Voluntarily Surrendered my Flat...C&G Want Me To Complete and Sign Forms Now

ValHaller

Munki2010 wrote: »

As I've already mentioned...I took advice from the company who are looking after the trust for me. I can only tell you what I was advised. I was advised that in the event of the flat being repossessed the lender would then sell the property and any shortfall would become unsecured debt which would be rolled into the trust deed. I understand what it is you are saying but why would the person looking after my case lie to me. I actually spoke to him on three separate occasions in regard to this and all three times he told me not to worry about it. The reason why I started this thread was to take advice on filling in the forms that my lender is now telling me I must complete. But now I'm starting to worry because everything I'm being told seems to indicate that the trust deed people are giving me bad advice. I was told that they have recently dealt with a case exactly like mine. The debt was rolled into the persons deed and the deed was extended to accommodate. Am I being lied to? Really worried now.

2 things to remember in this life with professionals who charge you money

• If there is money in it for them, then you cannot fully rely on reassuring advice if, without the reassurance, you would not go with them
• If you have to rely on such advice from a professional, get it in writing

I realise I am treading on the toes of the Mortgage Advisor professionals here - but this is not an implied criticism - I doubt that any of them would have any problem with putting any critical advice they give in writing and a lot of it has to be in writing anyway to meet regulatory concerns.

ILW

It appears this property is not the OPs only one, but a second flat.
My understanding of scottish trust deeds is that they are generally designed to protect a main residence from creditors.

Let_Us_See

Just request the company confirm everything in writing before signing any documentation.

Thrugelmir

Munki2010 wrote: »

But now I'm starting to worry because everything I'm being told seems to indicate that the trust deed people are giving me bad advice.

I replied previously on another thread on the same topic. So won't repeat previous comments.

The company organising the Trust Deed have to comply with the law. So there's no choices in the matter.

Sending a letter does not absolve you of your personal responsibilities and mean that you can wash your hands and walk away. All the formalties need to be completed.

What in the forms that the lender has sent is causing you an issue?

DannyboyMidlands

"Thank you for your assistance; we shall have no further contact with you regarding this situation."

Ha ha. Nice one.

At_a_loss_2

If the received Form is like the one i have from Santander it is split into 4 questions:
1st is Voluntary Surrender/repossession,
2nd is Asking if the property is left empty,
3rd is asking admission of liability of shortfall in the Mortgage/sale,
4th is to admit liability of Selling costs, Legal costs, Change of locks etc.

Ian

minic

Hi Munki2010,

Have you tried posting in the bankruptcy section of the forum?

I know that if you go bankrupt in England any shortfall from the sale of a property with a mortgage taken out before bankruptcy will fall into the BR (providing you don't sign anything!). There's always a few threads knocking around on the BR board around voluntary surrender and almost all the time the lender is saying they can't take possession of the property unless you sign the forms which is absolute tosh.

I think a trust deed is the Scottish equivalent of bankruptcy is it? I'd definitely post on the BR forum and hopefully some of the knowledgable Scottish posters will be able to advise but if I were you I'd sign nothing.

M

Let_Us_See

Believe Scottish Trust deed is equivalent to IVA.

minic

Letussee,

Ah right, I do get a bit confused about the different things we call things in England & Wales to Scotland.

Munki2010, might be worth posting in the IVA section in that case.

M.