Deeds of trust and my rights

louisejude

I totally understand and thank u, that fact she still has the mortgage and is living there has the iva on the deposit loan of 14000 yet im the one that will have to pay it while i rent and own nothing, i know the biggest mistake was signing that deeds

GDB2222

louisejude wrote: »

I totally understand and thank u, that fact she still has the mortgage and is living there has the iva on the deposit loan of 14000 yet im the one that will have to pay it while i rent and own nothing, i know the biggest mistake was signing that deeds

Has that really made it so much worse? You'd still owe the £14k and have the negative equity. She'd still be living there .....

Richard_Webster

Not much help to OP, I know, but I do wish couples who are looking to buy together, especially with high percentage mortgages, would look at threads like this and see what could happen.

The distinction between a personal agreement made between you and one that somehow binds third parties such as mortgage lenders, is crucial, as Op has found out to her cost.

louisejude

Yes because i should of sold at the time rather than take of the deeds so by now it would nearly be over! Or chucked her out and this wouldnt be an issue
The fact iv had no part of it for 4 years, i cant believe she was allowed to continue the mortgage with this iva, and shes secure whatever happens, regardless of the fact shes the one who has created this debt.

louisejude

With what your sayin i still have rights to that house, i could move in and she wouldnt be able to do anything?

RAS

If your name is on the deeds, she cannot stop you moving in unless she gets an order excluding you. She has to let you have the key and let you live there if you want althopugh you cannot remove her with court permission.

Is the property convenient to your work etc?

You might need an occupation order?

zzzLazyDaisy

RAS wrote: »

If your name is on the deeds, she cannot stop you moving in unless she gets an order excluding you. She has to let you have the key and let you live there if you want althopugh you cannot remove her with court permission.

This may not be the case, it depends what the Trust Deed says, but it almost certainly means that OP has signed to agree that he no longer has a right of occupation. OP you need to see a solicitor and get legal advice on the Trust Deed, bearing in mind that she has broken her side of the agreement. No-one on here can advise you without seeing the Trust Deed (and having a professional understanding of the legal implications)

antrobus

zzzLazyDaisy wrote: »

The fact is that she has broken the terms of the Trust Deed. I suggest that you go back to the solicitor who originally drew up the Trust Deed for you, and see what your rights are. It might be that you can get an order for sale fairly quickly in these circumstances (I don't know, I am not a property lawyer). But the fact remains that it will be you who ends up finding the shortfall for the mortgage, and the associated costs of selling, so you need to know you can afford it.

Fundamentally it's difficult to provide any meaningful advice without sight of the Trust Deed. I would assume (from the circumstances) that the deed would have specified that the other party indemnify the OP against any claim from a secured lender, but that would be a guess.

zzzLazyDaisy

antrobus wrote: »

Fundamentally it's difficult to provide any meaningful advice without sight of the Trust Deed. I would assume (from the circumstances) that the deed would have specified that the other party indemnify the OP against any claim from a secured lender, but that would be a guess.

Yes, I would assume that too....

But since she is in IVA and presumably up to her eyeballs in debt, OP would just be added to the list of other creditors. Which means that, in reality, if he wants to force a sale of the house, OP is going to have to find the money..... and in the meantime he will have to keep paying if she doesn't.