trust deed would be a solution to this.

As my sibling is moving in as soon as possible then this would cause major issues through no fault of their own and I'm sick with worry.

TDA (Debt Adviser) Posted - 06 October 2020 : 18:12:29
Welcome to the forum Bill76.

This is a tricky situation to find yourself in I'm afraid. In terms of your trust deed, you have agreed to hand over any money or assets that come into your possession prior to your discharge to help repay your creditors.

Your trustee is therefore likely to require that some or all of the value of the asset you have inherited (your 50% share) is raised somehow.

A forced sale would be an absolute last resort to make this happen. A trustee would much rather work with you and your sibling to release a lump sum by other means. For example, your sibling might be able to obtain a mortgage to account for your interest in the property (and pay that rather than paying you rent).

It's going to be important to contact your trustee and start working to identify a solution that satisfies the terms of your trust deed and protects the interests of your sibling at the same time.

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