Trust Deed

hansxx

Hey guys

i’m wondering if anyone can help me, i have entered a trust deed and i’m around 6 months through. Myself and my partner are currently living with my parents and really want our own space! I’m really keen to move out but i don’t know if i’m allowed to because i’m in the trust deed? I am only looking to rent at the moment not buy because i know for a fact i won’t get a mortgage for years!!!!

Has anyone else done this? like moved out of the property they were in when they entered the trust deed? or am i going to be stuck living with my parents for another 3 and a half years ☹️

HELP

sourcrates

Hi,

Sorry must of missed this one, not all that well acquainted with Scottish law, so you should really ask advice from one of the debt charities, step-change (Scotland) would be my choice.

https://www.stepchange.org/DebtadviceinScotland.aspx

princessmoo

We entered into a Trust Deed last year. Just explain to the letting agents about your situation, be upfront and honest at all times and if you get rejected then ask the letting agent if there's any other landlords who will consider your situation. You will need at least

princessmoo

[Continued] one guarantor (usually they will have to be a homeowner). They also might make you pay a higher deposit.
However, if you and your partner are not married, have no joint financial products and did not enter into the trust deed jointly, then one of you may have an unaffected credit rating. That could be used to make yourself more "attractive" to landlords.
Hang on in there! We're nearly a year into our 48 months and it's gone so quickly without the stress of debt etc.

coolcait

I can't add anything to princessmoo's excellent advice about the renting/landlord side of it.

From the actual trust deed point of view, I can't see how the trustee could stop you doing this. People's circumstances change. They have to move house and so on.

Make sure the trustee knows your new address, and any changes to your income and expenditure (be realistic about the new expenditure!) and take it from there.