Trust split

Duratech

xylophone said:

I dont understand why the trust solicitors will not sell i

You have stated that you and your brothers are the Trustees of the Trust.  What does the solicitor have to do with the matter? He acts on your instructions?

Thats why I am here asking? 

naedanger

Duratech said:

naedanger said:

Who is the solicitor that you have been speaking to acting for? (Who is paying for his services your brother or the trust?)

but the problem I am having is i dont know where I stand. Not clearly. I dont understand why the trust solicitors will not sell in fact they are trying to make me rent the property! I don't want the hassles of renting nor do I wish to go into business with someone I do not trust or want to spend time with! 

You won't make any progress until you start finding out the most basic facts. First ask the solicitor two questions:

1. Who is he acting for?
2. Can he give you a copy of the trust deed?

(If he acting for your brother then his job is to help your brother and not you. So if that is the case he might refuse to give you a copy of the trust deed.)

Also don't assume you can necessarily get what you want. The trust deed might not permit you to force a sale if your brother disagrees. (This is one reason you need to know what the trust deed says.)

Duratech

naedanger said:

Duratech said:

naedanger said:

Who is the solicitor that you have been speaking to acting for? (Who is paying for his services your brother or the trust?)

but the problem I am having is i dont know where I stand. Not clearly. I dont understand why the trust solicitors will not sell in fact they are trying to make me rent the property! I don't want the hassles of renting nor do I wish to go into business with someone I do not trust or want to spend time with! 

You won't make any progress until you start finding out the most basic facts. First ask the solicitor two questions:

1. Who is he acting for?
2. Can he give you a copy of the trust deed?

(If he acting for your brother then his job is to help your brother and not you. So if that is the case he might refuse to give you a copy of the trust deed.)

Also don't assume you can necessarily get what you want. The trust deed might not permit you to force a sale if your brother disagrees. (This is one reason you need to know what the trust deed says.)

1. Nobody as I have not got a solicitor yet, I did have but they did nothing so now seeking a new solicitor. The trust solicitor should act on both our behalves as she is the trust solicitor and we are 50/50 trustees? My brother like me should get his own solicitor over and above I am told, but he has refused (just to make things more difficult).
2. I have that but it is very vague and contains no signatures. It does however consider the sale etc.. There is nothing I can see preventing me wanting to sell my part. It in fact mentions sales etc..

Malthusian

1. Nobody as I have not got a solicitor yet, I did have but they did nothing so now seeking a new solicitor. The trust solicitor should act on both our behalves as she is the trust solicitor and we are 50/50 trustees? My brother like me should get his own solicitor over and above I am told, but he has refused (just to make things more difficult).

They can't act on both your behalves if you are at loggerheads.

Fundamentally this is not a complicated case based on the facts in your post: you jointly own a property with your brother, you want to sell and he doesn't, which means you need to go to court to force a sale. The solicitors you were previously jointly using to advise you on the trust probably feel there is a conflict of interest issue in advising you individually, which explains their unhelpful attitude. You need to ring some other SRA-regulated solicitors until you find one that can act for you.

2. I have that but it is very vague and contains no signatures.

Not the trust deed then, or if it is it's only a fragment of it. The trust deed needs signatures on it to give it legal effect.

Duratech

Malthusian said:

1. Nobody as I have not got a solicitor yet, I did have but they did nothing so now seeking a new solicitor. The trust solicitor should act on both our behalves as she is the trust solicitor and we are 50/50 trustees? My brother like me should get his own solicitor over and above I am told, but he has refused (just to make things more difficult).

They can't act on both your behalves if you are at loggerheads.

Fundamentally this is not a complicated case based on the facts in your post: you jointly own a property with your brother, you want to sell and he doesn't, which means you need to go to court to force a sale. The solicitors you were previously jointly using to advise you on the trust probably feel there is a conflict of interest issue in advising you individually, which explains their unhelpful attitude. You need to ring some other SRA-regulated solicitors until you find one that can act for you.

2. I have that but it is very vague and contains no signatures.

Not the trust deed then, or if it is it's only a fragment of it. The trust deed needs signatures on it to give it legal effect.

As I said there is the trust solicitor then we need to have one each for our interests it is my brother who doesnt get that.
It is the trust in full only i dont have the signed copy. So I am told, hence the required solicitor input

Duratech

Malthusian said:

1. Nobody as I have not got a solicitor yet, I did have but they did nothing so now seeking a new solicitor. The trust solicitor should act on both our behalves as she is the trust solicitor and we are 50/50 trustees? My brother like me should get his own solicitor over and above I am told, but he has refused (just to make things more difficult).

They can't act on both your behalves if you are at loggerheads.

Fundamentally this is not a complicated case based on the facts in your post: you jointly own a property with your brother, you want to sell and he doesn't, which means you need to go to court to force a sale. The solicitors you were previously jointly using to advise you on the trust probably feel there is a conflict of interest issue in advising you individually, which explains their unhelpful attitude. You need to ring some other SRA-regulated solicitors until you find one that can act for you.

2. I have that but it is very vague and contains no signatures.

Not the trust deed then, or if it is it's only a fragment of it. The trust deed needs signatures on it to give it legal effect.

I just relooked at the paperwork and it is actually signed by my mother but not my brother and I as named trustees. Not entirely sure who the trust runs financially but I certainly do not have the cash to pay in to it! 

Keep_pedalling

If your mother wanted the place sold and the proceeds split, she was very badly advised to set up this trust which in reality would have no practical purpose, it does not avoid IHT or care costs, and apart from the added complexity when you do finally resolve this and sell the place there is likely to be a CGT liability to settle.

xylophone

I am trying to establish what exactly happened here.

Was this property your mother and stepfather's home at the time of his death?

She remained in the property, continued to pay the mortgage and then, on inheritance of a substantial sum, paid the mortgage off and continued to live in the property until she died (nine years after she had transferred the property into the Trust)?

By the "Trust Solicitor", do you mean the solicitor who advised your mother and drew up the Trust Deed?

He kept the original Deed in  his firm's safe (perhaps with the original of your mother's will)?

Can you confirm that he is not also named as a Trustee?

If he is not a Trustee, then his only current connection with the matter is that he is holding the Deed in safe custody?

He acting neither for you nor your brother?

xylophone

Not entirely sure who the trust runs financially

But as  Trustee you should know!

Did the Trust grant your mother an interest in possession in the property and specify that she should be responsible for insuring it and all running costs?

How are utilities/CT/insurance being managed at the moment?

Duratech

Keep_pedalling said:

If your mother wanted the place sold and the proceeds split, she was very badly advised to set up this trust which in reality would have no practical purpose, it does not avoid IHT or care costs, and apart from the added complexity when you do finally resolve this and sell the place there is likely to be a CGT liability to settle.

One of the reasons I was against it in the first place! Oh you can bet your !!!!!! there is nothing left by the end of it!