Trust advice please - urgent

rincha

Hi,

Im in need of some advice please.

Currently me and my wife are going through a divorce, we have a joint house/mortgage.

The house was purchased with £10k deposit put in by each myself and my wife and £30k put in by my father. When we bought the house, my father created a trust agreement stating that if the house is sold, then my father gets his £30k returned. The trust was signed by myself and my wife and it has been recorded with the soliciter and house deeds/land registry etc.

Now my question is:

What is the house gets repossed for whatever reason?

Whats happens to the trust agreement? Does the mortgage company have to honour this to my father and recover costs from myself and wife?

Thanks

KRB2725

My guess would be that the Mortgage company has the first charge, so they get their money before anyone else. I doubt you would have got a mortgage unless that was the case.

Your father would be the one who would have to recover the money from you & your wife if there was a shortfall.