Trust Deed Forum - Gifted money.
Trust-Deed.co.uk
Home Home Page









Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Gifted money.
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

Keepingupwiththejones
Just Joined

1 Posts

Posted - 02 September 2020 :  20:19:45  Show Profile  Reply with Quote
due to finish my TD in Feb22. My partner is buying a home for us and our son. I obviously can't be on mortgage due to TD. My second cousin has offered to gift us 7k towards a deposit. Mortgage lender has advised him that a gift like that must come from a relative or at the least me. I obviously can't accept the money into my account, can I? Its getting so complicated, we never experience luck or generosity like this but starting to look like its no good to us #128533; my main question is would I be able to take a break from trust deed in order to have this gifted from my cousin and pass to my parter for the deposit, for us all to live in a better house? I don't want to or need to take a break financially, I want to be free of it ASAP but trying to think of a solution. Thanks for any advice you can offer x

Paul McDougall
Trust Deed Expert



87 Posts

Posted - 03 September 2020 :  08:41:32  Show Profile  Reply with Quote
Morning Keeingupwiththejones

It is unlikely your trustee would allow a break from your trust deed.

Would it not be possible for your cousin to gift the money to your partner or to a relative of your partner?

The issue I see if that if you acquire the funds then those funds would be conveyed to your trustee to benefit creditors.

p

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



13486 Posts

Posted - 03 September 2020 :  08:56:10  Show Profile  Reply with Quote
Welcome to the forum Keepingupwiththejones.

I agree with Paul. You personally receiving this money is highly likely to create a large new liability to your trust deed rather than helping you to buy a house.

A pause in your trust deed payments wouldn't solve the problem because you'd still be in a trust deed and would still be responsible for handing over windfalls to help repay your creditors.

You mention about not being on the mortgage (which is important) but being on the mortgage is different to being the owner of a property. You should also be careful that your partner is legally the sole owner of the property.

Presumably there might be a way for your second cousin to gift the money to a trusted relative of your partner?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2020 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Channel Active Limited. Company Number: 06412452. Data Protection Registration: Z1332750.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.